Payments on Death During Withdrawal Phase. If the GLWB Participant Dies After the Initial Installment Date as a Single Covered Person If the GLWB Participant dies after the Initial Installment Date without a second Covered Person, the GLWB will terminate and no further Installments will be paid. The remaining Covered Fund Value will be distributed to the Beneficiary in accordance with Plan provisions or a separate Beneficiary election. A Beneficiary is not entitled to establish or maintain a Benefit Base. Additionally, a Beneficiary is not entitled to start or continue to receive Installments or GAWs. If the GLWB Participant Dies After the Initial Installment Date and while a Joint Covered Person is Living If permitted by the Contract and the Code, upon the death of a GLWB Participant who has selected a joint Covered Person, the joint Covered Person will receive, until his or her death, Installments based on the deceased GLWB Participant’s election. Upon death of the joint Covered Person, the GLWB will terminate, no further Installments will be paid, and any remaining Covered Fund Value will be distributed in accordance with the Code and the terms of the Plan. Alternatively, the surviving Covered Person may elect to receive the Covered Fund Value as a lump sum Distribution. Any election made by the Beneficiary pursuant to this section is irrevocable.
Payments on Death During Withdrawal Phase. If a Single Covered Person Dies After the Initial Installment Date If the Covered Person dies after the Initial Installment Date without a second Covered Person, the GLWB will terminate and no further Installments will be paid. The remaining Covered Fund Value will be distributed to the Beneficiary in accordance with the Beneficiary election. A Beneficiary is not entitled to establish or maintain a Benefit Base. Additionally, a Beneficiary is not entitled to start or continue to receive Installments or GAWs. If a Joint Covered Person Dies After the Initial Installment Date and while Second Joint Covered Person is Living If permitted by the Contract and the Code, upon the death of the IRA Owner who has selected a joint Covered Person, the joint Covered Person will receive, until his or her death, Installments based on the existing election. Upon death of both joint Covered Persons, the GLWB will terminate, no further Installments will be paid, and any remaining Covered Fund Value will be distributed in accordance with the Code. Alternatively, the surviving Covered Person may elect to receive the Covered Fund Value as a lump sum distribution. Any election made by the Beneficiary or Covered Person pursuant to this section is irrevocable.
Payments on Death During Withdrawal Phase. If a Certificate Owner Dies After the Initial Installment Date as a Single Covered Person If a Certificate Owner dies after the Initial Installment date without a second Covered Person, the GLWB will terminate and no further Installments will be paid. If the death occurs before the Settlement Phase, the remaining Covered Fund Value shall be distributed to the Beneficiary in accordance with the terms of the Investment Portfolio. If permitted by the Investment Portfolio and the Code, if applicable, the Beneficiary may elect to have a new Certificate issued with the Beneficiary as the sole Certificate Owner, Covered Person and GLWB Elector, in which event an initial Benefit Base shall be established and he or she will be subject to all terms and conditions of the Certificate, the Investment Portfolio and the Code, if applicable. Any election made by the Beneficiary is irrevocable. If a GLWB Elector Dies After the Initial Installment Date while Second Covered Person is Living Upon the death of a Certificate Owner after the Initial Installment Date, and while a second Covered Person who was legally married to the deceased Certificate Owner under applicable Federal law on the date of death is still living, the surviving Covered Person may elect to become the sole Certificate Owner, Covered Person and GLWB Elector (if permitted by the terms of the Investment Portfolio and the Code, if applicable), and he or she will acquire all rights under the Certificate and continue to receive GAWs based on the original Certificate Owner/GLWB Elector’s election. Installments may continue to be paid to the surviving Covered Person based on the XXX% for Joint Covered Persons in Section 5.01. Installments will continue to be paid to the surviving Covered Person until his or her death and, upon death, the surviving Covered Person’s beneficiary will receive any remaining Covered Fund Value if such death occurs before the Settlement Phase. Alternatively, the surviving Covered Person may elect to receive his or her portion of the Covered Fund Value as a lump sum Distribution. In either situation the Ratchet Date will be the date when the Account is established. To the extent to that the surviving Covered Person becomes the sole Owner, Covered Person and GLWB Elector, he or she will be subject to all terms and conditions of the Certificate, the Investment Portfolio and the Code, if applicable. Any election made by the Beneficiary pursuant to this section is irrevocable.
