The accumulation phase refers to the period of a person’s life during which he saves money for retirement.
Accumulation occurs before the distribution phase when they retire and spend money.
The accumulation phase also refers to the period when the annuity investor begins to accumulate the monetary value of the annuity. (The annuitization phase, when payments are distributed, follows the accumulation period.)
The length of the savings phase will vary depending on when a person starts saving and when they plan to retire.
Guaranteed death benefit is a benefit condition that guarantees that the recipient of the benefit will receive a death benefit if the recipient of the annuity dies before the annuity starts paying benefits.
The Guaranteed Minimum Savings Allowance (GMAB) is an optional element of an annuity that guarantees the payment of a minimum amount of an annuity after a holding period: accumulation or other specified period.