Contracts for periodic payment for life become effective when one of the parties promises to pay monies or deliver other things to the other party or a third party periodically until the death of the first party, the other party or the third party.

Periodic payment for life is calculated on a daily basis.

①If the obligor in a periodic payment for life has received the principal for the periodic payment for life but fails to pay the periodic payment for life or fails to perform other obligations, the other party may demand the return of the principal. In these cases, the other party must return to the obligor of the periodic payment for life the amount of the periodic payment for life already received, after deducting the amount of the interest on that principal.

②The provisions of the preceding paragraph do not preclude claims for compensation for damage.

The provisions of Article 533 apply mutatis mutandis to cases referred to in the preceding Article.

①If a death provided for in Article 689 occurs due to grounds attributable to the obligor in a periodic payment for life, the court may, at the request of the obligee in the periodic payment for life or the obligee's heirs, pronounce that the periodic payment for life claim continues for a reasonable period of time.

②The provisions of the preceding paragraph do not preclude the exercise of the rights provided in Article 691.

The provisions of this Section apply mutatis mutandis to bequests of periodic payment for life.