Of course, as with many financial or investment products, results will vary according to subaccount performance and market conditions. Also, it's important to note that guarantees of interest, supplemental income and lifetime income are based on the continued claims-paying ability of the issuing company.
Variable annuities are less complicated than a lot of people think.
You let the money grow tax-deferred. At some point in the future you begin receiving an income stream. One is immediately taxable, the other is tax-deferred. As the chart indicates, the difference tax deferral makes over 20 years is substantial. Use the tax deferred tool to make your own calculation.