Death Benefit During the Annuity Phase Sample Clauses

Death Benefit During the Annuity Phase. The Contract Holder or a Participant, as applicable, must name a beneficiary for the Annuity Phase. Unless not allowed by the Plan, or restricted by the Contract Holder, or a Participant, as applicable, the beneficiary may name a beneficiary. If an Annuitant(s) dies, any remaining guaranteed payments continue to the beneficiary. Payments are made at least as rapidly as provided by the option in effect at the death of the Annuitant. Annuity payments to a beneficiary may not extend beyond (1) the life of the beneficiary, or (2) any period certain greater than the beneficiary's life expectancy as determined by the Code. The beneficiary may also elect a lump-sum payment equal to the present value of any remaining payments. The interest rate used to determine the first Annuity payment is used to calculate the present value. The present value is determined as of the next Valuation Date following our receipt of acceptable proof of death and a written claim for the death benefit. Unless not allowed by the Plan or restricted by the Contract Holder, or a Participant, as applicable, if the beneficiary dies while receiving payments, the present value of any remaining guaranteed payments is paid in a lump-sum to the beneficiary's beneficiary or to the beneficiary's estate.
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Death Benefit During the Annuity Phase. The Contract Holder or Participant, as applicable, must name a beneficiary for the Annuity Phase. If an Annuitant(s) dies, any remaining guaranteed payments continue to the beneficiary. Payments are made at least as rapidly as provided by the option in effect at the death of the Annuitant. Annuity payments to an beneficiary may not extend beyond (1) the life of the beneficiary, or (2) any period certain greater than the beneficiary's life expectancy as determined by the Code. The beneficiary may also elect a lump sum payment equal to the present value of any remaining payments. The interest rate used to determine the first Annuity payment is used to calculate the present value. The present value is determined as of the Valuation Date in which we receive acceptable proof of death and a written claim for the death benefit. If the beneficiary dies while receiving payments, the present value of any remaining guaranteed payments is paid in a lump sum to the Contract beneficiary's estate. OPTION 1: Payments for a Specified Period --------------------------------------------------------------------------------------- Monthly Amount for Each $1,000* Rates for a Fixed Annuity with a 3% Guaranteed Interest Rate --------------------------------------------------------------------------------------- Years Payment Years Payment --------------------------------------------------------------------------------------- 5 $17.91 20 $5.51 10 9.61 25 4.71 15 6.87 30 4.18 --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- First Monthly Amount for Each $1,000* Rates for a Variable Annuity with a 3.5% AIR --------------------------------------------------------------------------------------- Years Payment Years Payment --------------------------------------------------------------------------------------- 5 $18.12 20 $5.75 10 9.83 25 4.96 15 7.10 30 4.45 --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- First Monthly Amount for Each $1,000* Rates for a Variable Annuity with a 5% AIR --------------------------------------------------------------------------------------- Years Payment Years Payment --------------------------------------------------------------------------------------- 5 $18.74 20 $6.51 10 10.51 25 5.76 15 7.82 30 5.28 ...
Sample 1Sample 2
Death Benefit During the Annuity Phase. The Contract Holder or a Participant, as applicable, must name a beneficiary for the Annuity Phase. Unless not allowed by the Plan, or restricted by the Contract Holder, or a Participant, as applicable, the beneficiary may name a beneficiary. If an Annuitant(s) dies, any remaining guaranteed payments continue to the beneficiary. Payments are made at least as rapidly as provided by the option in effect at the death of the Annuitant. Annuity payments to a beneficiary may not extend beyond (1) the life of the beneficiary, or (2) any period certain greater than the beneficiary's life expectancy as determined by the Code. The beneficiary may also elect a lump-sum payment equal to the present value of any remaining payments. The interest rate used to determine the first Annuity payment is used to calculate the present value. The present value is determined as of the Business Day we receive acceptable proof of death and a written claim for the death benefit at our Home Office. Unless not allowed by the Plan or restricted by the Contract Holder, or a Participant, as applicable, if the beneficiary dies while receiving payments, the present value of any remaining guaranteed payments is paid in a lump-sum payment to the beneficiary's beneficiary or to the beneficiary's estate. Annuity Options Tables OPTION 1: