Common use of Death Benefit Settlement Options Clause in Contracts

Death Benefit Settlement Options. The following rules are applicable to the death benefit settlement options set forth below: (a) Any election or change of a settlement option shall take effect as of the date the Notice of such election or change was signed whether or not the Participant or Beneficiary is living at the time of its receipt. (b) The annuitant and joint annuitant under the settlement options must be a natural person. (c) If the Company is issuing a single premium immediate annuity on the date payments begin. the Company shall: (i) determine if the current purchase rates are more favorable than the rates shown in Table B of Section 9 of this Contract; and (ii) use the more favorable rates in purchasing the settlement option under this Contact. (d) Subject to the requirements of this section and if acceptable to the Company, the entity electing a specific settlement option under this Contract may elect a different period certain and/or a different percentage under settlement options (B), (C) and (D). (e) Once payments have commenced under any settlement option, no changes other than for changes made by the Beneficiary as to the individual or entity designated to receive payments in the event of the Beneficiary’s death are permitted. (f) If at any age the same monthly annuity payment is paid for different periods certain under either settlement option (B) or settlement option (D), the Company shall deem an election to have been made for the longest period certain which could have been elected for such age, amount and type of annuity. The following death benefit settlement options are available under this Contract: (A) NON-REFUND LIFE ANNUITY. The Company shall make monthly payments during the Beneficiary’s lifetime. Upon the Beneficiary’s death no additional benefits shall be paid. Table C of Section 9 of this Contract shows the monthly annuity based on each $1,000 applied under a Non-Refund Life Annuity.

Death Benefit Settlement Options. The following rules are applicable to the death benefit settlement options set forth below: (a) Any election or change of a death benefit settlement option shall take effect as of the date the Notice of such election or change was signed whether or not the Participant or Beneficiary is living at the time of its receipt. (b) The annuitant Beneficiary and joint annuitant under the death benefit settlement options (A), (B), (C), (D) and (E) must be a natural person. (c) If the Company is issuing a single premium immediate annuity on the date payments begin. , the Company shall: (i) determine if the current purchase rates are more favorable than the rates shown in Table B of Section 9 10 of this Contract; and (ii) use the more favorable rates in purchasing the death benefit settlement option under this ContactContract. (d) Subject to the requirements of this section and if acceptable to the Company, the entity electing a specific settlement option under this Contract may elect a different period certain and/or a different percentage under one of the following death benefit settlement options (B), (C) and (D)options. (e) Once payments have commenced under any settlement option, no changes other than for changes made by the Beneficiary as to the individual or entity designated to receive payments in the event of the Beneficiary’s death are permitted. (f) If at any age the same monthly annuity payment is paid for different periods certain under either death benefit settlement option options (B) or settlement option (D), the Company shall deem an election to have been made for the longest period certain which could have been elected for such age, amount and type of annuity. The following death benefit settlement options are available under this Contract: (A) NON-REFUND LIFE ANNUITY. The Company shall make monthly payments during the Beneficiary’s lifetime. Upon the Beneficiary’s death no additional benefits shall be paid. Table C of Section 9 of this Contract shows the monthly annuity based on each $1,000 applied under a Non-Refund Life Annuity.

Death Benefit Settlement Options. The following rules are applicable to the death benefit settlement options set forth below: (a) Any election or change of a settlement option shall take effect as of the date the Notice of such election or change was signed whether or not the Participant or Beneficiary is living at the time of its receipt. (b) The annuitant Beneficiary and the joint annuitant under the settlement options (A), (B), (C), (D) and (E) must be a natural person. (c) If the Company is issuing a single premium immediate annuity on the date payments begin. , the Company shall: (i) determine if the current purchase rates are more favorable than the rates shown in Table B of Section 9 10 of this Contract; and (ii) use the more favorable rates in purchasing the settlement option under this Contact. (d) Subject to the requirements of this section and if acceptable to the Company, the entity electing a specific settlement option under this Contract may elect a different period certain and/or a different percentage under one of the following settlement options (B), (C) and (D)options. (e) Once payments have commenced under any settlement option, no changes other than for changes made by the Beneficiary as to the individual or entity designated to receive payments in the event of the Beneficiary’s death are permitted. (f) If at any age the same monthly annuity payment is paid for different periods certain under either settlement option (B) or settlement option (D), the Company shall deem an election to have been made for the longest period certain which could have been elected for such age, amount and type of annuity. The following death benefit settlement options are available under this Contract: (A) NON-REFUND LIFE ANNUITY. The Company shall make monthly payments during the Beneficiary’s lifetime. Upon the Beneficiary’s death no additional benefits shall be paid. Table C of Section 9 10 of this Contract shows the monthly annuity based on each $1,000 applied under a Non-Refund Life Annuity.

Death Benefit Settlement Options. The following rules are applicable to the death benefit settlement options set forth below: (a) Any election or change of a death benefit settlement option shall take effect as of the date the Notice of such election or change was signed whether or not the Participant or Beneficiary is living at the time of its receipt. (b) The annuitant amount of each payment made under a given annuity option must be at least [$50]. (c) The Beneficiary and joint annuitant under the death benefit settlement options (A), (B), (C), (D) and (E), must be a natural person. (cd) If the Company is issuing a single premium immediate annuity on the date payments begin. , the Company shall: (i) determine if the current purchase rates are more favorable than the rates shown in Table B of Section 9 of this Contract; and (ii) use the more favorable rates in purchasing the death benefit settlement option under this Contact. (de) Subject to the requirements of this section Section and if acceptable to the Company, the entity electing a specific death benefit settlement option under this Contract may elect a different period certain and/or a different percentage under one of the following death benefit settlement options (B), (C) and (D)options. (ef) Once payments have commenced under any death benefit settlement option, no changes other than for changes made by the Beneficiary as to the individual or entity designated to receive payments in the event of the Beneficiary’s death are permitted. (fg) If at any age the same monthly annuity payment is paid for different periods certain under either death benefit settlement option options (B) or settlement option (D), the Company shall deem an election to have been made for the longest period certain which could have been elected for such age, amount and type of annuity. The following death benefit settlement options are available under this Contract: (A) NON-REFUND LIFE ANNUITY. The Company shall make monthly payments during the Beneficiary’s lifetime. Upon the Beneficiary’s death no additional benefits shall be paid. Table C of Section 9 of this Contract shows the monthly annuity based on each $1,000 applied under a Non-Refund Life Annuity.