He has the option to extend the accumulation phase, utilize the entire proceeds to purchase a single premium deferred pension plan, commute the benefits or enter into annuity phase. (comparepolicy.com)
The money that is paid (also known as the purchase price) during the annuity phase, is accumulated by the policyholder (also known as the annuitant) himself in the years leading to the retirement. (policybazaar.com)
After the accumulation phase is over, the annuity phase starts immediately or after some time. (policybazaar.com)