Common use of DEATH BENEFIT DURING THE ACCUMULATION PERIOD Clause in Contracts

DEATH BENEFIT DURING THE ACCUMULATION PERIOD. If death of the Participant occurs during the Accumulation Period, Lincoln Life will pay the Beneficiary, if one is living, the greater of the following amounts: (a) The Net Contributions, or (b) The Participant's Account balance less any outstanding loan (including principal and due and accrued interest). Lincoln Life will calculate the Death Benefit as of the end of the Valuation Period during which it receives both satisfactory notification of the Participant's death, pursuant to Section 8.2, and the election of a form of benefit pursuant to Section 8.3. If no election is made pursuant to Section 8.3 within sixty (60) days following Xxxxxxx Life's receipt of satisfactory notice of death, the Death Benefit will be calculated as of the end of the Valuation Period during which that sixtieth (60th) day occurs. If Xxxxxxx Life makes a withdrawal payment pursuant to a Participant request prior to receiving notice that the Participant has died, but subsequent to the Participant's death, Lincoln Life will deduct that payment from each of (a) and (b) above in calculating the Death Benefit.

DEATH BENEFIT DURING THE ACCUMULATION PERIOD. If death of the Participant occurs during the Accumulation Period, Lincoln Life UNUM will pay the Beneficiary, if one is living, the greater of the following amounts: (a) The Net Contributions, or (b) The Participant's Account balance less any outstanding loan (including principal and due and accrued interest). Lincoln Life UNUM will calculate the Death Benefit as of the end of the Valuation Period during which it receives both satisfactory notification of the Participant's death, pursuant to Section 8.2, and the election of a form of benefit pursuant to Section 8.3. If no election is made pursuant to Section 8.3 within sixty (60) days following Xxxxxxx LifeUNUM's receipt of satisfactory notice of death, the Death Benefit will be calculated as of the end of the Valuation Period during which that sixtieth (60th) day occurs. If Xxxxxxx Life UNUM makes a withdrawal payment pursuant to a Participant request prior to receiving notice that the Participant has died, but subsequent to the Participant's death, Lincoln Life UNUM will deduct that payment from each of (a) and (b) above in calculating the Death Benefit.