Sum Payable at Death Sample Clauses
The 'Sum Payable at Death' clause defines the amount of money that will be paid out upon the death of the insured individual under a life insurance policy or similar agreement. This clause specifies the exact sum or the method for calculating the benefit, ensuring that beneficiaries receive a predetermined payout. By clearly stating the financial obligation triggered by the insured's death, this clause provides certainty to both the policyholder and beneficiaries, addressing the need for financial security and clarity in the event of a loss.
Sum Payable at Death. (Before Annuity Payments Start):
(a) The Contract Holder dies before Annuity payments start; and
(b) The death certificate or due proof of death is received in Good Order at our Home Office. The sum payable will be the Current Value on the date when the notice is received in Good Order at our Home Office. The Beneficiary may choose to apply any sum under an Annuity Option (see 4.08), subject to any other terms and conditions of this Contract, or to receive a lump sum payment. Prior to any election, or until amounts must otherwise be distributed, the Beneficiary assumes all nonforfeitable rights under this Contract. If the Beneficiary is the Contract ▇▇▇▇▇▇'s surviving spouse, the first Annuity payment or the lump sum payment may be deferred to a date not later than December 31 of the year in which the Contract Holder would have attained age 70 1/2 or such later date as may be allowed under federal law or regulations. The spouse may choose to treat this Contract as his or her own. If the Beneficiary is not the Contract ▇▇▇▇▇▇'s surviving spouse, all of the Current Value must either be applied to an Annuity Option by December 31st of the year following the year of the Contract ▇▇▇▇▇▇'s death or be paid to the Beneficiary by December 31st of the year containing the fifth anniversary of the Contract ▇▇▇▇▇▇'s date of death. In no event may payments to any Beneficiary under an Annuity Option extend beyond the life of the Beneficiary or any period certain greater than the Beneficiary's life expectancy. If no Beneficiary exists, the payment will be made to the estate of the Contract Holder.
Sum Payable at Death. (Before Annuity Payments Start):
(I) The Company will pay any portion of the Individual Account(s) Current Value to the beneficiary when:
(a) The Participant dies before Annuity payments start; and
(b) The certified copy of the death certificate and a completed and signed election form is submitted to our Service Center.
(II) A guaranteed death benefit is available if the beneficiary requests either a lump-sum payment or an Annuity option. In the case of a spousal beneficiary, a guaranteed death benefit is also available upon re-registration of the account in the spousal beneficiary’s name if a guaranteed death benefit amount, as described in (a) below, was not paid on the Participant’s death. For each Individual Account, the guaranteed death benefit is guaranteed to be the greater of:
(a) The sum of all Net Purchase Payment(s) to the Individual Account, adjusted dollar for dollar for amount(s) surrendered, taken as a loan or applied to an income phase payment option; or
(b) The Current Value of the Individual Account, minus any outstanding loan balance, plus the aggregate MVA, only if it is positive, on the date the notice of death and the request for payment are received in good order at our Service Center. The following language is hereby substituted for (II)(a) above if it would result in a higher death benefit for the Participant. The amount payable above to the beneficiary in (II)(a) is initially equal to the first Net Purchase Payment. This amount is then adjusted upon each subsequent Net Purchase Payment, loan repayment, partial surrender, or for any amount taken as a loan or any amount applied to an income phase payment option. The adjustment for subsequent Net Purchase Payments and loan repayments made will be dollar for dollar. The adjustment for amounts surrendered, taken as a loan or applied to an income phase payment option will be proportionate, reducing the sum of all Net Purchase Payments made in the same proportion that the Current Value, minus any outstanding loan balance, was reduced on the date of the partial surrender, loan or application to an income phase payment option.
(III) If the amount of the death benefit in (II)(a) (under the applicable calculation method of the two methods described above) is greater than the amount in (II)(b), the Company will deposit to the Contract the amount by which the death benefit exceeds the Current Value, minus any outstanding loan balance. The amount paid to the beneficiary will equal the Current ...
Sum Payable at Death. (Before Annuity Payments Start): The Current Value payable under the terms of this section will be reduced by the amount of the accrued interest on any outstanding loan. Aetna will pay the Current Value to the beneficiary if:
(1) The Participant dies before Annuity payments start; and
(2) The notice of death is received in good order by Aetna. The sum paid will be the Current Value on the date the notice is received at Aetna's Home Office. The amount paid from the Fixed Account will not be less than the Net Purchase Payment(s) allocated to the Fixed Account under the Participant's Individual Account (less any prior transfers (see 3.12), surrenders, Maintenance Fees, or amounts used to purchase Annuity Options). The beneficiary, if a spouse, may choose to apply all or any portion of the payment to an Annuity Option. If the beneficiary is not a spouse, all of the payment must either be applied only to Annuity Option 1 or 2 within one year of the Participant's death, or be paid to the beneficiary within 5 years of the death of the Participant. (see Part IV). If no beneficiary exists, the payment will be made to the estate of the Participant.
Sum Payable at Death. If you die, any benefits due are payable as specified by the Plan. The program provides a death benefit, payable to the beneficiary named under the Plan .Your employer is the beneficiary, but may direct that we make any payments to the beneficiary you name under the plan (plan beneficiary). Distributions for all participants must begin in the form of periodic benefit payments no later than the April 1 following the calendar year in which you turn age 70½, or retire, whichever occurs later, or be made in a lump sum by the same date. The Plan will specify how the distribution is to be paid. Unless otherwise permitted by the ING Stable Value Fund, plan sponsor initiated transfers and withdrawals may not be made sooner than twelve (12) months from the date ING receives written notice of the request for withdrawal. If this provision is invoked, access to balances in the ING Stable Value Fund may be delayed.
Sum Payable at Death. (Before Annuity Payments Start):
(a) The Participant dies before Annuity payments start; and
(b) The notice of death is received by the Company. The sum paid will be the Current Value for the Valuation Period in which the notice is received in Good Order at the Company's Home Office.
Sum Payable at Death. (Before Annuity Payments Start) Aetna will pay to the beneficiary the value of the Individual Account in the case of a Defined Contribution Plan (see section 3.02), or the Participant's accrued benefit under the Plan in the case of a Defined Benefit Plan (see section 3.03), if:
(a) the participant dies before Annuity payments start; and
(b) the notice of death is received by Aetna.
Sum Payable at Death. If the payee of the death proceeds is your (Before Annuity Payments surviving spouse (as your designated Start) (Cont'd): beneficiary), the first Annuity payment or the lump sum payment may be deferred to a date not later than when you would have attained age 70 1/2 or such later date as may be allowed under federal law or regulations. If the beneficiary is not the surviving spouse, all of the Current Value must either be applied to an Annuity Option within one year of your death or be paid to the payee within 5 years of your death (see Part IV). In no event may any payments to the beneficiary under an Annuity Option extend beyond:
(a) The life of the payee determined as of the date payments are to commence; or
(b) Any certain period greater than the payee's life expectancy as determined by regulations under Code Section 401 (a)(9) as of the date payments are to begin.
Sum Payable at Death. Upon receipt of proof of the death of a Participant prior to the Annuity Commencement Date, Aetna agrees to pay certain Contract values to the beneficiary. If this is an Allocated Contract pursuant to Section 2.04, the payment at death will be the sum of the Participant's Individual Account. If this is an Unallocated Contract pursuant to Section 2.05, the payment at death will be his vested accrued benefit being held under this Contract. Any payment by reason of death may be taken in a lump sum or under any settlement options available in individual annuities then being issued by Aetna.