Common use of ELECTION OF ANNUITY BENEFITS Clause in Contracts

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.