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The yearly return that makes everything paid in equal, in today’s terms, everything paid out.
IRR is the discount rate at which the value of a stream of payments and receipts is exactly zero. For an insurance policy, the payments are the premiums and the receipts are the maturity or death benefit; the IRR is the policy's return as a yearly rate, comparable with a deposit's.
When the flows have irregular dates, the same calculation is called XIRR.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.