Common use of PAYMENT AT DEATH Clause in Contracts

PAYMENT AT DEATH. The Company will make a payment to the beneficiary upon receipt at its Home Office of satisfactory proof of the death of the Annuitant before the Maturity Date. The payment at death will be the Accumulation Value of the contract determined on the effective date of the payment at death. The payment at death will be effective on the Valuation Date on which proof of death is received at the Home Office or, if later, the date on which a method of payment is elected. However, payment at death will be effective on the next following Valuation Date if the proof of death is received at the Home Office either: - on a Valuation Date after the close of trading on the New York Stock Exchange; or - on a day on which the New York Stock Exchange is closed. If the date of death is before the Annuitant's 65th birthday, the payment at death will not be less than: - total Purchase Payments paid under the contract; less - any amounts withdrawn under Section 4.5.

PAYMENT AT DEATH. The Company will make a payment to the beneficiary upon receipt at its Home Office of satisfactory proof of the death of the Annuitant before the Maturity Date. The payment at death will be the Accumulation Value of the contract determined on the effective date of the payment at death. The payment at death will be effective on the Valuation Date on which proof of death is received at the Home Office or, if later, the date on which a method of payment is elected. However, payment at death will be effective on the next following Valuation Date if the proof of death is received at the Home Office either: - • on a Valuation Date after the close of trading on the New York Stock Exchange; or - • on a day on which the New York Stock Exchange is closed. If the date of death is before the Annuitant's ’s 65th birthday, the payment at death will not be less than: - • total Purchase Payments paid under the contract; less - • any amounts withdrawn under Section 4.53.5.