Other Options Offered by Us Clause Samples

Other Options Offered by Us. You may select any other Settlement Option being offered by Us, in Our sole discretion, at the time You elect to apply a Settlement Option under this contract. At Your direction, We will pay the proceeds of any Settlement Option in monthly, quarterly, semi-annual, or annual modal payments, as long as the periodic payment You select is equal to or greater than the Minimum Modal Annuity Payment amount. If the amount to be applied under any Settlement Option is less than the Minimum Modal Annuity Payment amount, then We will automatically select the next most frequent payment period for which the modal payment exceeds the Minimum Modal Annuity Payment amount. If no available periodic payment results in payments greater than the Minimum Modal Annuity Payment amount, We will pay the Contract Value in a single payment. Minimum payments for all Settlement Options are based on the Annuitization Interest Rate. The mortality table We use for each applicable Settlement Option is identified on the Specifications Pages. The value of any Settlement Option will not be less than would be provided by the application of the Surrender Value to purchase a single premium immediate annuity contract from Us by the same class of annuitants at the time of Your election. At Your Written Request, We will provide a schedule of projected minimum payments under any of the Settlement Options being offered by Us, based on, as applicable, (i) the length of the Guaranteed Annuity Payment Period You specify and (ii) for payments that are based on the life of the Annuitant or the lives of the Annuitant and the Joint Annuitant, (a) the age and sex of the Annuitant and, if applicable, the Joint Annuitant at the election of such Settlement Option and (b) with respect to any Settlement Option providing a joint and last survivor benefit, the age and sex of the surviving Annuitant, if any, at the time the survivor benefit would be triggered. The payments to be made under a Settlement Option are fixed on the date the Contract Value is applied to the Settlement Option and will be reduced by the amount of any applicable premium tax or similar tax. We will make the first payment under any Settlement Option on the next Business Day unless You specify a later Annuity Income Date in Your Written Request to elect a Settlement Option. We will quote the dollar amount of each annuity payment for any age or combination of ages or modal payment period (quarterly, semi-annual, or annual) for any Settlement Opti...