annuity

Concise Oxford English Dictionary © 2008 Oxford University Press:
annuity/əˈnjuːəti/

▶noun (pl. annuities) a fixed sum of money paid to someone each year, typically for the rest of their life.

■ a form of insurance or investment entitling the investor to a series of annual sums.

– derivatives
annuitize (or annuitise) verb.

– origin ME: from Fr. annuité, from med. L. annuitas, from L. annuus ‘yearly’, from annus ‘year’.