annuity
noun [ C ]
INSURANCE uk/əˈnjuːəti/ usa fixed amount of money paid to someone every year, usually until their death:
The safety and security of an annuity give it a value that can't be measured in dollars and cents.
He used $400,000 to buy an annuity that guarantees $60,000 a year of income for ten years.
His contract includes annuity payments of about $19,000 per year paid in monthly installments.
See also
deferred annuity
fixed annuity
immediate annuity
joint annuity