Life Income Plans. Single Life Income (Option C). The Company will make monthly payments for the selected certain period, if any, and thereafter during the remaining lifetime of the individual upon whose life income payments depend. The selections available are: (a) no certain period; or (b) a certain period of 10 or 20 years.
Life Income Plans. An optional mode of settlement in which the annuity value is paid out in a series of payments based on the lives of either one or two individuals. If payments are based on the life of one individual, the plan is a Single Life Income plan and if it is based on the lives of two individuals, the plan is a Joint Life Income plan. MATURITY DATE. The date upon which contract benefits will become payable. NET PURCHASE PAYMENT. A Purchase Payment less all applicable deductions. Deductions may include the Sales Load and a Premium Tax.
Life Income Plans. A) One Life - Paid in equal monthly payments during the lifetime of a designated person. We will guarantee payments for either 10 years or 20 years and for as long as that person lives. Payments for each $1,000 applied will not be less than those shown in the One Life Table. The amount paid is based on the person's sex and age on the date of the first payment. Payments may not be commuted.
B) Joint and Survivor - Paid in equal monthly payments during the lifetimes of two designated persons. Payments will continue as long as either person is living. The amount of each payment is based on both persons' sex and age on the date of the first payment. If either one dies before the due date of the first payment, we will make payments during the survivor's lifetime under Life Income Plan A with payments guaranteed for 10 years. Payments may not be commuted. If you do not elect a payout plan by the Income Date, we will apply the Surrender Value, less any applicable premium tax, on the Income Date under Life Income Plan A with monthly payments guaranteed for 10 years. When a payee dies, any remaining payments will be paid to the Owner unless the Owner names another payee. FIXED PERIOD MINIMUM INCOME TABLE* Monthly Payments for each $1,000 applied -------------------------------------------------------------------------------- Number Monthly Number Monthly Number Monthly of Install- of Install- of Install- Years ments Years ments Years ments -------------------------------------------------------------------------------- 1 $84.47 11 $8.86 21 $5.32 2 42.86 12 8.24 22 5.15 3 28.99 13 7.71 23 4.99 4 22.06 14 7.26 24 4.84 5 17.91 15 6.87 25 4.71 6 15.14 16 6.53 26 4.59 7 13.16 17 6.23 27 4.47 8 11.68 18 5.96 28 4.37 9 10.53 19 5.73 29 4.27 10 9.61 20 5.51 30 4.18 *Values are based on compound interest at 3% a year.
Life Income Plans. (A) One Life -Paid monthly during the lifetime of the Payee. We will guarantee payments for either 10 or 20 years and for as long as the Payee lives. The amount of the payment is not guaranteed if a variable payout is selected. If a fixed payout is selected, the payments for each $1,000 applied will not be less than those shown in the One Life Table. The amount paid is based on the Payee's sex and age on the date of the first annuity payment. Payments guaranteed for 10 or 20 years may be commuted. Payments guaranteed only for the life of the Payee may not be commuted.
(B) Joint and Survivor -paid in monthly payments jointly to two Payees and after one dies to the surviving Payee. The amount paid is based on the sex and age of both Payees on the date of the first payment. If either one dies before the due date of the first payment, We will pay the survivor under the Life Income Plan A with payments guaranteed for 10 years. Payments may not be commuted.
Life Income Plans
