Common use of MARKET VALUE LUMP SUM ALTERNATIVE Clause in Contracts

MARKET VALUE LUMP SUM ALTERNATIVE. If you elect this Alternative, we will pay you the discounted present value of the [six (6)] equal installments described above in a single lump sum payment. We may defer payment for a period that is not longer than [90] days from the date you elect this Alternative in writing. The single lump sum payment will be equal to the greater of: (1) The present value of each of the installment payments discounted back to the Date of Termination at a rate equal to the annualized yield on the [U.S. Treasury Strip plus 75 basis points,] or (2) The Contributions to the General Account less the transfers and Surrenders from the General Account with interest on [90%] of this result accrued at [3%,] less any applicable taxes and applicable Contingent Deferred Sales Charges.

MARKET VALUE LUMP SUM ALTERNATIVE. If you elect this Alternative, we will pay you the discounted present value of the [six (6)] equal installments described above in a single #9 lump sum payment. We may defer payment for a period that is not longer than [90] days #9 from the date you elect this Alternative in writing. The single lump sum payment will be equal to the greater of: (1) The present value of each of the installment payments discounted back to the Date of Termination at a rate equal to the annualized yield on the [U.S. Treasury Strip plus 75 basis points,] , or (2) The Contributions to the General Account less the transfers and Surrenders from the General Account with interest on [90%] of this result accrued at [3%,] less any applicable taxes and applicable Contingent Deferred Sales Charges. #18, #17 However, the single lump sum will not exceed the Balance at Termination.