INCOME FOR A FIXED PERIOD. We will make equal periodic payments for a fixed period, not longer than 30 years. Payments can be annual, semi-annual, quarterly or monthly. Payments will be made according to the table in this section. Guaranteed amounts payable under this plan will earn interest at 3% compounded yearly. We may increase the interest and the amount of any payment. If the payee dies, the amount of the remaining guaranteed payments will be discounted to the date of the payee's death at a yearly rate of 3%. Discounted means we will deduct the amount of interest each remaining payment would have included had it not been paid out early. The discounted amount will be paid in one sum to the payee's estate unless otherwise provided.
INCOME FOR A FIXED PERIOD. Proceeds remaining with us will be paid over a specified number of years (not exceeding 30 years). Each payment consists of a portion of the Proceeds plus a portion of the interest credited on the outstanding balance. The amount payable monthly for each $1,000 left with us will be at least the amount shown in the Option 2 Table, located on the policy data page.
INCOME FOR A FIXED PERIOD. Monthly Annuity Payments are made to the person named in equal installments for a fixed number of years. The number of years must be at least ten and not more than thirty.
INCOME FOR A FIXED PERIOD. We will pay an income for a fixed number of years, not to exceed 30. The income will not be less than the amounts shown in the table for this option below.
INCOME FOR A FIXED PERIOD. Proceeds are paid in equal monthly installments for a specified number of years, not to exceed 20.
INCOME FOR A FIXED PERIOD. We will pay an income for a fixed period, not to exceed 360 months or, if greater, the life expectancy of the payee. Guaranteed payments for fixed periods are shown in the table for this option on page 25. Interest will be credited on the unpaid balance at a rate not less than 3% per year and the income will not be less than the amount shown. Unless the income election was irrevocable, a payee may later elect to receive a lump sum in lieu of continuing payments. The lump sum payable on any day is the present value of the remaining payments determined using the interest rate used to determine the annuity payments.
INCOME FOR A FIXED PERIOD. We will pay the annuity proceeds in payments over a period of from 5 to 30 years. The amount of each payment will be based upon the period and the frequency of the payments selected from Option 4 TabIe.
INCOME FOR A FIXED PERIOD. We will pay Annuity Income for a fixed period not to exceed 360 months. We reserve the right to require a fixed period of at least 60 months. Interest will be credited on the unpaid balance at a rate not less than the guaranteed interest rate shown for this option on page 4. After the first payment is made, this option may not be changed except as described in Section 11.5.
INCOME FOR A FIXED PERIOD. We will pay an income for a specified number of years, one through 30 years. But, income payments cannot extend beyond the life expectancy of the payee, as defined by the Code. The payments will be made in equal installments. The payee may withdraw a part of the present value of future benefits upon written request. Following a withdrawal, the remaining payments will be recalculated. See Table 5. OPTION 4. INCOME FOR A FIXED AMOUNT -- We will pay an income of a specified amount until the Participant's account value and interest are all paid out to the payee. The income payments cannot extend beyond the life expectancy of the payee, as defined by the Code. The payee may withdraw a part of the present value of future benefits upon written request. Following a withdrawal, the remaining number of payments will be adjusted.
INCOME FOR A FIXED PERIOD. We will pay the annuity proceeds in payments over a period of from 5 to 30 years. The amount of each payment will be based upon the period and the frequency of the payments selected from Option 4 Table. 10520 5.01 (5/92) Allocation of When you elect one of the annuity options, you may Annuity further elect to have the annuity purchased in the form of the variable annuity, fixed annuity, or a combination of both. If no election is made to the contrary on these options, that portion of Accumulated Value in the Divisions of the Separate Accounts will be applied to provide a variable annuity and that portion in the Fixed Account will be applied to provide a fixed annuity. Variable For the variable portion of an annuity option, the amounts Annuity applied to the annuity are used to purchase Annuity Units Payments in the selected Division(s). The number of Annuity Units purchased in each Division is calculated as the dollar amount of the first Annuity Payment provided by Proceeds from that Division divided by the Annuity Unit value for the Division as of the Annuity Date. On any payment date, the amount of payment from each Division is calculated as the number of Annuity Units for the Division times the Annuity Unit value for the Division' as of the payment date, less any applicable administrative charges. Although variable Annuity Payments will vary to reflect performance of the Divisions, we guarantee that the dollar amounts of variable Annuity Payments will not be adversely affected by our actual expense and mortality results. Minimum Amounts The minimum amount for each payee that can be placed under an option and the minimum amount of any payments under an option will be based on our rules at the time the option is to become effective (or as required by state law). Payee A person who receives Annuity Payments under an annuity option is a payee. Except for a legal guardian, a payee must generally be a natural person receiving benefits in his or her own right. With our consent, the payee may be a trustee, assignee, corporation, or partnership. Contingent Payee The payee may name contingent payees, subject to any restrictions under an annuity option chosen during the Annuitant's lifetime, under the following conditions:
