Common use of PERIODIC DISTRIBUTION OPTION Clause in Contracts

PERIODIC DISTRIBUTION OPTION. The Annuitant may elect pursuant to Section 4.02 to receive the Account Balance of each of the Annuitant's Accounts under the periodic distribution option described in this Section 4.04, so long as such payments extend for a period of three years or longer. Such option, subject to the conditions set forth in the following subparagraphs and the provisions of Section 4.05, provides either: (a) PERIOD CERTAIN: A series of monthly, quarterly, semi-annual or annual installment payments (as specified by the Annuitant) over a number of whole years beginning as of the Annuitant's Retirement Date, such number of whole years being the lesser of (i) the number of whole years designated by the Annuitant before the Annuitant's Retirement Date and (ii) the number of years equal to the greater of the life expectancy of the Annuitant and the joint and last survivor life expectancy of the Annuitant and the Annuitant's designated beneficiary as of the Annuitant's Retirement Date, rounded to the next lower whole year. If permitted by AXA Equitable pursuant to its rules in effect at the time, the life expectancy of the Annuitant and his/her spouse may be recalculated once each year. The life expectancy of a beneficiary other than the Annuitant's spouse may not be recalculated after distribution has commenced.

PERIODIC DISTRIBUTION OPTION. The Annuitant may elect pursuant to Section 4.02 to receive the Account Balance of each of the Annuitant's Accounts under the periodic distribution option described in this Section 4.04, so long as such payments extend for a period of three years or longer. Such option, subject to the conditions set forth in the following subparagraphs and the provisions of Section 4.05, provides either: (a) PERIOD CERTAIN: A series of monthly, quarterly, semi-annual or annual installment payments (as specified by the Annuitant) over a number of whole years beginning as of the Annuitant's Retirement Date, such number of whole years being the lesser of (i) the number of whole years designated by the Annuitant before the Annuitant's Retirement Date and (ii) the number of years equal to the greater of the life expectancy of the Annuitant and the joint and last survivor life expectancy of the Annuitant and the Annuitant's designated beneficiary as of the Annuitant's Retirement Date, rounded to the next lower whole year. If permitted by AXA Equitable pursuant to its rules in effect at the time, the life expectancy of the Annuitant and his/her spouse may be recalculated once each year. The life expectancy of a beneficiary other than the Annuitant's spouse may not be recalculated after distribution has commenced.