Sentences with phrase «into systematic payments»
A SPIA, or single premium immediate annuity, is designed to generate instant income during retirement by taking a lump sum of money and converting it into systematic payments that continue for a specified period of time or for the life of the insured individual.
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SIP plans provide a systematic form of investment where you can organize or plan your investment and break into smaller payments rather than invest a huge lump - sum amount in one go.