ANNUITY BENEFITS Sample Clauses

ANNUITY BENEFITS. Benefit Payments = a) - b) + c) + d)

ANNUITY BENEFITS. On or before the Maturity Date, You may elect any one of the annuity payment options as described in Part 10. If you do not select an annuity payment option on or before the Maturity Date, We will apply the Contract Value less any premium tax due to provide You a variable life annuity with 10 years period certain under Annuity Payment Option I as described in Part 10. If the amount to be applied on the Maturity Date is less than $2,000 or would result in monthly payments of less than $20, We shall have the right to pay such amount to You in one lump sum in lieu of providing such annuity. We also have the right to change the annuity payment frequency to annual if the monthly annuity payment would otherwise be less than $20.

ANNUITY BENEFITS. On the Annuity Date, your Contract Value will convert into the Annuity Option(s) you have chosen. We will send the first annuity payment under this Contract on the day following the Annuity Date. Choice of Annuity Date -- Your Annuity Date is shown in the Contract Specifications. If you did not select an Annuity Date in your application for this Contract, we assigned an Annuity Date based on the type of this Contract and the Annuitant's age. See Default Annuity Date and Options. You may change your Annuity Date by notifying us in writing at least 10 Business Days prior to your current Annuity Date or new Annuity Date, whichever is earlier. Your Annuity Date may not be earlier than your first Contract Anniversary, and must occur on or before the day your younger Annuitant reaches his or her 100th birthday. If your Contract is a Qualified Contract, your Annuity Date cannot be earlier than your first Contract Anniversary, and must occur on or before April 15 of the calendar year following the year in which your Annuitant (who is the Qualified Plan participant) reaches his or her 70 1/2th birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect your Annuity Date. Application of Contract Value -- Prior to the Annuity Date, you may elect to convert all or part of your Contract Value less any Contract Debt, any transfer fee, and any charges for premium taxes and or other taxes, to an Annuity Option we then offer on the Annuity Date. You may also elect a full withdrawal in lieu of annuity payments under an Annuity Option. Before we make any full withdrawal, we require return of this Contract, (or a signed lost Contract affidavit), to us. The aggregate net amount you apply must be at least $5,000; otherwise, we will pay a single amount equal to your withdrawal proceeds. See WITHDRAWALS. If you convert only a portion of your Contract Value on your Annuity Date, you may, at that time, have the option to elect to continue your Contract with that remaining Contract Value. If this option is available, you would choose a second Annuity Date for such Contract Value; all references in this Contract to your Annuity Start Date (or Annuity Date) would, with regard to such Contract Value, be deemed to refer to that second Annuity Date. This option may or may not be available, or may be available only for certain types of Contracts. You should call PM for more information if you...

ANNUITY BENEFITS. On or before the Contract Maturity Date, you may elect any one of the Annuity Payment Options as described in Section 18. If no election is made, we may begin to pay a series of annuity payments automatically to the Owner beginning on the Contract Maturity Date of a period certain of 10 years and as long thereafter as the Annuitant lives. The amount of each annuity payment will be equal to the Annuitization Value as described in Section 2, less any applicable tax, divided by $1,000 and then multiplied by the applicable current annuity payment option rates. If the amount to be applied on the Contract Maturity Date would result in monthly payments of less than SAMPLE $20, we shall have the right to pay such amount to you in one lump sum in lieu of providing such annuity. We also have the right to change the annuity payment frequency to annual if the monthly annuity payment would otherwise be less than $20.

ANNUITY BENEFITS. On or before the Maturity Date, You may elect any one of the Payment Options as described in Part 10. If you do not select a Payment Option on or before the Maturity Date, We will apply the Contract Value less any premium tax due to provide You a variable life annuity under Payment Option L as described in Part 10. Any annuity payments falling due after the Annuitant's death during the period certain will be paid to the Annuitant's Beneficiary. If the amount to be applied on the Maturity Date is less than $2,000 or would result in monthly payments of less than $20, We shall have the right to pay such amount to You in one lump sum in lieu of providing such annuity. We also have the right to change the annuity payment frequency to annual if the monthly annuity payment would otherwise be less than $20.

ANNUITY BENEFITS. The title of this Part is changed to "Annuity Benefits and Required Minimum Distributions". Annuity Benefits are also subject to the "Restrictions on Payments" described above in Section 5.01, Withdrawals. The following section is added:

ANNUITY BENEFITS. A. APPLICATION OF CONTRACT VALUE Upon receipt of your written request for an annuity payout, we apply all or a portion of the unloaned Contract Value to provide a Fixed Annuity Payout or a Variable Annuity Payout or both. If the amount to be annuitized on the date the annuity payout is scheduled to begin is less than $5,000, instead we may pay the Withdrawal Value in a lump sum. We reserve the right to deduct applicable premium taxes and other state or federal taxes from the Contract Value on any Annuity Payout Date is required by law. B. ANNUITY PAYOUT OPTIONS You may select an annuity payout by sending us a written request. Your request must be received by us at least thirty (30) days before the is scheduled to begin. If you have not selected a required minimum distribution payment method, we will provide an annuity payout option to you at age eighty-five (85), unless you notify us otherwise in writing. The following options are available for annuity payouts: ANNUITY PAYOUT OPTION 1. INSTALLMENTS FOR LIFE WITH OR WITHOUT A FIXED PERIOD CERTAIN. We will pay the proceeds in equal installments for as long as the Payee lives. If a Fixed Period Certain is chosen, we guarantee to make payments for at least 120 months. If the Payee dies before the end of the Fixed Period Certain, we will pay the remaining guaranteed payments in accordance with Section 11. For each $1,000 of Contract Value applied, the Annuity Payout Option 1 Table shows the guaranteed minimum rate for each installment under a Fixed Annuity Payout, or the rate used to determine the first installment under a Variable Annuity Payout using an assumed yield of three percent (3%). The rate depends upon: 1. Whether the 120-month Fixed Period Certain is chosen; and 2. The Payee's age on his/her birthday nearest the date the first installment is due.

ANNUITY BENEFITS. The Reinsurer will pay the Ceding Company that portion of Annuity Benefits paid by the Ceding Company on annuities reinsured hereunder which corresponds to the portion of the annuities reinsured hereunder. The Reinsurer s obligation will be satisfied in full by the payment to the Ceding Company of that portion of the Account Value, as of the date of annuitization, which corresponds to the portion of the annuities reinsured hereunder.

ANNUITY BENEFITS. State Premium Taxes