Survivorship Annuity Sample Clauses

Survivorship Annuity. The monthly annuity shall be payable to the annuitant for as long as the annuitant lives. After the death of the annuitant, a portion (all, 2/3, or 1/2, as specified in the election) of the annuitant's monthly annuity shall be paid to the contingent annuitant named in the election for as long as the contingent annuitant lives. An election of this option is automatically cancelled if either the Participant or the contingent annuitant dies before the Annuity Commencement Date.
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Survivorship Annuity. A monthly annuity is payable as long as the annuitant lives. After the annuitant's death, all or a portion of the monthly annuity is paid to the contingent annuitant as long as the contingent annuitant lives. If a certain period annuity is available, the certain period may not extend beyond your life expectancy or the joint life expectancy of you and your contingent annuitant, as determined on the Annuity Commencement Date.
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Survivorship Annuity. Proceeds are payable in monthly installments for as long as either the first payee or surviving payee lives. The Contract Proceeds may be paid in any other method or frequency of payment acceptable by us. Contract Proceeds payable in one sum will accumulate at interest from the date of death or surrender to the payment date at the rate of interest then paid by us or at the rate specified by statute, whichever is greater.
Sample 1Sample 2
Survivorship Annuity. Proceeds are payable in monthly installments for as long as either the first payee or surviving payee lives. The Contract Proceeds may be paid in any other method or frequency of payment acceptable by us. Contract Proceeds payable in one sum will accumulate at interest from the date of death or surrender to the payment date at the rate of interest then paid by us or at the rate specified by statute, whichever is greater. ADJUSTED AGE - An adjusted age is calculated as follows: (a) Determine a payee's actual age in years and full months on the date payments are to begin.
Sample 1
Survivorship Annuity. The amount of income is based on the adjusted age of each of the annuitants on the date of the first payment.
Sample 1
Survivorship Annuity. An annuity payable monthly during the lifetime of the Annuitant, and after the death of the Annuitant, 66 2/3% or 100% (as specified in the election) of such annuity will be paid to the contingent annuitant named in the election if and so long as such contingent annuitant lives. An election of this option shall be automatically cancelled if either the contingent annuitant or Participant dies prior to his Annuity Commencement Date. TA-VAH;5--1,2 payment of the ten dollar value of the number of annuity units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under this option divided by the annuity unit value at the Annuity Commencement Date and (b) is the number of annuity units represented by each monthly payment multiplied by the number of monthly payments made. Any other option that is mutually agreed upon between the Participant and the Company will be made available. Provided, however, in no event shall any option selected provide a Retirement Annuity to the Participant or to the Participant and his Spouse which will extend for a period beyond the life expectancy of such Participant or such Participant and his Spouse as determined on the date the Participant retires. The first payment under any option will be determined in accordance with Section 3 of this Article.
Sample 1
Survivorship Annuity. An annuity payable monthly during the lifetime of the Annuitant, and after the death of the Annuitant, 50%, 66 2/3% or 100% (as specified in the election) of such annuity will be paid to the contingent annuitant named in the election if and so long as such contingent annuitant lives. An election of this option shall be automatically cancelled if either the contingent annuitant or Participant dies prior to his Annuity Commencement Date. OPTION 4--UNIT REFUND LIFE ANNUITY. An annuity payable monthly during the lifetime of the Annuitant and terminating with the last monthly payment preceding the death of the Annuitant, provided that, at the death of the Annuitant, the beneficiary designated by the Annuitant will receive an additional payment of the then dollar value of the number of annuity units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under this option divided by the annuity unit value at the Annuity Commencement Date and (b) is the number of annuity units represented by each monthly payment multiplied by the number of monthly payments made. Any other option that is mutually agreed upon between the Participant and the Company will be made available. Provided, however, in no event shall any option selected provide a Retirement Annuity to the Participant or to the Participant and his Spouse which will extend for a period beyond the life expectancy of such Participant or such Participant and his Spouse as determined on the date the Participant retires. The first payment under any option will be determined in accordance with Section 3 of this Article.
Sample 1
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Related to Survivorship Annuity

  • Survivorship The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

  • Rights of Survivorship If your account is a joint account, the account is owned as a joint account with rights of survivorship. Upon the death of one of the joint account owners, that person’s interest will become the property of the surviving joint account owners.

  • NO RIGHT OF SURVIVORSHIP NON-TRANSFERABILITY You acknowledge, understand and agree that your account is non-transferable and any rights to your ID and/or contents within your account shall terminate upon your death. Upon receipt of a copy of a death certificate, your account may be terminated and all contents therein permanently deleted.

  • Qualified Joint and Survivor Annuity Unless an optional form of benefit is selected pursuant to a qualified election within the 90-day period ending on the annuity starting date, a married Participant's Vested account balance will be paid in the form of a qualified joint and survivor annuity and an unmarried Participant's Vested account balance will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan.

  • Survivors Benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

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