ANNUITY PROVISIONS. Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.
ANNUITY PROVISIONS. Annuitization When annuitization occurs, the contract value, less any applicable Market Value Adjustment will be applied to make annuity payments. The first payment will be made as of the retirement date. This date is shown under Contract Data. Before payments begin we will require satisfactory proof that the annuitant is alive. We may also require that you exchange this contract for a supplemental contract which provides the annuity payments.
ANNUITY PROVISIONS. 4.01 Choices ........................................................... 23 4.02
ANNUITY PROVISIONS. ANNUITY DATE You may select an Annuity Date at any time during the Accumulation Period. You must notify us of this date at least 30 days prior to the date you wish your annuity payments to begin. The Annuity Date must be the first day of a calendar month. The Annuity Date may not be later than the earlier of when the Annuitant reaches attained age 85 or the maximum date permitted under state law. Prior to the Annuity Date, you may, subject to the above, change the Annuity Date by written request. Any change must be requested at least 30 days prior to the new Annuity Date. SELECTION OF AN ANNUITY OPTION A selection to receive annuity payments under an annuity option described below must be made at least 30 days prior to the Annuity Date. If no option is selected, Option 2 with 120 monthly payments guaranteed will automatically be applied. Prior to the Annuity Date, you may change the Annuity Option selected by written request. Any change must be requested at least 30 days prior to the Annuity Date. If an option is based on life expectancy, proof of the payee's date of birth will be required. ANNUITY OPTIONS You may elect to have a Fixed Annuity, a Variable Annuity, or a combination Fixed Annuity and Variable Annuity. Depending on your election, the Adjusted Account Value will be applied to provide the annuity payment. If no election has been made 30 days prior to the Annuity Date, amounts in fixed investment options will be used to provide a fixed annuity and amounts in variable investment options will be used to provide a variable annuity. The amount of the first annuity payment will depend on the Annuity Option elected and the age of the Annuitant at the time the first payment is due. The Adjusted Account Value will be applied to the applicable Annuity Table based upon the Annuity Option you selected. The Annuity Tables show the amount of the first annuity payments for each $1,000 of Adjusted Account Value. The following Annuity Options, or any other annuity option acceptable to us, may be selected:
ANNUITY PROVISIONS. 8 Suspension or Deferral of Payments or Transfers from the Separate Account.....10
ANNUITY PROVISIONS. 4.01 Choices: The Certificate Holder may tell Aetna to apply any portion of the Adjusted Current Value (minus any premium tax, if applicable,) to any Annuity option (see 4.07). The first Annuity payment may not be earlier than one calendar year after the initial Purchase Payment nor later than the later of:
ANNUITY PROVISIONS. Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. If you did not select an Annuity Date in the application for this contract, and you have a Non-Qualified Contract, your Annuity Date will be the later of the Annuitant’s 90th birthday or the tenth (10th)
ANNUITY PROVISIONS. VARIABLE ANNUITY PAYMENTS The amount of the first Variable Annuity payment is determined by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the appropriate table(s) contained in this Contract. If the table in use by us on the Maturity Date is more favorable to you, we will use that table. The portion of the Contract Value used to effect a Variable Annuity will be measured as of a date not more than 10 business days prior to the Maturity Date. Subsequent payments will be based on the investment performance of one or more Sub-Accounts as you select. The amount of such payments is determined by the number of Annuity Units credited for each Sub-Account. Such number is determined by dividing the portion of the first payment allocated to that Sub-Account by the Annuity Unit value for that Sub-Account determined as of the same date that the Contract Value used to effect annuity payments was determined. This number of Annuity Units for each Sub-Account is then multiplied by the appropriate Annuity Unit value for each subsequent determination date, which is a uniformly applied date not more than 10 business days before the payment is due. MORTALITY AND EXPENSE We guarantee that the dollar amount of each GUARANTEE variable annuity payment will not be affected by changes in mortality and expense experience. ANNUITY UNIT VALUE The value of an Annuity Unit for each Sub-Account for any Valuation Period is determined as follows:
ANNUITY PROVISIONS. Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. If you did not select an Annuity Date in the application for this contract, we assigned the Annuity Date based on the Contract Type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Axxxxxxxx’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the later of the Annuitant’s 90th birthday or the tenth (10th) Contract Anniversary, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Axxxxxxxx’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.
ANNUITY PROVISIONS. ANNUITY DATE - You elect the Annuity Date. The Annuity Date and requirements regarding the Annuity Date are shown on the Data Page. Prior to the Annuity Date, You may, subject to the above, change the Annuity Date upon 30 days prior written notice to the Service Office. ELECTION OF ANNUITY OPTION - You elect the Annuity Option. If no Annuity Option is elected, Option 2, Life Annuity with a Guaranteed Period of 10 years, will automatically be applied. Prior to the Annuity Date, You may, upon 30 days prior written notice to the Service Office, change the Annuity Option. You may specify the proportion of the Annuity Value which is to be applied to provide a Variable Annuity, a Fixed Annuity or a combination of both. If You do not specify, the Annuity Value will be applied to provide a Variable Annuity and/or a Fixed Annuity based on the proportion of the Annuity Value represented by the Subaccount Value(s) and/or the General Account Value on the Annuity Date. FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS - Annuity Payments will be paid as monthly installments or at any frequency acceptable to Cova. On the Annuity Date, the Annuity Value is applied to the Annuity Table for the Annuity Option elected. If the minimum amount of the Annuity Value required to be applied under an Annuity Option is less than the minimum amount shown on the Data Page, Cova reserves the right to make one lump sum payment in lieu of Annuity Payments. Cova reserves the right to reduce the frequency of Annuity Payments to an interval which will result in each Annuity Payment exceeding the minimum amount shown on the Data Page. BASIS OF PAYMENTS - The Annuity Tables are based on the Annuity 2000 mortality table with interest at the Minimum Guaranteed Interest Rate For The Fixed Annuity Option and interest at the Assumed Investment Rate For The Variable Annuity Option shown on the Data Page. The Adjusted Attained Age of the Annuitant on the Annuity Date is used to determine the Annuity Payments. ANNUITY OPTIONS - The following Annuity Options or any other Annuity Option acceptable to Cova may be elected.
