Common use of Maturity Proceeds Clause in Contracts

Maturity Proceeds. On the maturity date we will pay the maturity proceeds to the Annuitant, if living. The maturity proceeds will be equal to: (1) the cash surrender value as described in Section 5.5 if you choose a lump sum or payment options 1, 2, or 3: or (2) the contract value as described in Section 5.1 if you choose payment options 4 or 5. If you fail to make another selection of a payment option or lump sum payment, we will apply the contract value under payment option 4 with an installment refund option of 120 months. This means that the monthly payments will continue for a minimum of 120 months and as long thereafter as the Annuitant lives. If the Annuitant dies before receiving a total of 120 monthly payments, we will continue to make monthly payments to the beneficiary until a total of 120 payments have been made. The beneficiary may elect in writing to receive the present value of any remaining guaranteed payments in a single sum.

Maturity Proceeds. On the maturity date we will pay the maturity proceeds to the Annuitant, if living. The maturity proceeds will be equal to: (1) the cash surrender value as described in Section 5.5 if you choose a lump sum or payment options 1, 2, or 3: ; or (2) the contract value as described in Section 5.1 if you choose payment options 4 or 5. If you fail to make another selection of a payment option or lump sum payment, we will apply the contract value under payment option 4 with an installment refund option of 120 months. This means that the monthly payments will continue for a minimum of 120 months and as long thereafter as the Annuitant lives. If the Annuitant dies before receiving a total of 120 monthly payments, we will continue to make monthly payments to the beneficiary until a total of 120 payments have been made. The beneficiary may elect in writing to receive the present value of any remaining guaranteed payments in a single sum.

Maturity Proceeds. On the maturity date we will pay the maturity proceeds to the Annuitant, if living. The maturity proceeds will be equal to: (1) to the cash surrender value as described in Section 5.5 if you choose a lump sum or payment options 1, 2, or 3: or (2) the contract value as described in Section 5.1 if you choose payment options 4 or 55.5. If you fail to make another selection of a payment option or lump sum payment, we will apply the contract value under payment option 4 with an installment refund option of 120 months. This means that the monthly payments will continue for a minimum of 120 months and as long thereafter as the Annuitant lives. If the Annuitant dies before receiving a total of 120 monthly payments, we will continue to make monthly payments to the beneficiary until a total of 120 payments have been made. The beneficiary may elect in writing to receive the present value of any remaining guaranteed payments in a single sum.

Maturity Proceeds. On the maturity date we will pay the maturity proceeds to the Annuitant, if living. The maturity proceeds will be equal to: (1) the cash surrender value as described in Section 5.5 5.6 if you choose a lump sum or payment options 1, 2, or 3: or (2) the contract value as described in Section 5.1 if you choose payment options 4 or 5. If you fail to make another selection of a payment option or lump sum payment, we will apply the contract value under payment option 4 with an installment refund option of 120 months. This means that the monthly payments will continue for a minimum of 120 months and as long thereafter as the Annuitant lives. If the Annuitant dies before receiving a total of 120 monthly payments, we will continue to make monthly payments to the beneficiary until a total of 120 payments have been made. The beneficiary may elect in writing to receive the present value of any remaining guaranteed payments in a single sum.