Payments for a Stated Period Monthly Amount for Each $1,000* Rates for a Fixed Annuity with a 1% Guaranteed Interest Rate Years Payment Years Payment 5 $17.08 20 $4.59 10 8.75 25 3.76 15 5.98 30 3.21 Option 2: Life Income for One Annuitant** Monthly Payment Amount for Each $1,000* Rates for a Fixed Annuity Payment with 1% Guaranteed Interest Rate Adjusted Age of Annuitant Option 2(a): payments for life Option 2(b): payments guaranteed 5 years Option 2(b): payments guaranteed 10 years Option 2(b): payments guaranteed 15 years Option 2(b): payments guaranteed 20 years 55 $3.20 $3.19 $3.18 $3.14 $3.08 60 3.67 3.66 3.62 3.55 3.43 65 4.30 4.27 4.19 4.04 3.80 66 4.45 4.42 4.33 4.15 3.87 70 5.17 5.12 4.93 4.60 4.14 75 6.41 6.27 5.83 5.15 4.40 Option 3: Life Income for Two Annuitants** Monthly Payment Amount for Each $1,000* Rates for a Fixed Annuity Payment with 1% Guaranteed Interest Rate Adjusted Ages Option 3(a) Option 3(b) Option 3(c) payments guaranteed 10 years Option 3(d) Option 3(e) Primary Annuitant Secondary Annuitant 55 50 $2.57 $2.85 $3.01 $2.57 $2.85 55 60 2.87 3.21 3.42 2.86 3.02 65 60 3.25 3.69 3.96 3.25 3.70 65 70 3.76 4.34 4.69 3.75 4.01 75 70 4.46 5.2...
Sample 1
Death Benefit During the Annuity Phase. The Contract Holder or a Participant, as applicable, must name a beneficiary for the Annuity Phase. Unless not allowed by the Plan, or restricted by the Contract Holder, or a Participant, as applicable, the beneficiary may name a beneficiary. If an Annuitant(s) dies, any remaining guaranteed payments continue to the beneficiary. Payments are made at least as rapidly as provided by the option in effect at the death of the Annuitant. Annuity payments to an beneficiary may not extend beyond (1) the life of the beneficiary, or (2) any period certain greater than the beneficiary's life expectancy as determined by the Code. The beneficiary may also elect a lump-sum payment equal to the present value of any remaining payments. The interest rate used to determine the first Annuity payment is used to calculate the present value. The present value is determined as of the next Valuation Date following our receipt of acceptable proof of death and a written claim for the death benefit. Unless not allowed by the Plan or restricted by the Contract Holder, or a Participant, as applicable, if the beneficiary dies while receiving payments, the present value of any remaining guaranteed payments is paid in a lump-sum to the beneficiary's beneficiary or to the beneficiary's estate. OPTION 1: Payments for a Specified Period ================================================================================ Monthly Amount for Each $1,000* Rates for a Fixed Annuity with a 3% Guaranteed Interest Rate ================================================================================ Years Payment Years Payment ================================================================================ 5 $17.91 20 $5.51 10 9.61 25 4.71 15 6.87 30 4.18 ================================================================================ ================================================================================ First Monthly Amount for Each $1,000* Rates for a Variable Annuity with a 3.5% Assumed Interest Rate (AIR) ================================================================================ Years Payment Years Payment ================================================================================ 5 $18.12 20 $5.75 10 9.83 25 4.96 15 7.10 30 4.45 ================================================================================ ================================================================================ First Monthly Amount for Each $1,000* Rates for a Variable Annuity with a 5% Assumed Intere...
Sample 1

Related to Death Benefit During the Annuity Phase

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • Death During Payment of a Benefit If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Death Prior to Commencement of Benefit Payments In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to his Normal Retirement Age, the Plan Sponsor will pay the Accrued Benefit in fifteen (15) equal annual installments to the Participant's Beneficiary. The payments shall commence to be paid on the first day of the second month following the month in which the Participant dies.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Fixed Annuity Payments The minimum guaranteed income purchased per $1,000 of the net amount applied to a fixed annuity is based on an annual interest rate of 3% and the 1983a Mortality Table with the ages set back ten (10) years. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract on the Annuity Date; or • our guaranteed income factors. The dollar amount of any payments after the first annuity payment is specified during the annuity payment period according to the provisions of the elected Annuity Option.

  • ANNUITY COMMENCEMENT DATE The Valuation Date on which the Contract Value is withdrawn for payment of annuity benefits under the Annuity Payment Option selected.

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