ELECTION OF ANNUITY BENEFITS Sample Clauses

ELECTION OF ANNUITY BENEFITS. As of the Contract Maturity Date the Annuity Account Value will be applied to provide for the Normal Form of Annuity Benefit (described below). However, you may instead elect (i) to have the Cash Value paid in a single sum, (ii) to apply the Annuity Account Value or Cash Value, whichever applies pursuant to the first paragraph of Section 8.05, to provide an Annuity Benefit of any form offered by us or one of our affiliated life insurance companies, or (iii) to apply the Cash Value to provide any other form of benefit payment we offer, subject to our rules then in effect and applicable laws and regulations. At the time an Annuity Benefit is purchased, we will issue a supplementary contract which reflects the Annuity Benefit terms. We will provide notice and election forms to you not more than six months before the Contract Maturity Date. We will have the right to require you to furnish any information we need to provide an Annuity Benefit. We will be fully protected in relying on such information and need not inquire as to its accuracy or completeness.
Sample 1Sample 2Sample 3See All (16)
AutoNDA by SimpleDocs
ELECTION OF ANNUITY BENEFITS. General You may apply amounts under this Contract, after thirteen months from the Contract Date to an Annuity Benefit described in this Part VII. Your Contract has a Maturity Date as shown in the Data Pages. You may instead elect to have the Cash Value paid to you in a single sum. GWBL Maturity Date The GWBL Maturity Date Annuity Benefit compares (1) your Guaranteed Annual Withdrawal Amount, and (2) the amount you would have received if your Annuity Account Value on the Maturity Date had been applied to a Life Annuity, using either (a) the guaranteed annuity rates specified in the Section “Amount of Annuity Benefits” or (b) the applicable current individual annuity rates as of the Contract Date Anniversary, and provides periodic payments of the higher resulting amount. A “Life Annuity” is a fixed annuity which provides monthly payments to you beginning as of the Maturity Date and ending with the last payment due before your death. At the time an Annuity Benefit is purchased, we will issue a supplementary contract which reflects the Annuity Benefit terms. We will provide notice and election forms to you not more than six months before the Maturity Date. We will have the right to require you to furnish any information we need to provide an Annuity Benefit. We will be fully protected in relying on such information and need not inquire as to its accuracy or completeness.
Sample 1Sample 2Sample 3See All (4)
ELECTION OF ANNUITY BENEFITS. As of the Annuitant's Annuity Commencement Date, provided the Annuitant is then living, the Annuity Account Value will be applied to provide the Normal Form of Annuity Benefit (described in Section 7.04). However, the Owner may instead elect (i) to have the Cash Value paid in a single sum, (ii) to apply the Annuity Account Value or Cash Value, whichever is applicable pursuant to the first paragraph of Section 7.05 to provide an Annuity Benefit of any form offered by Equitable or one of Equitable's subsidiary life insurance companies, or (iii) to apply the Cash Value to provide any other form of benefit payment offered by Equitable, subject to Equitable's rules then in effect and applicable laws and regulations. At the time an Annuity Benefit is purchased, Equitable will issue a supplementary contract which reflects the Annuity Benefit terms. Equitable will provide notice and election forms to the Owner within six months before the Annuity Commencement Date. Equitable will have the right to require the Owner to furnish any information Equitable needs to provide an Annuity Benefit and will be fully protected in relying on such information and need not inquire as to the accuracy or completeness thereof.
Sample 1Sample 2Sample 3
ELECTION OF ANNUITY BENEFITS. On any date which is thirteen months or more after the Contract Date, you may apply all or any portion of the Annuity Account Value to a form of traditional Annuity Benefit we offer under our then current rules as described in Section 7.04. This is your “Annuity Commencement Date”. As of the Maturity Date the Annuity Account Value will be applied to provide for the Normal Form of Annuity Benefit (described below). However, you may instead elect (i) to have the Cash Value paid in a single sum that will not be less than the minimum benefits required by the applicable Interstate Insurance Product Regulation Commission Uniform Standard, (ii) to apply the Annuity Account Value or Cash Value, whichever applies pursuant to the first paragraph of Section 7.05, to provide an Annuity Benefit of any form offered by us or one of our affiliated life insurance companies, or (iii) to