What are the types of Annuities?

Solution(By Examveda Team)

Immediate Annuity and Deferred Annuity are the types of Annuities.
An immediate annuity is an insurance product that gives the buyer a guaranteed stream of income in exchange for a lump sum of cash.
A deferred annuity is an insurance contract designed for long-term savings. Unlike an immediate annuity, which starts annual or monthly payments almost immediately, investors can delay payments from a deferred annuity indefinitely. During that time, any earnings in the account are tax-deferred.