Annuity (noun)

1. A fixed sum of money paid to someone each year, typically for the rest of their life.
2. A financial contract that provides a stream of payments in exchange for an initial lump sum.

Origin:

Late middle english (denoting a yearly payment of rent or taxes): from latin annuitas, from annuus "yearly", from annus "year".

Examples:

1. He invested in an annuity to ensure a steady income in his retirement.
2. The annuity payments will start when he reaches 65.
3. The company offers a variety of annuity options to its employees.
4. She decided to use the money from the sale of her house to purchase an annuity.
5. The annuity will provide him with a steady income for the rest of his life.