If payment of security is paid as Rs 100 at end of year for three years, it is an example of

If payment of security is paid as Rs 100 at end of year for three years, it is an example of annuity. An annuity is a contract between you and an insurance company in which you make a lump sum payment or series of payments and, in return, obtain regular disbursements beginning either immediately or at some point in the future.