ANNUITY FORM Sample Clauses

ANNUITY FORM. Life Annuity with a Period Certain of 120 Months. (You may choose any of the Annuity Forms outlined in the contract up until 30 days prior to the Annuity Date. Prior to your selection, the above named Annuity Form will be in effect.) For additional information on Purchase Payments and the timing or forms of annuity payment, please refer to the Purchase Payment and Annuity provisions of the contract. SERVICE CENTER: Transamerica Occidental Life Insurance Company Schwab Annuity Service Center P. O. Box 7785 San Francisco, California 94120-9420 0-(000) 000-0000 END OF CONTRACT DATA SCHEDULE A The following is a list of the Sub-accounts of the Variable Account available under this contract at the time of issue. Federated Equity Growth & Income Fund Federated U.S. Government Bond Fund INVESCO VIF-High Yield Portfolio INVESCO VIF-lndustrial Income Portfolio INVESCO VIF-Total Return Portfolio Xxxxx Xxxxx Aggressive Growth Portfolio Janus Aspen Growth Portfolio Janus Aspen Worldwide Growth Portfolio Lexington Emerging Markets Fund Xxxxxxxxxx Variable Series: Growth Fund Schwab Money Market Portfolio SteinRoe Capital Appreciation Fund Strong Discovery Fund II TCI Growth Portfolio TCI International Portfolio Xxx Xxx Gold and Natural Resources Fund Fixed Account - 2 Yr. Fixed Account - 4 Yr. 1-504 11-194 Page 2B TABLE OF CONTENTS PAGE CONTRACT DATA 2 & 2A SCHEDULE A 2B DEFINITION OF TERMS 5 PURCHASE PAYMENT PROVISIONS 7 Payment and Acceptance of Purchase Payments Allocation of Net Purchase Payments 7 Initial Purchase Payment 7 Flexibility of Purchase Payments 7 Change in Purchase Payment Allocation 7 Purchase Payment Limitations 7 NON-FORFEITURE PROVISIONS Continuation on Paid-up Basis 8 Annuitization of Paid-up Contract 8 Surrender of Paid-up Contract 8 THE VARIABLE ACCOUNT The Variable Account 8 Sub-accounts 9 Variable Accumulation Units 9 Net Investment Factor 10 TRANSFER PROVISIONS Transfers Between Sub-accounts 10 Transfer Allocation 10 Minimum Transfer Amount 10 Transfer Limitations 10 Effect on Variable Accumulation Units 10 WITHDRAWAL PROVISIONS Partial Withdrawals 11 Withdrawal Allocation 11 Minimum Withdrawal Amount 11 Withdrawal Limitations 11 Effect on Variable Accumulation Units 11 SURRENDER PROVISIONS 11 PREMIUM TAXES, CHARGES, FEES AND SERVICES Premium Taxes 12 Mortality and Expense Risk Charge 12 Administrative Expense Charge 12 Transfer Fee 12 Annual Contract Charge 12 Statements of Account 12 PAGE ANNUITY PROVISIONS Fixed Annuities 13 Date Annuity P...
Sample 1
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ANNUITY FORM. If a Participant is not married on his or her Annuity Starting Date, then the Participant's benefits will be payable as a single life annuity. If a Participant is married on his or her Annuity Starting Date and has not made an effective election of an optional form of benefit under this Section, then benefits will be payable in the form of a 50 percent joint and survivor annuity, under which a reduced benefit will be payable to the Participant during his or her lifetime, and upon his or her death one half of such reduced benefit will be paid to the Participant's spouse during the spouse's lifetime, if the spouse survives the Participant. The joint and survivor form of benefit will be the actuarial equivalent of the single life annuity otherwise payable to the Participant. A Participant may elect not to receive his or her benefits in the form described above and to have such benefits paid in one of the optional forms permitted under the Adoption Agreement. Any such election shall be made in such form and manner as the Administrator may prescribe and during the election period described below. No election by a married Participant will be effective unless the Participant's spouse consents to the election in accordance with Section 7.8.
Sample 1

Related to ANNUITY FORM

  • ANNUITY Payment of an income:

  • 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.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • ANNUITY PAYMENTS If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.

  • ANNUITY UNIT A unit of measure used to determine the amount of variable payments under a variable payment plan and the value of the interest of a variable payment plan in the Separate Account.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

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