Short answer. Yes. This is the aleatory contract of life annuity. Under Article 2021 you transfer capital — money or other property — to a debtor, whose ownership passes to him at once, and in return he binds himself to pay you an annual pension or income for the rest of your life or another named person's life.
What the law says
The aleatory contract of life annuity binds the debtor to pay an annual pension or income during the life of one or more determinate persons in consideration of a capital consisting of money or other property, whose ownership is transferred to him at once with the burden of the income.
Civil Code, Article 2021 — Life Annuity Defined. Read the full provision →
What a life annuity is
The arrangement you describe has a name and a settled shape in the Code: The aleatory contract of life annuity binds the debtor to pay an annual pension or income during the life of one or more determinate persons in consideration of a capital consisting of money or other property, whose ownership is transferred to him at once with the burden of the income. In plain terms, you give someone a sum of money or a piece of property now, and in exchange he owes you a periodic income for as long as a designated person lives. It is a lawful way to convert capital into lifetime support.
Why it is called aleatory
A life annuity is a genuine gamble on lifespan, and the law says so by calling it aleatory. Neither side can know in advance how much will ultimately be paid, because that depends on how long the measuring life lasts. If the person lives long, the payer may hand over far more than the capital was worth; if that life is short, the payer keeps most of the value. Both parties accept that uncertainty when they sign. That built-in element of chance is essential to the contract — it is what distinguishes it from an ordinary sale on instalments.
You part with the property at once
One feature deserves emphasis because it surprises people: ownership of the capital passes to the debtor at once. You do not retain the property as security and collect income from it; you give it up immediately and become, from that point, a creditor for the pension rather than an owner of the asset. The debtor takes the property "with the burden of the income" — the duty to pay is the price of what he received. This means your protection lies in the strength of that personal obligation, so the payer's reliability and solvency are matters to weigh before you transfer anything.
Getting the terms right
Because you surrender the capital irrevocably at the start, the drafting is where your interests are protected. Fix the amount of the pension and how often it is paid, identify precisely the property or sum you are giving, and state clearly whose life measures the annuity. Consider what security or remedy you will have if the payments stop, since your position after transfer is that of a creditor. A life annuity can be a sensible way to secure income in later life, but it commits you fully from day one, and the written contract is what you will rely on if anything goes wrong.