ANNUITY BENEFIT. Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.
ANNUITY BENEFIT. ‘‘Annuity Benefit’’ means a benefit payable by us as described in Part VIII.
ANNUITY BENEFIT. The term "Annuity Benefit" means a benefit payable by us pursuant to Section 3.04 of this Contract. Various Sections of this Contract (Sections 1.15, 1.16, 3.01 and 3.02) refer to monthly payments to be made under an Annuity Benefit. An election may be to have your Annuity Benefit paid at other intervals, such as quarterly, semi-annually, or annually, instead of monthly. This election may be made at the time the Annuity Benefit form as described in Section 3.03 is elected: in that event, all references in this Contract to monthly payments will be deemed to mean payments at the frequency you elected, subject to our rule at the time of election.
ANNUITY BENEFIT. ANNUITY OPTIONS Annuity options are available on a fixed, variable or combination fixed and variable basis. The annuity options described below or any alternative option offered by the Company may be chosen. If no option is chosen, monthly benefit payments under a variable life annuity with payments guaranteed for 10 years will be made. The Owner may also elect to have the death benefit applied under a life annuity or a period certain annuity not extending beyond the Beneficiary's life expectancy. Such an election may not be altered by the Beneficiary. Fixed annuity options are funded through the Fixed Account. Variable annuity options may be funded through one or more of the Sub-Accounts. Not all Sub-Accounts may be made available. ANNUITY BENEFIT Annuity benefit payments may be received on a PAYMENTS monthly, quarterly, semiannual or annual basis. If the first payment would be less than the Minimum Annuity Benefit Payment (see Specifications page), a single payment will be made instead. The Company reserves the right to increase the minimum payment amount to not more than $500, subject to applicable state regulations. Satisfactory proof of the payee's date of birth must be received at the Principal Office before annuity benefit payments begin. Where a life annuity option has been elected, the Company may require satisfactory proof that the payee is alive before any payment is made. ANNUITY VALUE The amount of the first annuity benefit payment under all available options except period certain options will depend on the age of the payee or payees on the Annuity Date and the annuity value applied. Period certain options are based on the duration of payments and the annuity value. For life annuity options and non-commutable period certain options with a duration of 10 years or more, the annuity value will be the Accumulated Value and may include any applicable Market Value Adjustment less any premium tax. For commutable period certain options or any period certain option less than 10 years, the annuity value will be the Surrender Value less any premium tax. For a death benefit annuity, the annuity value will be the amount of the death benefit. The annuity value applied under a variable annuity option is based on the Accumulation Unit value on a Valuation Date not more than four weeks, uniformly applied, before the Annuity Date.
ANNUITY BENEFIT. Subject to the conditions within the Annuity Payout Options: General Provisions section of this contract, we will make annuity payments to you starting on the Annuity Commencement Date shown on the Contract Data page if the Annuitant is then living and this contract is in force on that date. The Annuity Commencement Date cannot be later than the Latest Annuity Commencement Date shown on the Contract Data page. If allowed by applicable law, we may change the Latest Annuity Commencement Date to a date later than is shown on the Contract Data page. If we do so, we will notify you of such change. On the Annuity Commencement Date, the amount of the annuity payment will be calculated by applying the Accumulation Value of the contract, less annuity taxes, if any, under the applicable annuity payout option. The payment amounts will vary according to the Annuitant’s age and sex, if issued as a Non-Qualified Contract, unless otherwise required by applicable law. See the Payment of Contract Proceeds section for an explanation of how annuity payments are determined.
ANNUITY BENEFIT. The term "
ANNUITY BENEFIT. Payments under an Annuity Benefit will be made monthly. An election may be made by the Employer on behalf of the Participant to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of election. This election may be made at the time the Annuity Benefit form as described in the section "Annuity Benefit Forms" is elected. In that event, all references in this Contract to monthly payments will be deemed to mean payments at the frequency elected.
ANNUITY BENEFIT. Provided Executive remains continuously employed by the Company through December 31, 2014, the Company shall purchase on Executive’s behalf, as soon as administratively feasible, but in no event later than March 15, 2015, a single premium annuity contract from an insurance company acceptable to Executive, providing an annual annuity commencing on such date thereafter and payable in such form (e.g., life annuity, term certain and life annuity or joint and survivor annuity) as specified by Executive (the “Annuity Contract”). The Annuity Contract shall provide the specified annuity in the amount which may be provided by a single premium of the net amount remaining after withholding all applicable income and payroll taxes, from a non-periodic payment of $3,000,000. If, prior to December 31, 2014, Executive has been terminated without Cause by the Company, resigns for Good Reason, or terminates employment due to death or Disability, Executive (or his personal representative, as the case may be) shall be entitled to such Annuity Contract as soon as administratively practicable following Executive’s termination of employment, but in no event later than March 15th of the year following such termination of employment. If Executive is terminated by the Company for Cause or resigns without Good Reason prior to December 31, 2014, he shall forfeit his right to the Annuity Contract.
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ANNUITY BENEFIT. The Annuity rates depend on the Purchase Price, the age at entry, gender and the Annuity frequency mode. An Annuity would be payable as per the Annuity Payout Mode shown in the Policy Schedule. The first Annuity Payout will be due for payment on the First Annuity Payout Date as mentioned in the Policy Schedule. The annuity is payable during the life of the Annuitant from the First Annuity Payout Date as per the terms and conditions of the Policy. The Annuity Payouts once applied at the time of entry for the Annuitant is guaranteed for the rest of his/her life for the given Purchase Price. The Company may at its discretion at any point of time request the Annuitant to produce a survivorship/existence certificate before paying the Annuity Payout.
