Common use of CHOICE OF ANNUITY PAYMENT OPTION Clause in Contracts

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.01, Payment of Amounts, for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNY. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Office, any such selection, unless such selection was made irrevocable. By Beneficiary

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.01, Payment of Amounts, for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNY. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Office, any such selection, unless such selection was made irrevocable. By Beneficiary

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the The Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.01, Payment of Amounts, for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNY. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Office, any such selection, unless such selection was made irrevocable. By Beneficiary

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the The Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.016.01, Payment of Amounts, for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNY. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Office, any such selection, unless such selection was made irrevocable. By Beneficiary

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. By Owner If the Maturity Date is extended, LNL reserves the right to restrict the availability of certain Annuity Payment Options. Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.016.01, Payment of Amounts, for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNYLNL. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Home Office, any such selection, unless such selection was made irrevocable. By If an Annuity Payment Option has not been previously selected by the Owner as the distribution option for the payment of the Death Benefit to a Beneficiary, then at the time proceeds are payable to a Beneficiary, a Beneficiary may choose any Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 6.01, Payment of Amounts. The Beneficiary then becomes the Annuitant. A Notice is required to choose an Annuity Payment Option.

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.016.01, Payment of Amounts, for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNY. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Office, any such selection, unless such selection was made irrevocable. By Beneficiary

CHOICE OF ANNUITY PAYMENT OPTION. An election to receive payments under an Annuity Payment Option must be made by the Maturity Date. However, the Owner may elect to receive payments under an Annuity Payment Option any time after the 12 month anniversary of the Contract Date but prior to the Maturity Date upon written request. The Maturity Date is set forth on the Contract Specifications. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years. Upon written request by the Owner and any Beneficiary who cannot be changed, the Maturity Date may be deferred. Purchase Payments may be made until the new Maturity Date. If the Maturity Date is extended, LNL reserves the right to restrict the availability of certain Annuity Payment Options. By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option. In addition, the Owner may select an Annuity Payment Option that meets as the requirements of Code Section 72(s) or 401(a)(9) as set forth in Section 7.01, Payment of Amounts, distribution method for payment of the Death Benefit to a Beneficiary. A Notice of such selection of a distribution method must be made and approved by LNYLNL. Upon Notice, the Owner may change or revoke, in writing to the LNY Servicing Home Office, any such selection, unless such selection was made irrevocable. By Beneficiary If an Annuity Payment Option has not been previously selected by the Owner as the distribution option for the payment of the Death Benefit to a Beneficiary, then at the time proceeds are payable to a Beneficiary, a Beneficiary may choose any Annuity Payment Option that meets the requirements of Code Section 72(s) or 401(a)(9). The Beneficiary then becomes the Annuitant. A Notice is required to choose an Annuity Payment Option.