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This is a follow up question on Financial product where the investor makes regular contributions and receives a lump sum. "Deferred annuity" and "endowment policy" are the financial products that fit the description.

Definition of endowment policy on Wikipedia:

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death.

Definition of deferred annuity on Investopedia:

A deferred annuity is a contract with an insurance company that promises to pay the owner a regular income, or a lump sum, at some future date.

What is the difference between a deferred annuity and an endowment policy? Are they the same thing?

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An endowment policy pays out a lump sum at maturity or death, whichever comes first. No regular income possible.

A (deferred) annuity pays the owner a guaranteed regular income, i.e., from age 65 until death. Sometimes a partial lump sum is returned in the event of the owner's "premature" death.

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