apply the Cash Value to provide any other form of benefit payment we offer and applicable laws and regulations. Unless otherwise stated in an Endorsement, at the time an Annuity Benefit is purchased, we will terminate the Contract and issue a supplementary contract which reflects the Annuity Benefit terms. We will grant a paid-up Annuity Benefit that complies with the applicable Interstate Insurance Product Regulation Commission Uniform Standard. We will provide notice and election forms to you not more than six months before the Maturity Date. We will have the right to require you to furnish any information we need to provide an Annuity Benefit. We will be fully protected in relying on such information and need not inquire as to its accuracy or completeness.
Sample 1
ELECTION OF ANNUITY BENEFITS. As of the Maturity Date the Annuity Account Value will be applied to provide for the Normal Form of Annuity Benefit (described below). However, you may instead elect (i) to have the Cash Value paid in a single sum that will not be less than the minimum benefits required by the applicable Interstate Insurance Product Regulation Commission Uniform Standard, (ii) to apply the Annuity Account Value or Cash Value, whichever applies pursuant to the first paragraph of Section 7.05, to provide an Annuity Benefit of any form offered by us or one of our affiliated life insurance companies, or (iii) to apply the Cash Value to provide any other form of benefit payment we offer and applicable laws and regulations. At the time an Annuity Benefit is purchased, we will issue a supplementary contract which reflects the Annuity Benefit terms. We will grant a paid-up annuity benefit that complies with the applicable Interstate Insurance Product Regulation Commission Uniform Standard. We will provide notice and election forms to you not more than six months before the Maturity Date. We will have the right to require you to furnish any information we need to provide an Annuity Benefit. We will be fully protected in relying on such information and need not inquire as to its accuracy or completeness.
Sample 1
ELECTION OF ANNUITY BENEFITS. As of the Annuity Commencement Date, provided the Annuitant is then living, the Annuity Account Value will be applied to provide the Normal Form of Annuity Benefit (described below). However, you may instead elect (i) to have the Cash Value paid in a single sum, (ii) to apply the Annuity Account Value or Cash Value, whichever applies pursuant to the first paragraph of Section 7.05, to provide an Annuity Benefit of any form offered by us or one of our subsidiary life insurance companies, or (iii) to apply the Cash Value to provide any other form of benefit payment we offer subject to applicable laws and regulations. At the time an Annuity Benefit is purchased, we will issue a supplementary contract which reflects the Annuity Benefit terms. We will permit you to surrender this Contract at or before commencement of any annuity payment. We will provide notice and election forms to you not more than six months before the Annuity Commencement Date. We will have the right to require you to furnish any information we need to provide an Annuity Benefit. We will be fully protected in relying on such information and need not inquire as to its accuracy or completeness.
Sample 1
ELECTION OF ANNUITY BENEFITS. As of the Maturity Date the Annuity Account Value will be applied to provide for the Normal Form of Annuity Benefit (described below). However, you may instead elect (i) to have the Cash Value paid in a single sum; (ii) to apply the Annuity Account Value or Cash Value, whichever applies pursuant to the first paragraph of Section 7.05, to provide an Annuity Benefit of any form offered by us or one of our affiliated life insurance companies, or (iii) to apply the Cash Value to provide any other form of benefit payment we offer and applicable laws and regulations. At the time an Annuity Benefit is purchased, we will issue a supplementary contract which reflects the Annuity Benefit terms. We will provide notice and election forms to you not more than six months before the Maturity Date. We will have the right to require you to furnish any information we need to provide an Annuity Benefit. We will be fully protected in relying on such information and need not inquire as to its accuracy or completeness.
Sample 1
AutoNDA by SimpleDocs

Related to ELECTION OF ANNUITY BENEFITS

  • ANNUITY BENEFIT Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • METHOD OF PAYMENT OF ACCRUED BENEFIT The Advisory Committee will apply Section 6.02 of the Plan with the following modifications: (Choose (a) or at least one of (b), (c), (d) and (e))

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • ANNUITY Payment of an income:

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!