Death Benefit Value. The Death Benefit Value is the amount that is available as a Death Benefit under this Contract. It is equal to the greater of:
Death Benefit Value. The Death Benefit Value is the amount that is available as a Death Benefit under this Contract. It is equal to the greater of:
1) the Account Value on the date that the Death Benefit Value is determined; or
2) the Purchase Payments, reduced proportionately for each withdrawal, including withdrawals to pay rider charges, but not including amounts applied to pay Early Withdrawal Charges. The proportionate reduction for withdrawals is based on the amount of the withdrawal as a percentage of the Account Value immediately before of the withdrawal. In either case, the Death Benefit Value is reduced by:
1) rider charges not previously deducted; and
2) premium tax or other taxes not previously deducted. For this purpose, the date that the Death Benefit Value is determined is the earlier of:
1) the date that we have received both proof of death and a Request in Good Order with instructions as to the form of Death Benefit; or
2) the first anniversary of the date of death. Each Strategy earns interest or is adjusted for Vested Gain or Loss based on the rules that apply to that Strategy. The rules for each Strategy are set out in an endorsement to this Contract. The Purchase Payment Account earns interest daily at an annual effective rate equal to [1%] per year. An amount held under this Contract stops earning interest or being adjusted for Vested Gain or Loss after the earliest of:
1) the Annuity Payout Initiation Date;
2) the date that the Death Benefit Value is determined; or
3) the date on which the amount is withdrawn or this Contract is surrendered. A Crediting Strategy is a specified method by which interest or gain or loss is calculated for a Term. The initial Crediting Strategies are set out on the Contract Specifications page. The interest rates, maximum gains, participation rates, minimum and maximum allocations, or other variable factors in effect for a given Crediting Strategy may vary from one Term to the next. At the end of a Term, we reserve the right to eliminate a particular Crediting Strategy at our discretion. Each Purchase Payment is applied to the Purchase Payment Account upon receipt by us. On each Strategy Application Date, we apply the then current balance of the Purchase Payment Account to the Crediting Strategies you have selected. Your selection must be made by a Request in Good Order. The Strategy Application Dates and your initial selection are set out on the Contract Specifications page. Your selection continues to apply until changed by...
Death Benefit Value. The death benefit is the larger of (a) the Contract’s Accumulation Value; or (b) the amount that would have been payable in the event of a full surrender on the date of death, adjusted for any payments that may have been made since the date of death.
Death Benefit Value. The Death Benefit Value is the amount that is available as a Death Benefit under this Contract. It is equal to the Account Value on the date that the Death Benefit Value is determined. The Death Benefit Value is reduced by:
1) rider charges not previously deducted; and
2) premium tax or other taxes not previously deducted. For this purpose, the date that the Death Benefit Value is determined is the earlier of:
1) the date that we have received both proof of death and a Request in Good Order with instructions as to the form of Death Benefit; or
2) the first anniversary of the date of death. Each Strategy earns interest or is adjusted for Gain or Loss based on the rules that apply to that Strategy. The rules for each Strategy are set out in an endorsement to this Contract. The Purchase Payment Account earns interest daily at an annual effective rate equal to [1%] per year. An amount held under this Contract stops earning interest or being adjusted for Gain or Loss after the earliest of:
1) the Annuity Payout Initiation Date;
2) the date that the Death Benefit Value is determined; or
3) the date on which the amount is withdrawn or this Contract is surrendered. A Crediting Strategy is a specified method by which interest or gain or loss is calculated for a Term. The initial Crediting Strategies are set out on the Contract Specifications page. The interest rates, maximum gains, participation rates, minimum and maximum allocations, or other variable factors in effect for a given Crediting Strategy may vary from one Term to the next. At the end of a Term, we reserve the right to eliminate a particular Crediting Strategy at our discretion. Each Purchase Payment is applied to the Purchase Payment Account upon receipt by us. On each Strategy Application Date, we apply the then current balance of the Purchase Payment Account to the Crediting Strategies you have selected. Your selection must be made by a Request in Good Order. The Strategy Application Dates and your initial selection are set out on the Contract Specifications page. Your selection continues to apply until changed by a Request in Good Order.
Death Benefit Value. The death benefit value reinsured hereunder shall be equal to the Death Proceeds Prior To Maturity Date as defined in one of the death benefit options described in Schedule C-l, C-2, C-3, or C-4. Schedule C-l shall apply if the Standard Death Benefit applies and the contract is issued in any jurisdiction other than Florida. Schedule C-2 shall apply if the Standard Death Benefit applies and the contract is issued in Florida. Schedule C-3 shall apply if endorsement L-12793 or L12794 is attached to the contract. Schedule C-4 shall apply if endorsement L-22144 is attached to the contract. Contingent Deferred Sales Charge Contingent Deferred Sales Charge (CDSC) will be assessed if a full or partial surrender of the contract value is made during the first six years following a Purchase Payment. The length of time from receipt of the Purchase Payment to the time of surrender determines the amount of the charge. The CDSC is equal to a percentage of the portion of the amount withdrawn which is available for charge and is calculated as follows: Length of Time from Contingent Deferred Sales Purchase Payment (Number Charge Of Years) 1 6% 2 6% 3 6% 4 3% 5 2% 6 1% 7 and thereafter 0% The Travelers Insurance Company Variable Annuity Death Benefit Reinsurance Vintage Individual Variable Annuity Effective June 1, 1997 Treaty No. 103068 [CIGNA LOGO] Connecticut General Life Insurance Company SCHEDULE C - 1 DEATH BENEFIT PROVISIONS DEATH OF ANNUITANT A death benefit is payable to the Beneficiary upon the death of the Annuitant before the Maturity Date, unless prior to the Maturity Date there is a contingent annuitant surviving. A death benefit is also payable under those Settlement Options which provide for death benefits. We will pay the Beneficiary the death benefit in a single sum as described below upon receiving Due Proof of Death. A Beneficiary may request that a death benefit payable under this contract be applied to a Settlement Option subject to the provisions of this contract and the current Tax Law Qualification Rider.
