The contention is that in the case of a deferred annuity policy the annuitant, on payment of a lumpsum gets the right to the annuity equivalent in the shape of deferred h annual or monthly payments guaranteed for a certain period (in 574 the instant case for 35 years), that there is a date on which the annuity vests in the annuitant (here 22.1.1964), that usually there is a provision that in the event of the death of the annuitant before the date of vesting the single premium paid by him would be returned to the proposer, and that the proposer may have (as is the case here) the option, to be exercised before the date on which the annuity vests, to receive the commuted value in lieu of deferred annual or monthly payments and such provisions clearly show that the intention is that in essence the annuity contract is operative from the date on which the annuity vests and thereafter there is no element of insurance in the contract.