Joint and Survivor Annuity Law and Legal Definition
This scheme involves two or more beneficiaries. Usually, a joint and survivor annuity is taken by a married couple. Joint and survivor annuity is an annuity issued on and opened by two or individuals, under which payments are made for the entire lifetime of all the individuals, either in whole or in part, even if one of them dies. A joint and survivor annuity makes payments to all beneficiaries until the last beneficiary dies. This scheme guarantees that the surviving beneficiary is financially taken care of until death. This scheme is also called a joint life annuity scheme.
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