Common use of Annuity Payment Choices Clause in Contracts

Annuity Payment Choices. The Certificate Holder may tell Aetna to apply any portion of the Adjusted Account Value (minus any premium tax, if applicable,) to any Annuity Payout Option . The first Annuity Payment may not be earlier than one calendar year after the initial Purchase Payment nor later than the later of: (a) The first day of the month following the Annuitant's 85th birthday; or (b) The tenth anniversary of the last Purchase Payment. In lieu of the election of an Annuity Payout Option, the Certificate Holder may tell Aetna to make a lump sum payment. When an Annuity Payout Option is chosen, Aetna must also be told if payments are to be made other than monthly and whether to pay: (a) A fixed Annuity Payment using the General Account; (b) A variable Annuity Payment using any of the Subaccount(s) available under this Contract for the Annuity Period; or (c) A combination of (a) and (b). If a fixed Annuity Payment is chosen, the payment rate for the option chosen, shown on the tables immediately following, reflects at least the minimum guaranteed interest rate (see Schedule - Annuity Period), but may reflect a higher interest rate. If a variable Annuity Payment is chosen, the initial Annuity Payment for the option elected reflects the Assumed Interest Rate (AIR) elected (see Schedule - Annuity Period). The Certificate Holder must allocate specified amounts among the Subaccounts available during the Annuity Period. Aetna reserves the right to limit the number of Subaccounts available at one time and to limit the number of Subaccounts the Certificate Holder may select during the Annuity Period. Subject to terms and conditions established by Aetna, the Certificate Holder may transfer all or any portion of the amount allocated to a Subaccount to another Subaccount. The number of Transfers allowed without charge each year is shown on Schedule - Annuity Period. Transfer requests must be submitted as a percentage of the allocation among the Subaccounts. Aetna reserves the right to establish a minimum transfer amount. Transfers will be effective as of the Valuation Date in which Aetna receives a transfer request in good order at its home office.

Annuity Payment Choices. The Certificate Holder may tell Aetna GALIC to apply any portion of the Adjusted Account Value (minus any premium tax, if applicable,) to any Annuity Payout Option . The first Annuity Payment may not be earlier than one calendar year after the initial Purchase Payment nor later than the later of: (a) The first day of the month following the Annuitant's 85th birthday; or (b) The tenth anniversary of the last Purchase Payment. In lieu of the election of an Annuity Payout Option, the Certificate Holder may tell Aetna GALIC to make a lump sum payment. When an Annuity Payout Option is chosen, Aetna GALIC must also be told if payments are to be made other than monthly and whether to pay: (a) A fixed Annuity Payment using the General Account; (b) A variable Annuity Payment using any of the Subaccount(s) available under this Contract for the Annuity Period; or (c) A combination of (a) and (b). If a fixed Annuity Payment is chosen, the payment rate for the option chosen, shown on the tables immediately following, reflects at least the minimum guaranteed interest rate (see Schedule SEE SCHEDULE - Annuity PeriodANNUITY PERIOD), but may reflect a higher interest rate. If a variable Annuity Payment is chosen, the initial Annuity Payment for the option elected reflects the Assumed Interest Rate (AIR) elected (see Schedule SEE SCHEDULE - Annuity PeriodANNUITY PERIOD). The Certificate Holder must allocate specified amounts among the Subaccounts available during the Annuity Period. Aetna GALIC reserves the right to limit the number of Subaccounts available at one time and to limit the number of Subaccounts the Certificate Holder may select during the Annuity Period. Subject to terms and conditions established by AetnaGALIC, the Certificate Holder may transfer all or any portion of the amount allocated to a Subaccount to another Subaccount. The number of Transfers allowed without charge each year is shown on Schedule SCHEDULE - Annuity PeriodANNUITY PERIOD. Transfer requests must be submitted as a percentage of the allocation among the Subaccounts. Aetna GALIC reserves the right to establish a minimum transfer amount. Transfers will be effective as of the Valuation Date in which Aetna GALIC receives a transfer request in good order at its home officeCustomer Service Center.