Common use of ANNUITY PAYMENT OPTIONS Clause in Contracts

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. b. Unit Refund Life Annuity - Variable Annuity Payments will be made for the lifetime of the Annuitant with the guarantee that upon death, if: 1) the number of Annuity Units initially purchased (determined by dividing the total dollar amount applied to purchase this option by the Annuity Unit value on the Annuity Commencement Date) is greater than; 2) the number of Annuity Units paid as part of each Variable Annuity Payment multiplied by the number of annuity payments paid prior to death; then a refund payment equal to the number of Annuity Units determined by (1) minus (2) will be made. The refund payment value will be determined using the Annuity Unit value on the Valuation Date on which the refund payment is approved by LNY, after LNY is in receipt of: (a) due proof of death acceptable to LNY; (b) written authorization for payment; and (c) all claim forms, fully completed.

ANNUITY PAYMENT OPTIONS. a. Life Annuity / Life Annuity with Certain Period -- - Fixed and/or Variable Annuity Payments variable annuity benefit 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. b. Unit Refund Life Annuity - Variable Annuity Payments annuity benefit payments will be made for the lifetime of the Annuitant with the guarantee that upon death, if: 1) the number of Annuity Units initially purchased (determined by dividing the total dollar amount applied to purchase this option by the Annuity Unit value on the Annuity Commencement Date) is greater than; 2) the number of Annuity Units paid as part of each Variable Annuity Payment variable annuity benefit payment multiplied by the number of annuity benefit payments paid prior to death; then a refund payment equal to the number of Annuity Units determined by (1) minus (2) will be made. The refund payment value will be determined using the Annuity Unit value on the Valuation Date on which the refund payment is approved by LNYLNL, after LNY LNL is in receipt of: (a) due proof of death acceptable to LNYLNL; (b) written authorization for payment; and (c) all claim forms, fully completed.

ANNUITY PAYMENT OPTIONS. a. Life Annuity / Life Annuity with Certain Period -- - Fixed and/or Variable Annuity Payments variable annuity benefit 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. b. Unit Refund Life Annuity - Variable Annuity Payments annuity benefit payments will be made for the lifetime of the Annuitant with the guarantee that upon death, if: 1) the number of Annuity Units initially purchased (determined by dividing the total dollar amount applied to purchase this option by the Annuity Unit value on the Annuity Commencement Date) is greater than; 2) the number of Annuity Units paid as part of each Variable Annuity Payment variable annuity benefit payment multiplied by the number of annuity benefit payments paid prior to death; then a refund payment equal to the number of Annuity Units determined by (1) minus (2) will be made. The refund payment value will be determined using the Annuity Unit value on the Valuation Date on which the refund payment death claim is approved by LNY, LNL for payment after LNY LNL is in receipt of: (a) due proof of death acceptable to LNYLNL; (b) written authorization for payment; and (c) all claim forms, fully completed.