PAYMENT OF DEATH BENEFIT. If the Beneficiary elects a single sum payment of the Death Benefit, we will make payment within seven (7) days after the Death Benefit Valuation Date. If an annuity payout is requested, it may be any annuity payout that could have been selected under Section 8 and which is permitted by IRC Sections 401(a)(9), 403(b)(10) and the regulations thereunder.
Appears in 2 contracts
Samples: Annuity Contract (Separate Account One of Northern Life Insurance Co), Annuity Contract (Separate Account One of Northern Life Insurance Co)
PAYMENT OF DEATH BENEFIT. If the Beneficiary elects a single sum payment of the Death Benefit, we will make payment within seven (7) days after the Death Benefit Valuation Date. If an annuity payout is requested, it may be any annuity payout that could have been selected under Section 8 and which is permitted by IRC Sections 401(a)(9), 403(b)(10) 408(b)(3), and the regulations thereunder.
Appears in 2 contracts
Samples: Flexible Premium Individual Deferred Retirement Annuity Contract (Separate Account One of Northern Life Insurance Co), Right to Examine and Cancel Contract (Separate Account One of Northern Life Insurance Co)
PAYMENT OF DEATH BENEFIT. If the Beneficiary elects a single sum payment of the Death Benefitdeath benefit, we will make payment within seven (7) days after the Death Benefit Valuation Date. If an annuity payout is requested, it may be any annuity payout that payout:
1. That could have been selected under Section 8 and which 8; and
2. Which is permitted by IRC Code Sections 401(a)(9), 403(b)(10) 408(b)(10), and the regulations thereunder.
Appears in 1 contract
Samples: Flexible Premium Individual Deferred Annuity Contract (Separate Account N of Reliastar Life)
PAYMENT OF DEATH BENEFIT. If the Beneficiary elects a single sum payment of the Death Benefitpayment, we will make payment within seven (7) days after the Death Benefit Valuation Date. If an annuity payout is requested, it may be any annuity payout that payout:
1. That could have been selected under Section 8 and which 8; and
2. Which is permitted by IRC Code Sections 401(a)(9), 403(b)(10) 408(b)(3), and the regulations thereunder.
Appears in 1 contract
Samples: Flexible Premium Individual Deferred Annuity Contract (Separate Account N of Reliastar Life)
