– Refund Life Annuity Sample Clauses
A Refund Life Annuity clause ensures that if the annuitant dies before receiving payments equal to the original premium paid, the remaining balance is refunded to a designated beneficiary. In practice, this means that the annuity continues to make payments either for the lifetime of the annuitant or until the total payments equal the initial investment, whichever comes later. This clause provides financial protection to the annuitant's heirs, addressing concerns about losing the invested principal if the annuitant passes away prematurely.
– Refund Life Annuity. We make Annuity Payments during the lifetime of the Annuitant. The last payment will be the one that is due before the Annuitant’s death. After the Annuitant’s death, the Payee can receive a lump sum refund. The amount of the refund equals the Adjusted Contract Value on the Annuity Date minus all Annuity Payments made. If the Payee and Annuitant were the same person, we will make payments to the Owner. If the Payee, Annuitant and Owner were the same person, we will make payments to the Beneficiary.
– Refund Life Annuity. We will make monthly Annuity Payments during the lifetime of the Annuitant ceasing with the last Annuity Payment due prior to the Annuitant's death with a guarantee that at the Annuitant's death, you will receive a refund. For a Fixed Annuity the amount of the refund will be any excess of the amount of the Adjusted Contract Value applied under this Option over the total of all Annuity Payments made under this Option. For a Variable Annuity the amount of the refund will be the then dollar value of the number of Annuity Units equal to (1) the Adjusted Contract Value applied to this Option divided by the Annuity Unit value used to determine the first Annuity Payment, minus (2) the product of the number of the Annuity Units represented by each monthly Annuity Payment and the number of payments made. This calculation will be based upon the assumption that the allocation of Annuity Units actually in-force at the time of the Annuitant's death had been the allocation of Annuity Units at issue and at all times thereafter. If the refund calculated above is not greater than zero there will be no refund paid.
– Refund Life Annuity. We make Annuity Payments during the lifetime of the Annuitant. The last payment will be the one that is due before the Annuitant’s death. After the Annuitant’s death, the Payee can receive a lump sum refund. For fixed Annuity Payments, the refund equals the Adjusted Base Account Value on the Annuity Date minus all Annuity Payments made. For variable Annuity Payments, the refund is the sum of refund amounts attributable to each Investment Option. We calculate the refund amount for a given Investment Option using the following formula.
(a) x {[(b) x (c) x (d)/(e)] – [(d) x (f)]}, where:
(a) is the Annuity Unit value of the subaccount for that Investment Option as of the Business Day when due proof of death of the Annuitant is received by us.
(b) is the amount applied to variable Annuity Payments on the Annuity Date.
(c) is the allocation percentage in that subaccount, in decimal form, as of the Business Day when due proof of death of the Annuitant is received by us.
(d) is the number of Annuity Units used in determining each variable Annuity Payment attributable to that subaccount as of the Business Day when due proof of death of the Annuitant is received by us.
(e) is the dollar value of the first variable Annuity Payment.
(f) is the number of variable Annuity Payments made since the Annuity Date. We base this calculation on the allocation of Annuity Units in force as of the Business Day when due proof of death of the Annuitant is received by us. If the total refund determined using the above calculation is less than or equal to zero, no refund payment is due. L40533-NY 12
– Refund Life Annuity. We make Annuity Payments during the lifetime of the Annuitant. The last payment will be the one that is due before the Annuitant's death. After the Annuitant's death, the Payee can receive a lump sum refund. The amount of the refund equals the Contract Value on the Annuity Date minus all Annuity Payments made. If the Payee and Annuitant were the same person, we will make payments to the Owner. If the Payee, Annuitant and Owner were the same person, we will make payments to the Beneficiary. L40538-IAI 11 [Admin Tracking Identifier]
– Refund Life Annuity. We will make monthly Annuity Payments during the lifetime of the Annuitant ceasing with the last Annuity Payment due prior to the Annuitant's death with a guarantee that at the Annuitant's death, you will receive a refund. For a fixed Annuity Option, the amount of the refund will be any excess of the amount of the amount available for Annuity Payments applied under this Option over the total of all Annuity Payments made under this Option. For a variable Annuity Option, the amount of the refund will be the then dollar value of the number of Annuity Units equal to (1) the amount available for Annuity Payments applied to this Option divided by the Annuity Unit value used to determine the first Annuity Payment, minus (2) the product of the number of the Annuity Units represented by each monthly Annuity Payment and the number of
– Refund Life Annuity. The amount of the refund equals the Adjusted Portfolio Choice Account Value on the Annuity Date minus all Annuity Payments made.
– Refund Life Annuity. We make Annuity Payments during the lifetime of the Annuitant. The last payment will be the one that is due before the Annuitant's death. After the Annuitant's death, the Payee can receive a lump sum refund. The amount of the refund equals the Contract Value on the Annuity Date minus all Annuity Payments made. If the Payee and Annuitant were the same person, we will make payments to the Owner. If the Payee, Annuitant and Owner were the same person, we will make payments to the Beneficiary. L40538-IAI 11 [Admin Tracking Identifier] If the sole Owner dies during the Accumulation Phase, we pay the Death Benefit to the Beneficiary(ies). If a Joint Owner dies during the Accumulation Phase, the surviving Joint Owner automatically becomes the sole primary Beneficiary, replacing all the primary Beneficiaries previously named, and we pay the Death Benefit to the surviving Joint Owner. If the Owner is a non-individual and the Annuitant dies during the Accumulation Phase, we pay the Death Benefit to the Beneficiary(ies). If a Beneficiary predeceases you, or you and a Beneficiary die simultaneously as defined by applicable state law or regulation, that Beneficiary's interest in this contract ends, unless your Beneficiary designation specifies otherwise. For multiple Beneficiaries, any surviving Beneficiaries receive equal portions of the Death Benefit unless your Beneficiary designation specifies unequal percentages. If you specify unequal percentages, we pay the deceased Beneficiary's percentage of the Death Benefit to the surviving Beneficiaries proportionally, unless you have specified otherwise. If there are no surviving primary Beneficiaries, we pay the Death Benefit to the contingent Beneficiaries who survive you. If there are no surviving Beneficiaries or if there is no named Beneficiary, we pay the Death Benefit to your estate or the Owner (if the Owner is a non-individual).
– Refund Life Annuity. We will make periodic Annuity Payments during the lifetime of the Annuitant ceasing with the last Annuity Payment due prior to the Annuitant's death. At the Annuitant's death, you may receive a refund. If the value of the Annuity Payments made is less than the value applied to the Annuity Option, then the Beneficiary will receive a lump sum refund plus any positive Stabilization Account Value. For a fixed Annuity Option, the amount of the refund will be any excess of the value applied under this Option over the total of all fixed Base Annuity Payments made under this Option. For a variable Annuity Option, the amount of the refund will depend on the current Investment Option allocation and will be the sum of refund amounts attributable to each Investment Option. The refund amount for a given Investment Option is calculated using the following formula: