Common use of ELECTION OF SETTLEMENT OPTIONS Clause in Contracts

ELECTION OF SETTLEMENT OPTIONS. On the Maturity Date, or other agreed upon date, We will pay the amount payable under this Contract to You in one lump sum or in accordance with an annuity Option elected by You. While the Annuitant is alive, You may change Your Settlement Option election by Written Request, but only before the Maturity Date. We reserve the right to require satisfactory proof of the Age of any person on whose life annuity payments are based before making the first payment under any annuity Option. During the Annuitant's lifetime, if no election has been made by the Maturity Date, We will pay You the first of a series of periodic annuity payments based on the life of the Annuitant, in accordance with annuity Option 2, with 120 monthly payments assured. Once annuity payments have commenced, no election changes are allowed. MINIMUM AMOUNTS The minimum amount that can be placed under a Settlement Option is $2,000 unless We consent to a lesser amount. If any periodic payments due are less than $100, We reserve the right to make payments at less frequent intervals, resulting in a payment of at least $100 per year. ALLOCATION OF ANNUITY At the time an election of one of the annuity options is made, the person electing the option may elect to have the cash surrender value applied to provide a variable annuity, a fixed annuity or a combination of both. Unless You elect otherwise, the cash surrender value of a Funding Option will be applied to provide an annuity, which varies with the investment experience of that same Funding Option. The value of the Fixed Account(if applicable) will be applied to provide a Fixed Annuity. You may elect to transfer Contract value from one Funding Option to another, as described in the provision "Transfers Among Funding Options And The Fixed Account" in order to reallocate the basis on which annuity payments will be determined. Once annuity payments start, You may, with Our consent, change the allocation of Your values in each Funding Option. ANNUITY UNIT VALUE On any Valuation Date, the Annuity Unit Value for a Funding Option equals the Funding Option Annuity Unit Value on the preceding Valuation Date, multiplied by the net investment factor for that Funding Option for the Valuation Period just ended, divided by the Assumed Daily Net Investment Factor. The Assumed Daily Net Investment Factor is shown in the Contract Specifications. The value of an Annuity Unit on any date other than a Valuation Date will be equal to its value as of the next Valuation Date. NUMBER OF ANNUITY UNITS We determine the number of Annuity Units credited to this Contract in each Funding Option by dividing the amount of the first monthly annuity payment attributable to that Funding Option by the Funding Option's Unit Value as of 14 days before the Maturity Date.

ELECTION OF SETTLEMENT OPTIONS. On the Maturity Date, or other agreed upon date, We will pay the amount payable under this Contract to You in one lump sum or in accordance with an annuity Option elected by You. While the Annuitant is alive, You may change Your Settlement Option election by Written Request, but only before the Maturity Date. We reserve the right to require satisfactory proof of the Age of any person on whose life annuity payments are based before making the first payment under any annuity Option. During the Annuitant's lifetime, if no election has been made by the Maturity Date, We will pay You the first of a series of periodic annuity payments based on the life of the Annuitant, in accordance with annuity Option 2, with 120 monthly payments assured. Once annuity payments have commenced, no election changes are allowed. MINIMUM AMOUNTS The minimum amount that can be placed under a Settlement Option is $2,000 unless We consent to a lesser amount. If any periodic payments due are less than $100, We reserve the right to make payments at less frequent intervals, resulting in a payment of at least $100 per year. ALLOCATION OF ANNUITY At the time an election of one of the annuity options is made, the person electing the option may elect to have the cash surrender value applied to provide a variable annuity, a fixed annuity or a combination of both. Unless You elect otherwise, the cash surrender value of a Funding Option will be applied to provide an annuity, which varies with the investment experience of that same Funding Option. The value of the Fixed Account(if applicable) will be applied to provide a Fixed Annuity. You may elect to transfer Contract value from one Funding Option to another, as described in the provision "Transfers Among Funding Options And The Fixed Account" in order to reallocate the basis on which annuity payments will be determined. Once annuity payments start, You may, with Our consent, change the allocation of Your values in each Funding Option. ANNUITY UNIT VALUE On any Valuation Date, the Annuity Unit Value for a Funding Option equals the Funding Option Annuity Unit Value on the preceding Valuation Date, multiplied by the net investment factor for that Funding Option for the Valuation Period just ended, divided by the Assumed Daily Net Investment Factor. The Assumed Daily Net Investment Factor is shown in the Contract Specifications. The value of an Annuity Unit on any date other than a Valuation Date will be equal to its value as of the next Valuation Date. NUMBER OF ANNUITY UNITS We determine the number of Annuity Units credited to this Contract in each Funding Option by dividing the amount of the first monthly annuity payment attributable to that Funding Option by the Funding Option's Unit Value as of 14 days before the Maturity Date.

