Fixed Period Annuity. 12 7. Termination..............................................................................................................................
Fixed Period Annuity. A payment will be made each month for a fixed period you choose that is not less than 2 nor more than 30 years. At the end of the period chosen no further payments will be made. If the annuitant dies before the end of the period chosen, the monthly payments will continue to the end of that period and then cease.
Fixed Period Annuity. An annuity payable in monthly installments for a specified number of years, from one to twenty years.
Fixed Period Annuity. Annuity payments payable monthly for a fixed period of from five to twenty years. If the annuitant dies before all payments for the fixed period are received, payments will continue for the remainder of the fixed period to the beneficiary. ARE OTHER ANNUITY PAYMENT OPTIONS AVAILABLE? Yes. Other options may be available. They will be as agreed upon between you and us. MAY THE BENEFICIARY RECEIVE A LUMP SUM PAYMENT INSTEAD OF THE REMAINING ANNUITY PAYMENTS? Yes. The beneficiary may elect to have the present value of the remaining payments paid in a lump sum. This right exists under Options 2 and. MHC-92-9284 Minnesota Life 11 The lump sum payment will be the commuted value of the remaining payments. It will be based on the then current dollar amount of one payment. We will use the same interest rate which served as a basis for the annuity. HOW IS THE AMOUNT OF A VARIABLE ANNUITY PAYMENT DETERMINED? The dollar amount of the first monthly variable annuity payment is determined by applying the available value (after deduction of any premium taxes not previously deducted) to a rate per $1,000 which is based on the Progressive Annuity Table with interest at the rate of 4.5% per annum, assuming births in the year 1900 and with an age setback of six years. The amount of the first payment depends upon the annuity payment option selected and the adjusted age of the annuitant and any joint annuitant. A number of annuity units is then determined by dividing this dollar amount by the then current annuity unit value. Thereafter, the number of annuity units remains unchanged during the period of annuity payments. This determination is made separately for each sub-account of the separate account. The number of annuity units is based upon the available value in each sub-account as of the date annuity payments are to begin. The dollar amount of the second and later variable annuity payments is equal to the number of annuity units determined for each sub-account times the annuity unit value for that sub-account as of the due date of the payment. This amount may increase or decrease from month to month. The value of an annuity unit for a sub-account is determined each month as of the first day of the month. The value is equal to the annuity unit value for that sub-account as of the first day of the preceding month multiplied by the product of: and a sub-account investment factor. This investment factor is the accumulation unit value for that sub-account on the valuation date n...
Fixed Period Annuity. A payment of principal and interest will be made to you each month for a fixed period you choose that is not less than 5 nor more than 30 years. At the end of the period chosen all the principal and interest credited will have been paid out. If you die before the end of the period chosen, the monthly payments will continue until the end of that period and then cease. Minimum distribution annuity. This income option enables you to limit your distribution to the minimum distribution requirements of federal tax law. Payments will be made to you from your accumulation until your accumulation is entirely paid out, or until your prior death. This option may not provide income that lasts for your entire lifetime. If, under this income option, you die before your entire accumulation has been paid out, a death benefit equal to your remaining accumulation will be paid to the person or persons you name when electing this option. This income option is only available on or after your required beginning date. The value of the accumulation placed under this option must be at least $10,000. Automatic election provision. If on your required beginning date, you have not met the requirements for starting your income benefit described in section 45, you will be deemed to have chosen the form of benefit distribution, if any, specified by the terms of your employer plan, if such form of benefit is available under this contract. Otherwise, you will be deemed to have chosen a one-life annuity if you are then single, or the “half benefit to second annuitant” form of the two-life annuity if you are then married, each with a 10-year guaranteed period, if allowed under federal tax law.
Fixed Period Annuity. A payment will be made each month for a fixed period you choose that is not less than 2 nor more than 30 years. At the end of the period chosen no further payments will be made. If the annuitant dies before the end of the period chosen, the monthly payments will continue to the end of that period and then cease. Automatic Election Provision. If, on the annuity starting date determined in accordance with section 39, you have not chosen one of the income options described in this contract, you will be deemed to have chosen a one-life annuity with a ten-year guaranteed period, or a shorter period if required to meet federal tax law.
