A refund annuity guarantees that the annuitant and/or beneficiary will receive, during the liquidation period, minimum payments equal to the single premium in an immediate annuity or the accumulation value in a deferred annuity.

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A refund annuity is designed to ensure that the total amount paid out will at least equal the initial investment (single premium for immediate annuities or accumulation value for deferred annuities), either to the annuitant or the beneficiary, if the annuitant dies before receiving the full value.

A Refund Annuity Guarantees That the Annuitant And/or Beneficiary Will