Common use of Calculation of Annuity Payments Clause in Contracts

Calculation of Annuity Payments. Under the Annuity Payment Options, a stream of annuity payments is purchased on the Contract Maturity Date. The amount of the annuity payment is equal to the Contract Value on the Contract Maturity Date, divided by $1,000 and then multiplied by the applicable annuity payment option rates for the Annuity Payment Option selected in effect on the Contract Maturity Date. A fixed payout annuity payable monthly while the Annuitant is living or, if later, the end of the specified period certain. The period certain may be specified as 5, 10, or 20 years. The period certain must be elected at the time this option is elected.

Calculation of Annuity Payments. Under the Annuity Payment Options, a stream of annuity payments is purchased on the Contract Maturity Date. The amount of the annuity payment is equal to the Contract Annuitization Value on the Contract Maturity Date, less any applicable taxes, divided by $1,000 and then multiplied by the applicable current annuity payment option rates for the Annuity Payment Option selected in effect on the Contract Maturity Dateselected. A fixed payout annuity payable monthly while the Annuitant is living or, if later, the end of the specified period certain. The period certain may be specified as 5, 10, or 20 years. The period certain must be elected at the time this option is elected.

Calculation of Annuity Payments. Under the Annuity Payment Options, a stream of annuity payments is purchased on the Contract Maturity Date. The amount of the annuity payment is equal to the Contract Annuitization Value on the Contract Maturity Date, divided by $1,000 and then multiplied by the applicable current annuity payment option rates for the Annuity Payment Option selected in effect on the Contract Maturity Dateselected. SAMPLE A fixed payout annuity payable monthly while the Annuitant is living or, if later, the end of the specified period certain. The period certain may be specified as 5, 10, or 20 years. The period certain must be elected at the time this option is elected.