Cal. Code Regs. tit. 18, § 13952.8
The value of an annuity contract issued by a company regularly engaged in the selling of contracts of that character is, ordinarily, the cost of the contract.
It is to be noted that an annuity contract is not a life insurance policy. Consequently, the exemption mentioned in Section 13723 is not allowable on any payment made under any such contract.
Note: Reference: Section 13952, Revenue and Taxation Code.