Common use of DEATH BENEFIT PROVISION Clause in Contracts

DEATH BENEFIT PROVISION. We will pay a Death Benefit to the Beneficiary upon Our receiving due proof that the Participant died prior to the Annuity Date. The Death Benefit shall be reduced by premium taxes incurred by the Company, if any. The Beneficiary may elect to receive a single sum distribution or to receive annuity payments. If a single sum payment is requested, payment will be in accordance with any applicable laws and regulations governing payments on death. If an Annuity Option is desired, an Option must be elected within 60 days of Our receipt of due proof of the Participant's death at Our Annuity Service Center; otherwise a single sum payment will be made at the end of such 60 day period. Funds will remain allocated pursuant to the last allocation and instructions in effect at the Participant's death until Our Annuity Service Center receives new written instructions.

DEATH BENEFIT PROVISION. We will pay a Death Benefit to the Beneficiary upon Our receiving due proof that the Participant died prior to the Annuity Date. The Death Benefit shall be reduced by premium taxes incurred by the Company, if any. The Beneficiary may elect to receive a single sum distribution or to receive annuity paymentsBeneficiary's options are described in the Death of Participant section. If a single sum payment is requested, payment will be in accordance with any applicable laws and regulations governing payments on death. If an Annuity Option is desired, an Option must be elected within 60 days of Our receipt of due proof of the Participant's death at Our Annuity Service Center; otherwise a single sum payment will be made at the end of such 60 day period. Funds will remain allocated pursuant to the last allocation and instructions in effect at the Participant's death until Our Annuity Service Center receives new written instructions.