ANNUITY INCOME OPTIONS. APPLICATION OF PARTICIPANT'S ACCOUNT VALUE -- On the effective date of an annuity income option, the requested portion of the Participant's account value payable under the Participant's account shall be applied to the payment of the annuity income option elected. If the Participant's account value to be applied under any one fixed or variable annuity income option is less than $2,000 or would provide less than a $20 monthly annuity income payment, we will pay the Participant's account value in a lump sum to the payee. Prior to the payment of any annuity income option selected, we reserve the right to verify the age of the payee and to make any adjustments necessary to reflect the accurate payment for the correct age. ELECTION OF OPTION -- At least 30 days prior to the requested effective date of an annuity income option, the Participant may elect by written request an annuity income option or change a previous election. We must receive the written request at the Home Office. Income payments must begin no later than specified in the Code, If the Participant dies before the effective date of the annuity income option, the beneficiary may elect an annuity income option. This election must be made within 60 days after we receive proof of the Participant's death. MISSTATEMENT OF AGE -- If the age of a Participant or any other payee has been misstated, the annuity income payments under the supplemental contract will be that amount which the Participant's account value would have provided at the correct age. We will require proof of the correct age. If the income payments were too large because of a misstatement, we will deduct the difference with interest from the benefits falling due until totally repaid. If such payments were too small, we will add the difference with interest to the next benefit due. The interest rate will not exceed XXXXXX XXXX LIFE INSURANCE COMPANY [LOGO] 6 percent per year. PROOF OF SURVIVAL -- We may require proper proof that a payee, beneficiary, or a Participant is living when payment depends upon such person's survival. Proof includes a dated and witnessed signature. PAYMENT START DATE -- For Options 1,2,3,4,6 and 7, the first payment will be made on or before the 15th business day of the month following receipt of the Participant's request and the effective date of the annuity income option. Subsequent income payments for these options will be made as of the first business day of each succeeding month, unless another mode of payment ...
ANNUITY INCOME OPTIONS. The Annuity Income Option is selected by the Owner in the application and is shown on the Certificate Schedule. GENERAL PROVISIONS NON-PARTICIPATION IN SURPLUS This Contract does not share in any distribution of the Company's profits or surplus.
ANNUITY INCOME OPTIONS. The Annuity Income Option is selected by the Owner in the application and is shown on the Certificate Schedule.
ANNUITY INCOME OPTIONS. Except as may be limited by the Settlement on Death provision, the annuity value can be applied to these annuity income options: OPTION ONE - LIFE ANNUITY A series of annuity income payments made monthly during the payee's life. THE PAYMENTS WILL STOP WITH THE LAST PAYMENT DUE BEFORE THE DEATH OF THE PAYEE. NO FURTHER PAYMENTS WILL BE MADE AFTER THE DEATH OF THE PAYEE. OPTION TWO - LIFE ANNUITY WITH 120, 180, OR 240 MONTHLY PAYMENTS CERTAIN A series of annuity income payments made monthly for the guaranteed period elected and thereafter during the payee's life. The guaranteed period may be 120, 180, or 240 months. If the payee dies before the guaranteed number of payments are made, the remaining guaranteed payments will be paid to the beneficiary. OPTION THREE - INSTALLMENT REFUND LIFE ANNUITY A series of annuity income payments made monthly during the payee's life. If the payee dies before receiving the "minimum number" of payments, payments will continue to the beneficiary. The "minimum number" of payments is equal to the amount applied under this option divided by the first monthly payment. Any payments made after the death of the payee will stop when the company has paid out a total number of payments equal to the "minimum number" of payments. OPTION FOUR - JOINT AND LAST SURVIVOR ANNUITY A series of annuity income payments made monthly during the lifetime of both of two payees. If one of the payees dies, the payments will continue to the other. The payments will end with the last payment due before the death of the remaining payee. OPTION FIVE - DESIGNATED PERIOD ANNUITY - FIXED DOLLAR ONLY A series as of annuity income payments made monthly for a period of years. Any number of years from 5 through 30 may be chosen. Payments will be made to the payee or beneficiary even if the payee dies. Payments will stop at the end of the period selected. Monthly payments for 3 years may be elected under this option for a participant who is age 60 or over on the annuity date, or who has submitted evidence of election to begin payments under the employer's retirement program. OTHER FORMS OF ANNUITY INCOME PAYMENTS The company may pay the settlement amount in any other manner agreeable to both parties. METHOD OF CALCULATING ANNUITY INCOME PAYMENTS DETERMINATION OF MONTHLY GUARANTEED MINIMUM FIXED DOLLAR ANNUITY PAYMENTS To determine the amount of a fixed annuity payment from Table 1, 2 or 3; (a) determine the adjusted age of payee using the adjusted age table, (b) di...
