DEATH PAYMENT PROVISIONS. If a Participant dies before the Annuity Date, a death benefit is payable. The death benefit is the greater of (a) the Accumulation Value on the date VALIC receives proof of death or (b) 100% of Purchase Payments reduced by amounts deducted in connection with any surrenders. Proof of death may be made by sending VALIC a certified copy of the death certificate, a certified copy of a decree of a court of competent jurisdiction as to death, a written statement by an attending physician, or any other proof satisfactory to VALIC. The Beneficiary may elect within 60 days after it is payable to receive the death payment as a lump sum or under an Annuity Option. The Beneficiary will then be entitled to exercise the investment options and other rights an Annuitant would have during the Annuity period, subject to the rules below: o Nonspouse Beneficiary -- Payments which start within 1 year of death may be made for a period no longer than life expectancy. Payments which do not start within 1 year of death must be paid in full within 5 years of death. o Spouse Beneficiary -- Payments may start at any time they could have started to the Participant. If the spouse dies before payments start, the Beneficiary will then be subject to the rules above. If an Annuitant dies after the Annuity Date, a death benefit may be payable. The Beneficiary may elect within 60 days after it is payable to elect one of the following alternatives unless the Annuitant elected the Fourth Option:
(a) receive the death benefit in a lump sum;
(b) continue to receive annuity payments under the terms of the Contract and receive remaining variable annuity payments in a lump sum at any time thereafter; or
DEATH PAYMENT PROVISIONS. (a) Death of the Annuitant Prior to the Annuity Date If an Annuitant under a Contract dies during the Accumulation Period, there will be an amount payable to the Beneficiary equal to the greater of (a) the Accumulation Value of the Contract on the date VALIC receives a certified copy of the death certificate or (b) 100% of Purchase Payments reduced by the amount deducted in connection with any partial surrenders. The Beneficiary may elect within 60 days after amounts would be payable to receive the death payment as a lump sum settlement or in the form of any of the Annuity Options provided in the Contract. The Beneficiary will thereafter be entitled to exercise all of the investment options and other rights which a Contract Owner would have during the Annuity Period, subject to the same terms and conditions.
DEATH PAYMENT PROVISIONS. If a Participant dies before the Annuity Date, a death benefit is payable. The death benefit is the greater of (a) the Accumulation Value on the date VALIC receives proof of death or (b) 100% of Purchase Payments reduced by amounts deducted in connection with any surrenders. Proof of death may be made by sending VALIC a certified copy of the death certificate, a certified copy of a decree of a court of competent jurisdiction as to death, a written statement by an attending physician, or any other proof satisfactory to VALIC. The Beneficiary may elect within 60 days after it is payable to receive the death payment as a lump sum or under an Annuity Option. The Beneficiary will then be entitled to exercise the investment options and other rights an Annuitant would have during the Annuity period, subject to the rules below: o Nonspouse Beneficiary -- Payments which start within 1 year of death may be made for a period no longer than life expectancy. Payments which do not start within 1 year of death must be paid in full within 5 years of death. o Spouse Beneficiary -- Payments may start at any time they could have started to the Participant. If the spouse dies before payments start, the Beneficiary will then be subject to the rules above. If an Annuitant dies after the Annuity Date, a death benefit may be payable. The Beneficiary may elect within 60 days after it is payable to elect one of the following alternatives unless the Annuitant elected the Fourth Option:
