Annuity Phase Sample Clauses
The Annuity Phase clause defines the period during which an annuity contract begins to make regular payments to the annuitant. During this phase, the accumulated value of the annuity is converted into a series of periodic payments, which can be structured to last for a fixed number of years or for the lifetime of the annuitant. This clause ensures that the transition from the accumulation phase to the payout phase is clearly established, providing certainty about when and how benefits will be distributed.
Annuity Phase. The time during which we make Annuity payments. Business Day Each day our Home Office is open for business. Code The Internal Revenue Code of 1986, as it is amended from time to time.
Annuity Phase. The period of time beginning on the Annuity Date during which we make Annuity Payments. The Annuity Phase terminates on the earliest of the following. • Under Annuity Option A, at the end of the guaranteed period. • Under Annuity Option B, the death of the Annuitant. • Under Annuity Option C, the death of the Annuitant and the end of the guaranteed period. • Under Annuity Options F and G, the death of the last surviving Joint Annuitant. A request that is received by the Service Center in good order within any timelines provided.
Annuity Phase. The period which begins on the Annuity Date and ends with the last Annuity Payment. There may be more than one Annuity Phase applicable to this Contract if you elect to apply a portion of the Contract Value to an Annuity Option.
Annuity Phase. General Provisions
Annuity Phase. If you request Annuity Payments, the Accumulation Phase (including the Income Period under the Income Benefit, if applicable) ends and the Annuity Phase begins. Annuity Payments are fixed payments we make based on the Annuity Option you select and your Contract Value (which reflects any previously deducted Contract fees and expenses) less final product and rider fees. Annuity Payments can provide a guaranteed lifetime fixed income stream with certain tax advantages. We designed the Annuity Payments for Owners who no longer need immediate access to Contract Value to meet their short-term income needs. If the Annuity Date occurs after Income Payments begin, we will convert these payments to Annuity Payments if your Contract Value is greater than zero and you take Annuity Payments under Annuity Option B if you are receiving single Income Payments, or Annuity Option F if you are receiving joint Income Payments. If you select any other Annuity Option we do not convert your Income Payments to Annuity Payments. This means you may receive less as Annuity Payments than you would have received as Income Payments. You should consult with your Financial Professional before requesting Annuity Payments. For more information, see section 8, The Annuity Phase – When Annuity Payments Begin. During the Annuity Phase, you will receive a stream of regular income in the form of Annuity Payments. You will be unable to take withdrawals upon demand, your selected death benefit ends, and no amounts will be payable upon death during the Annuity Phase unless your Annuity Option provides otherwise. The Income Benefit will also end upon entering the Annuity Phase unless we convert your Income Payments to Annuity Payments.
Annuity Phase. Section 11. General Provisions ================================================================================