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P. 10
Exemptions (Purchased Annuity)
• The following requirements should be met for a
annuity to be a purchased annuity:
-Should be purchased and the insurer agrees
to pay the purchaser, spouse an annuity until
death or on expiry of the contract.
-Purchaser paid a lump sum.
-No amounts will be payable other than in a
way of an annuity.
• Paid to purchaser(natural person)
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