Death Benefit Election. 3.1 If Employee dies before receiving the full amount of retirement benefits to which Employee is entitled under Section 2.1, the Bank shall pay the remaining amount of retirement benefits to the Beneficiary. Employee may elect to have the Beneficiary receive a lump sum payment equal to the present value of the future retirement benefits determined as of the date of Employee's death, which payment shall be paid within 30 days after the Bank receives notice of Employee's death. For this purpose, the "present value of the future retirement benefits" shall be determined by using a discount rate equal to 120 percent of the applicable Federal rate (determined under Section 1274(d) of the Code) in effect as of Employee's date of death, compounded semiannually. The election available under this Article 3 must be made at the time this Agreement is signed, by signing and delivering the Election Form to the Bank. If Employee does not make the election, the unpaid retirement benefits to which Employee is entitled as of her death shall be paid to the Beneficiary at the times and in the amounts such payments would have been paid to Employee.
Death Benefit Election. Franklin Valuemark Charter automatically includes a "Traditional Death Benefit that is applicable to certificates owned for the benefit of an individual. The Traditional Death Benefit is equal to the greater of : 1)Certificate Value or 2) Purchase Payments less surrenders. Check the following box if you want to choose the "Enhanced Death Benefit". An additional charge is assessed to the Owner for this feature. Upon making this selection, it cannot be changed. This selection can only be made at the time of initial premium payment. Refer to the Prospectus for additional information. ___Enhanced Death Benefit is equal to the greater of: 1)Certificate Value or 2) Purchase Payments less surrenders or 3) The highest Anniversary Value prior to the Owner's 86th birthday. The Anniversary Value is the Certificate Value on a Certificate anniversary adjusted by subsequent premiums and surrenders. ______________________________________________________________________________
Death Benefit Election. Franklin Valuemark Charter automatically includes a "Traditional Death Benefit that is applicable to contracts owned for the benefit of an individual. The Traditional Death Benefit is equal to the greater of : 1)Contract Value or 2) Premiums less surrenders. Check the following box if you want to choose the "Enhanced Death Benefit". An additional charge is assessed to the Owner for this feature. Upon making this selection, it cannot be changed. This selection can only be made at the time of initial premium payment. Refer to the Prospectus for additional information. ___Enhanced Death Benefit is equal to the greater of: 1)Contract Value or 2) Premiums less surrenders or 3) The highest Anniversary Value prior to the Owner's 86th birthday. The Anniversary Value is the Contract Value on a contract anniversary adjusted by subsequent premiums and surrenders. ______________________________________________________________________________
