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Deferred Annuity .

An annuity contract that provides for the initiation of payments at some designated future date in contrast to one in which payment begins immediately on purchase.

Deferred Group Annuity .

A group annuity contract providing for the purchase each year of a paid-up deferred annuity for each person covered in the group. The total amount of the annuity payments starts at a deferred date, usually retirement, and is the sum of the individual paid-up annuities.