immediate annuity

noun
an annuity bought with a single premium, with payments to the annuitant to begin at the end of one payment period, as a month or a year.
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World English Dictionary
immediate annuity
 
n
Compare deferred annuity an annuity that starts less than a year after its purchase

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
Your agency must certify that you are eligible for an immediate annuity.
With an immediate annuity, income payments start no later than one year after
  you pay the premium.
With an immediate annuity, you will be told at the time of purchase exactly how
  much money you will get and when you will get it.
We oppose a rule that would cause such a result for an immediate annuity.
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