If an annuity, reversionary annuity, or pure endowment contract shall be effected by any person, based on his own life or on another life, payable to a person other than himself, the lawful beneficiary or assignee of the contract, other than the person effecting the contract or his executors or administrators, shall be entitled to its proceeds and avails against the creditors and representatives of the person effecting the contract to the same extent and under the same conditions provided with reference to the proceeds and avails of insurance policies in Code Section 33-25-11.