A sum of money, payable yearly, to continue for a given number of years, for life, or forever; an annual allowance.
An annual cash payment, granted for life or a term of years as stipulated in a contract between a lord and a retainer. (Waugh, Scott. England in the Reign of Edward III, 237)
(1) The amount of money payable yearly or at other regular intervals. (2) An agreement by an insurer to make periodic payments that continue during the survival of the annuitant (the beneficiary of the policy) or for a specified period.