Period Certain Annuity Clause Samples
Period Certain Annuity. The term "Period Certain Annuity" means an annuity not involving life contingencies issued by us which does not permit any prepayment of the unpaid principal (that is, you cannot elect to receive part of your payments as a single sum payment with the remainder paid in monthly annuity payments).
Period Certain Annuity. An annuity payable for a Period Certain of from 5 to 20 years, as elected. If the Annuitant dies before payments have been made for the Period Certain elected, payments will continue to the beneficiary during the remainder of such Period Certain. The beneficiary may elect to receive the commuted value of the remaining guaranteed payments in a lump sum. The value will be based on the then current dollar amount of one payment and the same interest rate which served as a basis for the annuity. Payments under any of these Annuity Payment Options will be determined in accordance with Section 7.07 for a Fixed Annuity and with Section 7.08 for a Variable Annuity. If, when Annuity Payments are elected, Minnesota Mutual is using annuity purchase rates for this class of contract which would result in larger Annuity Payments, they will be used instead of those guaranteed in this contract. Minnesota Mutual reserves the right to require proof satisfactory to it of the age of a Annuitant and any joint annuitant prior to making the first payment under any Annuity Payment Option. Once Annuity Payments begin, the Annuity Payment Option may not be changed.
Period Certain Annuity. Prudential will make monthly Annuity Payments to the Annuitant equal to the Annuity Amount. Prudential will make the first monthly payment on the Annuity Start Date. Prudential will pay subsequent payments on the first day of each month. The total number of payments Prudential will make is the Guaranteed Number of Payments. Once such Guaranteed Number of Payments has been paid, no further payments are due. After the death of the Annuitant, Prudential will compare the total number of payments made to the Annuitant on and after the Annuity Start Date to the Guaranteed Number of Payments. If the number of payments made is less than the Guaranteed Number of Payments, Prudential will pay the lump sum (full value) of the remaining Guaranteed Number of Payments in accordance with the priority order of the second paragraph of Section 2.6.
Period Certain Annuity. Beginning on the Annuity Date, we will make Annuity Payments for a guaranteed period (Period Certain). Annuity Payments cease at the end of the Period Certain elected which must be at least ten (10) years and cannot be more than thirty (30) years. If the last Annuitant dies before the end of the Period Certain, Annuity Payments will continue to be paid at the same frequency then in effect until the end of the Period Certain. The Beneficiary(ies) may instead elect to receive the present value of the remaining Period Certain Annuity Payments in a lump sum. ● THIS CONTRACT IS NON-PARTICIPATING. IT DOES NOT PROVIDE FOR THE PAYMENT OF DIVIDENDS. ● THIS CONTRACT PROVIDES WAIVER OF CONTINGENT DEFERRED SALES CHARGE BENEFITS, IF APPLICABLE. ● CONTRACT VALUES, WITHDRAWAL VALUES AND THE DEATH BENEFIT PROVIDED BY THIS CONTRACT WITH RESPECT TO AMOUNTS ALLOCATED TO THE SEPARATE ACCOUNT ARE BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT. Contract Number: [ ] Latest Permitted Annuity Date: [09/01/2081] Issue Date: [09/01/2021] Contract Schedule Date: [09/01/2021] [Eligibility Date for Waiver of CDSC Under Nursing Home and Hospital Withdrawal Benefit Rider and Terminal Illness Withdrawal Benefit Rider: [09/01/2022]] Product Version: [MassMutual Envision] Owner: [ ] Age and Sex: [35, Female] Joint Owner: [ ] Age and Sex: [35, Female] Annuitant: [ ] Age and Sex: [35, Female] Joint Annuitant: [ ] Age and Sex: [ ] Initial Purchase Payment Received: [$XXXXX ] The minimum Initial Purchase Payment received must be at least [$5,000 for qualified contracts and $10,000 for non-qualified contracts]. The amount shown as the Initial Purchase Payment is as of the Issue Date.
Period Certain Annuity. Beginning on the Annuity Date, we will make Annuity Payments for a guaranteed period (Period Certain). Annuity Payments cease at the end of the Period Certain elected which must be at least ten (10) years and cannot be more than thirty (30) years. If the last Annuitant dies before the end of the Period Certain, Annuity Payments will continue to be paid at the same frequency then in effect until the end of the Period Certain. The Beneficiary(ies) may instead elect to receive the present value of the remaining Period Certain Annuity Payments in a lump sum.
Period Certain Annuity. The term "
Period Certain Annuity. An Annuity with a specified number of Guaranteed Payments without a life contingency.
Period Certain Annuity. Available with a Fixed Annuity Payment only, this option provides Annuity Payments that are made to the Payee for a designated period, which may be from 10 to 30 years. Annuity Payments are guaranteed for the Period Certain elected. If the Annuitant should die within the guaranteed period, the payments would continue for the remainder of that period to the Beneficiary. If the Annuitant dies after the guarantee period, there are no payments to the Beneficiary. Other Annuity Payment Options may be available upon request. Adjusted Annuitant Age - Annuity Payments under Options 1, 2, and 3 are based on the Adjusted Age of the Annuitant. The Adjusted Age is the Annuitant's actual age on the Annuitant's nearest birthday, at the Income Date, adjusted as follows: Income Date Adjusted Age ----------- ------------ Before 2010 Actual Age 2010-2019 Actual Age minus 1 2020-2026 Actual Age minus 2 2027-2033 Actual Age minus 3 2034-2040 Actual Age minus 4 After 2040 Determined by the Company Fixed Annuity Payment Option - This option provides a fixed payment that does not change over the time period selected. Once this option is selected, the Accumulated Value of the Contract is transferred from the Separate Account to the Company's General Account to fund all future payments. No further Transfers are possible. Determination of a Fixed Payment - The amount of the Fixed Annuity Payment will depend on the Accumulated Value of the Contract and the Annuity Payment Option selected. If a life income option is selected, the amount will also depend on the age and gender of the Annuitant and Joint Annuitant, if applicable. The amounts shown on the Annuity Tables (in Section VII) represent only the guaranteed minimum for each Annuity Payment, based on an interest rate of 3.25%. The minimum payment amount is $100 (or $20 for residents of SC, TX and MA). The number of payments per year may be adjusted to maintain this minimum amount. Variable Annuity Payment Option - This option provides a variable payment that fluctuates with the investment performance of the Subaccounts chosen by the Owner over the period selected. Determination of the First Variable Payment - The Annuity Tables for this option illustrate the minimum amount of a monthly Variable Annuity Payment for each $1,000 of Accumulated Value. The Tables are based on the AIR of 4%. If the investment performance of the selected Subaccounts exceeds 4% (on an annualized basis) in any period, the Annuity Payment amount will incre...
Period Certain Annuity. An ▇▇▇▇▇▇▇ ▇▇▇▇ ▇ specified number of Guaranteed Payments without a life contingency.