Death Benefit Options. You elected the Death Benefit Option in the application. The initial Death Benefit Option appears in the Policy Specifications. The Death Benefit Options are explained below. • Option A — The Death Benefit equals the Total Face Amount. • Option B — The Death Benefit equals the Total Face Amount plus the Accumulated Value at death. • Option C — The Death Benefit equals the Total Face Amount plus the sum of the premiums paid minus the sum of any withdrawals taken and any other distribution that reduces the Accumulated Value. If the sum of any such reductions is greater than the sum of the premiums paid, then the Death Benefit may be less than the Face Amount.
Death Benefit Options. This Policy provides for three Death Benefit Options. The option in effect is shown on the Policy Schedule Pages (page 3). Specified Amount (Option A) - The Death Benefit is the greater of: • the Specified Amount; or • the Minimum Death Benefit.
Death Benefit Options. (1) If the Beneficiary is the surviving Available to spouse, the spousal Beneficiary will be Beneficiary (Cont'd): the successor Certificate Holder and may exercise all Certificate Holder rights under the Contract and continue in the Accumulation Period, or may elect (i) or (ii) below. Under the Code, distributions from the Account are not required until the spousal Beneficiary's death. The spousal Beneficiary may elect to:
(i) Apply some or all of the Adjusted Current Value to an Annuity option (see 4.07);
(ii) Receive, at any time, a lump sum payment equal to the Adjusted Current Value of the Account.
(2) If the Beneficiary is other than the surviving spouse, options (i) or (ii) above apply. Any portion of the Adjusted Current Value not applied to an Annuity option within one year of the death must be distributed within five years of the date of death.
(3) If no Beneficiary exists, a lump sum payment equal to the Adjusted Current Value must be made to the Annuitant's estate within five years of the date of death.
(4) If the Beneficiary is an entity, a lump sum payment equal to the Adjusted Current Value must be made within five years of the date of death.
(b) When the Certificate Holder is not the Annuitant when the Certificate Holder dies:
(1) If the Beneficiary is the Certificate Holder's surviving spouse, the spousal Beneficiary will be the successor Certificate Holder and may exercise all Certificate Holder rights under the Contract and continue in the Accumulation Period, or may elect (i) or (ii), below. Under the Code, distributions from the Account are not required until the spousal Beneficiary's death. The spousal Beneficiary may elect to:
(i) Apply some or all of the Adjusted Current Value to Annuity option 2 or 3 (see 4.07);
(ii) Receive, at any time, a lump sum payment equal to the Surrender Value.
(2) If the Beneficiary is other than the Certificate Holder's surviving spouse, options (i) or (ii) under (1) above apply. Any portion of the death benefit not applied to an Annuity option within one year of the Certificate Holder's death must be distributed within five years of the date of death.
Death Benefit Options. This policy provides for three death benefit options. The option in effect is shown on page 3. SPECIFIED AMOUNT (OPTION A) - The death benefit before the policy anniversary nearest the Insured's 100th birthday is the greater of: - the Specified Amount; or - the Minimum Death Benefit. SPECIFIED AMOUNT PLUS POLICY VALUE (OPTION B) - The death benefit before the policy anniversary nearest the Insured's 100th birthday is the greater of: - the Specified Amount plus the Policy Value; or - the Minimum Death Benefit. SPECIFIED AMOUNT PLUS PREMIUMS PAID (OPTION C) - The death benefit before the policy anniversary nearest the Insured's 100th birthday is the greater of: - the Specified Amount plus the sum of the premiums paid; or - the Minimum Death Benefit.
Death Benefit Options. You elected the initial Death Benefit Option in the Application. The initial Death Benefit Option appears in the Policy Specifications. Some changes in Death Benefit Option are allowed (see Change of Death Benefit Option). The Death Benefit according to each of the Death Benefit Options is explained below. • Option A – The Death Benefit equals the Total Face Amount. • Option B – The Death Benefit equals the Total Face Amount plus the Accumulated Value. • Option C – The Death Benefit equals the Total Face Amount plus the sum of the premiums paid minus the sum of any withdrawals taken and any other distribution that reduces the Accumulated Value, provided that such result is limited to the amount shown in the Policy Specifications as the “Option C Death Benefit Limit”. Under this option, the Death Benefit may be less than the Total Face Amount.
Death Benefit Options. The Owner may elect either of two Death Benefit Options, Option A or Option B, for the period prior to the Insured's Attained Age 99. The Death Benefit Option in effect on the Date of Issue is stated in the Data Section made a part of this policy on that date.
Death Benefit Options. (3) If no Beneficiary exists, a lump sum Available to Beneficiary payment equal to the Surrender Value must (Cont'd): be made to the Certificate Holder's estate within five years of the date of death.
Death Benefit Options. You elected the initial Death Benefit Option in the Application. Descriptions of all the Available Death Benefit Options on this Policy and the initial Death Benefit Option Effect are shown in the Policy Specifications. Some changes in Death Benefit Option are allowed as described in Change of Death Benefit Option.
Death Benefit Options. In the event an Owner (or the Annuitant, where the Owner is not an individual) dies during the Accumulation Period, a Beneficiary must choose payment of the death benefit under one of the options below (unless the Owner has previously made the election or due to the requirements of the Code). The death benefit options available under the Contract include the following and any other options acceptable to you and us:
Death Benefit Options. Upon the death of the Owner prior to the Annuity Date, the Beneficiary may elect an Annuity Option or to receive a single lump sum payment.
