DEATH OF ANNUITANT DURING ANNUITY PERIOD Sample Clauses

DEATH OF ANNUITANT DURING ANNUITY PERIOD. Upon the death of the Annuitant during the Annuity Period, the death benefit, if any, will be as specified in the Annuity Option chosen. Death benefits will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death. PAYMENT OF DEATH BENEFIT - We will require Notice of due proof of death before any death benefit is paid. Any death benefit will be paid in accordance with applicable law or regulations governing death benefit payments. In all events and notwithstanding any provision of this Contract to the contrary, this Contract will be construed and administered in accordance with Section 72 (s) of the Internal Revenue Code, as amended.
Sample 1
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DEATH OF ANNUITANT DURING ANNUITY PERIOD. Upon the death of the Annuitant during the Annuity Period, the death benefit, if any, will be as specified in the Annuity Option chosen. Death benefits will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death. PAYMENT OF DEATH BENEFIT - We will require Notice of due proof of death before and an acceptable election for the payment method before any death benefit is paid. Our obligations are subject to all payments made and actions taken by us before our receipt of Notice of due proof of death. Any death benefit will be paid in accordance with applicable law or regulations governing death benefit payments. In all events and notwithstanding any provision of this Contract to the contrary, this Contract will be construed and administered in accordance with Section 72 (s) of the Internal Revenue Code, as amended. WITHDRAWAL PROVISIONS WITHDRAWALS - Prior to the Annuity Date, you may, upon Notice to us, make a full or partial withdrawal of the Withdrawal Value. A withdrawal will result in the cancellation of Accumulation Units from each applicable Subaccount of the Separate Account in the ratio that the portion of the Contract Value in the Subaccount bears to the total Contract Value. Any other account options included by Rider may be similarly reduced as detailed in such Rider. If another method is desired, you must specify in a Notice to us from which Subaccount(s) (or other accounts included by Rider) values are to be withdrawn. Each partial withdrawal must be for an amount, which is not less than the minimum shown on the Contract schedule, or, if smaller, the remaining Withdrawal Value. If the withdrawal would result in the Contract Value being less than the Minimum Contract Value as shown on the Contract schedule we will treat the withdrawal request as a request for a full withdrawal. WITHDRAWAL CHARGE - Upon withdrawal of all or a portion of the Contract Value, a Withdrawal Charge as described on the Contract schedule may be assessed. We may waive the withdrawal charge if we agree in writing that none will apply. For example, we may waive the withdrawal charge if you directly transfer the amount withdrawn to a funding vehicle pre-approved by us. For a partial withdrawal, the Withdrawal Charge will be deducted from the remaining Contract Value, if sufficient, or from the amount withdrawn. ANNUITY PROVISIONS ELECTION OF ANNUITY OPTION - The Annuity Option is chosen by you or your Beneficiary in a form satisfactor...
Sample 1
DEATH OF ANNUITANT DURING ANNUITY PERIOD. If an Annuitant dies during the Annuity Period, a Beneficiary may be entitled to receive payment under the Contract. If so, the Beneficiary may, within 60 days after amounts would be payable, elect one of the following three alternatives. These alternatives are not available if the Annuitant had been receiving payments under the Fourth Option. (1) elect to receive in a lump sum the present value, discounted at the Assumed Investment Rate, of any remaining Annuity Payments owed under the Contract based on the then current Annuity Unit value; (2) elect to continue receiving Annuity Payments under the terms of the Contract, in which case the Beneficiary would be entitled at any time thereafter to receive the present value of remaining Annuity Payments, discounted at the Assumed Investment Rate, based on the Annuity Unit value next determined after request for such payment is received at VALIC's Home Office; or (3) elect to have the value of any Annuity Payments owed on the Contract, based on the then current Annuity Unit value, applied to any of the five Annuity Options, either on a fixed or variable basis or a combination thereof. If the Beneficiary elects either to continue receiving Annuity Payments under the Contract, or to receive the value of such payments under one of the five Annuity Options, the Beneficiary is entitled to exercise all the investment options and other rights under the Contract.
Sample 1

Related to DEATH OF ANNUITANT DURING ANNUITY PERIOD

  • Death of Annuitant If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Death During Employment If the Executive dies during the term of employment and has not attained the age of seventy years, the Corporation and/or any third party insurance provided by the Corporation, through a coordination of benefits, shall pay the estate of the Executive a death benefit equal to two times the Executive's annual salary. In the event the Executive receives death benefits payable under any group life insurance policy issued to the Corporation, the Corporation's liability under this clause will be reduced by the amount of the death benefit paid under such policy. The Corporation shall pay any remaining death benefits to the estate of the Executive over the course of twelve (12) months in the same manner and under the same terms as the Executive would have been paid if he had still been working for the Corporation. No later than one (1) month from the date of death, the estate of the Executive will also be paid any accumulated vacation pay. Such payments pursuant to this paragraph shall constitute the full compensation of said Executive and he and his estate shall have no further claim for compensation by reason of his employment by the Corporation.

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • CONTINGENT ANNUITANT The person designated by the Owner who, upon the Annuitant's death prior to the Annuity Commencement Date, becomes the Annuitant.

  • Death During Active Service If the Executive dies while in the active service of the Company, the Company shall pay to the Executive's beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the Lifetime Benefits of Article 2.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Distributions During Lifetime (a) Notwithstanding any provision of this Agreement to the contrary, the distribution of the Participant’s interest in the Custodial Account shall be made in accordance with the requirements of Code Section 408(a)(6) and the regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are made from an annuity contract purchased from an insurance company, distributions thereunder must satisfy the requirements of Q&A-4 of Section 1.401(a)(9)-6 of the Income Tax Regulations, rather than paragraphs (b), (c) and (d) below and Section 5.

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