Who is an Annuitant?

An Annuitant is a person as per the contract that is entitled to collect the benefits of an annuity or pension. The annuitant can be the actual contract holder or another person.  The Annuitant cannot be a company or a trust but has to mandatorily be a natural person.

He or she can also be a third person for whom the insurance policy is purchased and is entitled to get all the benefits as the policy terminates. In the annuity contract, as per law annuitant is the only owner as well as the beneficent. The latter can, however, name a single or a co-annuitant in the contract as per his/her wish.