LUMP SUM SETTLEMENT. By written notice to Minnesota Mutual by the Contract Owner at least 30 days prior to the Annuity Commencement Date, a lump sum settlement of a Participant's Accumulation Value decreased by any applicable deferred sales charge may be elected in lieu of the application of such value to provide Annuity Payments for the Participant under an Annuity Payment Option. After such lump sum settlement has been made, the Participant shall have no further rights under this contract.
Appears in 3 contracts
Samples: Minnesota Mutual Group Variable Annuity Account, Minnesota Mutual Group Variable Annuity Account, Minnesota Mutual Group Variable Annuity Account
LUMP SUM SETTLEMENT. By written notice to Minnesota Mutual by the Contract Owner at least 30 days prior to the Annuity Commencement Date, a lump sum settlement of a Participant's Accumulation Value decreased by any applicable deferred sales charge may be elected in lieu of the application of such value to provide Annuity Payments for the Participant under an Annuity Payment Option. After such lump sum settlement has been made, the Participant shall have no further rights under this contract.. 18
Appears in 1 contract
LUMP SUM SETTLEMENT. By written notice to Minnesota Mutual by the Contract Owner at least 30 days prior to the Annuity Commencement Date, a lump sum settlement of a Participant's Accumulation Value decreased by any applicable deferred sales charge may be elected in lieu of the application of such value to provide Annuity Payments for the Participant under an Annuity Payment Option. After such lump sum settlement has been made, the Participant shall have no further rights under this contract.
Appears in 1 contract
