Which feature of an annuity provides investors with a fixed payment for a predetermined period?

The guaranteed income rider is a feature that provides investors with a fixed payment for a predetermined period, ensuring a steady income stream. This feature is particularly appealing to individuals seeking financial security during retirement or other specific phases of life when regular income is essential. By incorporating a guaranteed income rider into an annuity, investors can receive predictable payments, which can help in budgeting and managing expenses without the uncertainty associated with market fluctuations or other variables that could affect income availability.

In contrast, the immediate payout feature refers to the ability to start receiving income payments right away, but it does not necessarily guarantee that the payments will remain fixed over a predetermined period. The variable payout option involves payments that can fluctuate based on the performance of the underlying investments, which adds uncertainty regarding the amounts received. An interest rate guarantee pertains to the assurance of a minimum interest rate on the investment but does not directly translate to fixed payments over time.