ANNUITY INCOME OPTIONS. The Annuity Income Option is selected by the Owner and is shown on the Contract Schedule. 16IVIA0403 DELAY OF BENEFIT PAYMENT We will make any payment under this Contract within seven (7) days of its due date or within seven (7) days of a request received in good order. However, We reserve the right to suspend or postpone any type of payment or reallocation from the Separate Account for any period when:
ANNUITY INCOME OPTIONS. All or part of the Accumulated Value may be placed under one or more Annuity Income Options. If Annuity Payments are to be paid under more than one option, the Company must be told what part of the Accumulated Value is to be paid under each option. The Annuity Income Options are shown below. Election of an Annuity Income Option is made by Written Request to the Company at least 30 days in advance of the Annuity Date. If no election is made payments will be made as an Annuity under Option 2 with 120 Payments Certain. Subject to approval by the Company, the Owner may select any other Annuity Income Option then being offered by the Company. Annuity Income Options are not available to: (1) an assignee; or (2) any other than a natural person except with the consent of the Company.
A. ANNUITY INCOME OPTIONS 1 THROUGH 5 ARE OFFERED AS FIXED ANNUITY OPTIONS. This means that the amount of each Annuity Payment will be set on the Annuity Date and will not change.
B. ANNUITY INCOME OPTIONS 1 THROUGH 4
ANNUITY INCOME OPTIONS. 1. LIFE ANNUITY — AVAILABLE AS EITHER A FIXED OR VARIABLE OPTION: Monthly Annuity Payments are paid for the life of an Annuitant, ceasing with the last Annuity Payment due prior to his death.
2. LIFE ANNUITY WITH 120, 180, or 240 MONTHLY PAYMENTS CERTAIN — AVAILABLE AS EITHER A FIXED OR VARIABLE OPTION: Monthly Annuity Payments are paid for the life of an Annuitant, with a Period Certain of 120,180, or 240 months, as elected.
3. INSTALLMENT OR UNIT REFUND LIFE ANNUITY — AVAILABLE EITHER AS A FIXED (INSTALLMENT REFUND) OR VARIABLE (UNIT REFUND) OPTION: Monthly Annuity Payments are paid for the life of an Annuitant, with a Period Certain determined by dividing the Accumulated Value by the first Annuity Payment.
ANNUITY INCOME OPTIONS. Except as may be ANNUITY INCOME limited by Article 6 or by options:
a. OPTION ONE--LIFE ANNUITY A series of annuity income payments made monthly during the payee's life. The payments will stop with the last payment due before the death of the payee. No further payments will be made after the death of the payee.
b. OPTION TWO--LIFE ANNUITY WITH 120,180 OR 240 ------- --- MONTHLY PAYMENTS CERTAIN A series of annuity, income payments made monthly for the guaranteed period elected and thereafter during the payee's life. The guaranteed period may be 120,180 or ------- 240 months. If the payee dies before the end of the guaranteed period, payments for the remainder of the guaranteed period will be paid to the beneficiary.
ANNUITY INCOME OPTIONS. Except as may be limited by Articles 5 and 6, the account value can be applied to these annuity income options.
a. Option One-Life Annuity A series of annuity income payments made monthly during the payee's life. The payments will stop with the last payment due before the death of the payee. No further payments will be made after the death of the payee.
b. Option Two-Life Annuity with 120, 180 and 240 Monthly Payments Certain A series of annuity income payments made monthly for the guaranteed period elected and thereafter during the payee's life. The guaranteed period may be 120, 180 and 240 months. If the payee dies before the end of the guaranteed period, payments for the remainder of the guaranteed period will be paid to the beneficiary.
ANNUITY INCOME OPTIONS. Except as ANNUITY INCOME may be limited by Article 6, the annuity value can be applied to these annuity income options.
a. OPTION ONE--LIFE ANNUITY A series of annuity income payments made monthly during the payee's life. The payments will stop with the last payment due before the death of the payee. No further payments will be made after the death of the payee. b. OPTION TWO--LIFE ANNUITY WITH 120, 180, OR 240 MONTHLY PAYMENTS CERTAIN A series of annuity income payments made monthly for the guaranteed period elected and thereafter during the payee's life. The guaranteed period may be 120, 180 or 240 months. If the payee dies before the end of the guaranteed period, payments for the remainder of the guaranteed period will be paid to the beneficiary. c. OPTION THREE--INSTALLMENT REFUND LIFE ANNUITY A series of annuity income payments made monthly during the payee's life. If the payee dies before receiving the "minimum number" of payments, payments will continue to the beneficiary. The "minimum number" of payments is equal to the amount applied under this option divided by the first monthly payment. Any payments made after the death of the payee will stop when the Company has paid out a total number of payments equal to the "minimum number" of payments.
