Annuitant

An annuitant is the individual whose life expectancy and survival determine the structure and duration of annuity payments under an annuity contract — the person in whose name the annuity policy is held and in whose benefit the periodic income stream is calculated. In a life annuity, payments continue for as long as the annuitant lives, ceasing upon death (unless a return-of-purchase-price or joint life variant is selected). In a fixed-period annuity, payments continue for the specified period regardless of the annuitant's survival status. In India, annuitants are typically retirees who convert their accumulated corpus — from NPS, EPF, gratuity, or personal savings — into a regular income stream through annuity products offered by IRDAI-regulated life insurance companies. The annuity premium and monthly payout are determined actuarially based on the annuitant's age at purchase, gender, prevailing interest rates, and the chosen annuity variant. Older annuitants receive higher monthly payouts for the same premium because their shorter expected lifespan requires the insurer to pay over fewer periods. The distinction between annuitant and policyholder is relevant when the annuity is purchased on behalf of a different person — though in most individual retail annuity purchases in India, the annuitant, policyholder, and nominee arrangement are typically within the same immediate family.