ELECTION OF SETTLEMENT OPTIONS. On the Maturity Date, or other agreed upon date, We will pay the amount payable under this Contract to You in one lump sum or in accordance with an annuity the Settlement Option elected by You. While the Annuitant is alive, You may change Your Settlement Option election by Written Request, but only before the Maturity Date. We reserve the right to require satisfactory proof of the Age of any person on whose life Once annuity payments have commenced, no election changes are based before making the first payment under any annuity Optionallowed. During the Annuitant's lifetime, if no election has been made by on the Maturity Date, We will pay to You the first of a series of periodic monthly annuity payments based on the life of the Annuitant, in accordance with annuity Option 2, with 120 monthly payments assured. Once annuity payments have commenced, no election changes are allowed. MINIMUM AMOUNTS The minimum amount that can be placed under a Settlement Option is $2,000 unless We consent to a lesser amount. If any periodic payments due are less than $100, 100 We reserve the right to make payments at less frequent intervals, resulting in a payment of at least $100 per year. ALLOCATION OF ANNUITY At the time an election of one of the annuity options is made, the person electing the option may further elect to have the cash surrender value applied to provide a variable annuity, a fixed annuity or a combination of both. Unless You elect otherwise, the cash surrender value of a Funding Option will be applied when annuity payments start to provide an annuity, which varies with the investment experience of that same Funding Option. The value of the Fixed Account(if applicable) will be applied to provide a Fixed Annuity. You may elect to transfer Contract value from one Funding Option to another, as described in the provision "Transfers Among Funding Options And The Fixed Account" in order to reallocate the basis on which annuity payments will be determined. Once annuity payments start, You may, with Our consent, change the allocation of Your values in each Funding Option. VARIABLE ANNUITY UNIT VALUE On any Valuation Date, the AMOUNT OF FIRST PAYMENT The Life Annuity Unit Value for a Funding Option equals the Funding Option Annuity Unit Value on the preceding Valuation Date, multiplied by the net investment factor for that Funding Option for the Valuation Period just ended, divided by the Assumed Daily Net Investment Factor. The Assumed Daily Net Investment Factor is shown in the Contract Specifications. The value of an Annuity Unit on any date other than a Valuation Date will be equal Tables are used to its value as of the next Valuation Date. NUMBER OF ANNUITY UNITS We determine the number of Annuity Units credited to this Contract in each Funding Option by dividing first monthly annuity payment. They show the dollar amount of the first monthly annuity payment attributable payment, which can be purchased with each $1,000 applied. The amount applied to that Funding Option by a variable annuity will be the Funding Option's Unit Value cash surrender value allocated to the variable annuity as of 14 [14] days prior to the date annuity payments start. We reserve the right to require satisfactory proof of the Age of any person on whose life annuity payments are based before making the Maturity Datefirst payment under any of these options.

ELECTION OF SETTLEMENT OPTIONS. On the Maturity Date, or other agreed upon date, We will pay the amount payable under this Contract to You in one lump sum or in accordance with an annuity the Option elected by You. While the Annuitant is alive, You may change Your your Settlement Option election by Written Request, but only before the Maturity Date. Once annuity payments have commenced, no further election changes are allowed. If no election has been made on the Maturity Date and if the Annuitant is living and has a spouse, We reserve will pay to You the right to require satisfactory proof first of a series of monthly annuity payments based on the life of the Age Annuitant as primary payee and the Annuitant's spouse as secondary payee in accordance with the Joint and Last Survivor Life Annuity-Annuity Reduced on Death of any person on whose life annuity payments are based before making the first payment under any annuity Primary Payee Option. During the Annuitant's lifetime, if no election has been made by and the Annuitant has no spouse on the Maturity Date, We will pay to You the first of a series of periodic monthly annuity payments based on the life of the Annuitant, in accordance with annuity Option 2the Life Annuity with Period Certain Annuity option, with 120 monthly payments assured. Once annuity payments have commencedREQUIRED MINIMUM DISTRIBUTIONS Distributions During Annuitant's Lifetime In order to meet the qualification requirements of Code Section 401(a), no election changes are allowedall plans must meet the required mandatory distribution rules in Code Section 401(a)(9). MINIMUM AMOUNTS The minimum amount Code Section 401(a)(9) states that can a plan will not be placed under qualified unless the entire interest of each employee is distributed to such employee not later than the "required beginning date" or over the life or life expectancy of such employee or over the lives or joint life expectancy of such employee and a Settlement Option is $2,000 unless We consent to a lesser amountdesignated beneficiary. If any periodic payments due are less than $100Generally, We reserve the right to make payments at less frequent intervals, resulting in a payment of at least $100 per year. ALLOCATION OF ANNUITY At the time an election of one "required beginning date" means April 1 of the annuity options calendar year following the later of (1) the calendar year in which the employee attains age 70 1/2, or (2) the calendar year in which the employee retires, except that in the event that the employee is madea 5% owner, the person electing the option may elect to have the cash surrender value applied to provide a variable annuity, a fixed annuity or a combination of both. Unless You elect otherwise, the cash surrender value of a Funding Option will be applied to provide an annuity, which varies with the investment experience of that same Funding Option. The value "required beginning date" is April 1 of the Fixed Account(if applicable) will be applied to provide a Fixed Annuity. You may elect to transfer Contract value from one Funding Option to another, as described calendar year in which the provision "Transfers Among Funding Options And The Fixed Account" in order to reallocate the basis on which annuity payments will be determined. Once annuity payments start, You may, with Our consent, change the allocation of Your values in each Funding Option. ANNUITY UNIT VALUE On any Valuation Date, the Annuity Unit Value for a Funding Option equals the Funding Option Annuity Unit Value on the preceding Valuation Date, multiplied by the net investment factor for that Funding Option for the Valuation Period just ended, divided by the Assumed Daily Net Investment Factor. The Assumed Daily Net Investment Factor is shown in the Contract Specifications. The value of an Annuity Unit on any date other than a Valuation Date will be equal to its value as of the next Valuation Date. NUMBER OF ANNUITY UNITS We determine the number of Annuity Units credited to this Contract in each Funding Option by dividing the amount of the first monthly annuity payment attributable to that Funding Option by the Funding Option's Unit Value as of 14 days before the Maturity Dateemployee attains age 70 1/2.