Common use of HOW TO ELECT Clause in Contracts

HOW TO ELECT. The Request of the Owner is required to elect, or change the election of, a payout option and must be received by the Company at least 30 days prior to the Annuity Commencement Date. The annuity benefits at the time of their commencement will not be less than those that would be provided by the contract accumulation amount to purchase a single premium immediate annuity contract at purchase rates offered by the company at that time to the same class of annuitants. ICC16-J100 14 On the Annuity Commencement Date, the Investment Strategy Account Value or Annuity Account Value, pursuant to Section 9.08, may be applied to any of the variable annuity payout options currently available. If an option has not been elected within 30 days of the Annuity Commencement Date, the Investment Strategy Account Value or Annuity Account Value, pursuant to Section 9.08, will be applied under Variable Annuity Payout Option 1 to provide payouts for life with a guaranteed period of 15 years.

HOW TO ELECT. The Request of the Owner is required to elect, or change the election of, a payout option and must be received by the Company at least 30 days prior to the Annuity Commencement Date. The annuity benefits at the time of their commencement will not be less than those that would be provided by the contract accumulation amount to purchase a single premium immediate annuity contract at purchase rates offered by the company Company at that time to the same class of annuitants. ICC16ICC14-J100 J465 14 On the Annuity Commencement Date, the Investment Strategy Segment Account Value or Annuity Account Value, pursuant to Section 9.089.07, may be applied to any of the variable annuity payout options currently available. If an option has not been elected within 30 days of the Annuity Commencement Date, the Investment Strategy Segment Account Value or Annuity Account Value, pursuant to Section 9.089.07, will be applied under Variable Annuity Payout Option 1 to provide payouts for life with a guaranteed period of 15 years.