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| lic pension plan comparison
| Therefore, it is very important for an annuity owner to hersh all the clauses and regulations that are mentioned. But, thankfully, most annuities are less susceptible to annuity taxes than other forms of inheritance. Like inheritors in other monetary case, an annuity beneficiary can also be subject to taxes, depending upon the terms of the contract and the rules applicable to them. The amount of taxes to be imposed will be determined by the insurance company, depending upon the investment amount and the kind of annuity investment that has been made. In order for a beneficiary to receive annuity returns, his or her name is required to be mentioned in the annuity contract by the owner of the contract before he or she passed away. Only then will the annuity beneficiary start receiving the payments that were initially received by the annuity holder during his or her years of life. This is mainly because the payments are made through an insurance company. The name and relation of the beneficiary is to be mentioned in the annuity contract. Annuity beneficiaries are those who receive the returns on the annuity plans that are undertaken by a particular person after his or her demise. |