Fixed Annuity Benefit Clause Samples
The Fixed Annuity Benefit clause defines the guaranteed periodic payment that an annuitant will receive from an insurance company or pension plan, typically for life or a specified period. This clause specifies the amount, frequency, and duration of payments, ensuring that the benefit does not fluctuate with market conditions or investment performance. Its core practical function is to provide financial stability and predictability for the recipient by eliminating uncertainty about future income.
Fixed Annuity Benefit. 12 3.02 - Variable Annuity Benefit..........................12 3.03 - Election and Commencement of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇............................12 3.04 - Amount of Annuity Benefits........................13 3.05 -
Fixed Annuity Benefit. The term "Fixed Annuity Benefit" means an Annuity Benefit under which the monthly payments with respect to a payee are payable in a specified dollar amount. The amount of each monthly payment under any Fixed Annuity Benefit provided under the Contract with respect to a payee is the amount provided with respect to the payee pursuant to Section 3.05.
Fixed Annuity Benefit. A Participant may elect to withdraw all or a portion of the value of the Participant’s Account and apply such amount to the purchase of a fixed annuity benefit. The value of the Participant Account Value which is to be used to purchase a fixed annuity benefit shall be withdrawn from the applicable Variable Investment Option as of the Business Day coincident with or next following receipt by TFLIC of written notice. As of the Participant’s Annuity Purchase Date, the amount withdrawn shall be reduced by any premium taxes, if applicable, and the remainder applied to purchase a fixed annuity benefit. The amount of the annuity benefit will be determined by (1) the amount applied to purchase the annuity, (2) the form of annuity elected, and (3) the non-participating single premium immediate group annuity purchase rates in effect on the Annuity Purchase Date. However, subject to the provisions of Section 12.1, in no event will such annuity purchase rates declared by TFLIC result in an annuity benefit that is less than (i) for the first five Contract Years, an annuity benefit determined in accordance with the Annuity Purchase Rate Table in Appendix C of this Contract, or (ii) the non-participating single premium immediate group annuity purchase rates in effect on the Annuity Purchase Date for contracts in the same class of contracts as this Contract, whichever provides a higher annuity benefit.
Fixed Annuity Benefit. 2002EDCA Page 21
Fixed Annuity Benefit. 10 3.02 - Election and Commencement of Annuity Benefits...............................10 3.03 -
Fixed Annuity Benefit. 12 3.02 - Variable Annuity Benefit..........................12 3.03 -