Common use of ANNUITY BENEFIT Clause in Contracts

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.