Terms of Annuity Options. 24 4.03 Death of Annuitant/Beneficiary .................................... 25 4.04 Fund(s) Annuity Units -- Separate Account ......................... 26 4.05 Fund(s) Annuity Unit Value -- Separate Account ....................
Terms of Annuity Options. (a) When payments start, the age of the Annuitant plus the number of years for which payments are guaranteed must not exceed 95.
Terms of Annuity Options. 17 4.03 Death of Annuitant/ Beneficiary.................................18
Terms of Annuity Options. The minimum first payment amount must be at least $50 per month and at least $250 per year. If the Certificate Holder elects a fixed Annuity and We determine that the Certificate Holder would receive larger payments by applying the Certificate Holder's Account Value, reduced by the deferred sales charge, to a single premium immediate Annuity currently offered by Us, We will make the larger payments. We determine the first payment of a variable Annuity, or the payment amount of a fixed Annuity, using the Annuitant's (and second Annuitant's if applicable) adjusted age which We calculate as follows:
(a) If Annuity payments begin any time between July 1, 1992 and December 31, 1999, the adjusted age is the Annuitant's age as of the birthday closest in time to the Annuity Date reduced by one (1) year.
(b) If the Annuity begins any time between January 1, 2000 and December 31, 2009, the adjusted age is the Annuitant's age as of the birthday closest in time to the Annuity Date reduced by two (2) years.
(c) For each succeeding decade, the adjusted age is the Annuitant's age as determined in (b), reduced by one additional year. The Annuity rates for Options 2 and 3 are based on mortality from 1983 Table A. Assumed Annual Net Return Rate is the interest rate used to determine the amount of the first Annuity payment under a variable Annuity. The Separate Account must earn this rate plus enough to cover the mortality and expense risks charges (which may include profit) and administrative charges if future variable Annuity payments are to remain level. The Certificate Holder must give written notice to Us at least 30 days before the Annuity payments begin, electing or changing:
(a) The date on which Annuity payments are to begin; (b) The Annuity Option; (c) Whether the payments are to be made monthly, quarterly, semiannually or annually; (
Terms of Annuity Options. (a) When payments start, the age of the Annuitant plus the number of years, if any, for which payments are guaranteed must not exceed 95.
(b) An Annuity Option may not be elected if the first payment would be less than $50 per month or if the total payments in a year would be less than $250 (less if required by state law). We reserve the right to increase the minimum first Annuity payment amount and the annual minimum Annuity payment amount based upon increases reflected in the Consumer Price Index-Urban, (CPI-U) since July 1, 1993.
(c) If a Fixed Annuity under Option 2, 3 or 4 is chosen, we will use the applicable current settlement rate to pay the Annuity benefit. The Annuity benefit at the time of commencement will not be less than would be provided by the application of an amount to purchase any single consideration immediate contract offered by the Company, at that time, to the same class of annuitants. Such amount shall be the present value of the paid-up Annuity benefit under this Contract.
(d) For purposes of calculating the guaranteed first payment of a Variable Annuity or the payments for a Fixed Annuity, the Annuitant's and second Annuitant's adjusted age will be used. The Annuitant's and second Xxxxxxxxx's adjusted age is his or her age as of the birthday closest to the Annuity commencement date reduced by two years for Annuity commencement dates occurring during the period of time from January 1, 2000 through December 31, 2009. The Annuitant's and second Annuitant's age will be reduced by one additional year for Annuity commencement dates occurring in each succeeding decade.
(e) Assumed Annual Net Return Rate is the interest rate used to determine the amount of the first Annuity payment under a Variable Annuity. The Separate Account must earn this rate plus enough to cover the mortality and expense risk charges and, if applicable, any administrative charge if future Variable Annuity payments are to remain level.
(f) Once elected, Annuity payments cannot be commuted to a lump sum except for Variable Annuity payments under Option 2 (see 4.
Terms of Annuity Options. The minimum first payment amount must be at least $50 per month and at least $250 per year. If the Certificate Holder elects a fixed Annuity and We determine that the Certificate Holder would receive larger payments by applying the Certificate Holder's Account Value, reduced by the deferred sales charge, to a single premium immediate Annuity currently offered by Us, We will make the larger payments. We determine the first payment of a variable Annuity, or the payment amount of a fixed Annuity, using the Annuitant's (and second Annuitant's if applicable) adjusted age which We calculate as follows:
(a) If Annuity payments begin any time between July 1, 1992 and December 31, 1999, the adjusted age is the Annuitant's age as of the birthday closest in time to the Annuity Date reduced by one (1) year.
(b) If the Annuity begins any time between January 1, 2000 and December 31, 2009, the adjusted age is the Annuitant's age as of the birthday closest in time to the Annuity Date reduced by two (2) years.
(c) For each succeeding decade, the adjusted age is the Annuitant's age as determined in (b), reduced by one additional year. The Annuity rates for Options 2 and 3 are based on mortality from 1983 Table A.
Terms of Annuity Options. (a) When payments start, the age of the Annuitant plus the number of years, if any, for which payments are guaranteed must not exceed 95.
(b) An Annuity Option may not be elected if the first payment would be less than $100 or if the total payments in a year would be less than $500. We reserve the right to increase the minimum first Annuity payment amount and the annual minimum Annuity payment amount based upon increases reflected in the Consumer Price Index-Urban, (CPI-U) since July 1, 1993.
(c) For an Annuity payment, we will use the applicable current settlement rate to pay the benefit.
(d) For purposes of calculating the payments for an Annuity payment, the Annuitant's and second Annuitant's adjusted age will be used. The Annuitant's and second Anxxxxxxx'x adjusted age is his or her age as of the birthday closest to the Annuity commencement date reduced by two years for Annuity commencement dates occurring during the period of time from January 1, 2000 through December 31, 2009. The Annuitant's and second Annuitant's age will be reduced by one additional year for Annuity commencement dates occurring in each succeeding decade.
(e) Once elected, Annuity payments cannot be commuted to a lump sum. The schedule of payments for an Annuity Option shall be irrevocable once elected.
(f) The Annuity payment rates are based on mortality from 1983 Table a. Rates for ages not shown will be provided on request and will be computed on a basis consistent with the rates shown.
Terms of Annuity Options. (a) When payments start, the age of the Annuitant plus the number of years for which payments are guaranteed must not exceed 95.
(b) The present value of the expected payments to the Annuitant when payments start shall be more than 50% of the present value of the total expected payments to be made; this restriction does not apply if Option 4 is chosen and the second Annuitant is the spouse of the Annuitant.
(c) No choice of any Annuity Option may be made if the first payment would be less than $20 or if the total payments in a year would be less than $100.
(d) If a Fixed Annuity under Option 2, 3 or 4 is chosen and a larger payment would result from applying the Surrender Value to a current Aetna single premium immediate annuity, Aetna will make the larger payment.
(e) Age, where used in the following tables, means age on the birthday closest to the date of the first payment. The Annuity rates for Options 3 and 4 are based on mortality from 1983 Table a. The Annuity rates do not differ by sex.
(f) Assumed Annual Net Return Rate is the interest rate used to determine the amount of the first Annuity payment under a Variable Annuity. The Separate Account must earn this rate plus enough to cover the mortality and expense risk and administrative fee charges if future Variable Annuity payments are to remain level.
Terms of Annuity Options. (a) When payments start, the age of the Annuitant plus the number of years for which payments are guaranteed must not exceed 95.
(b) An Annuity option may not be elected if the first payment would be less than $50 or if the total payments in a year would be less than $250 (less if required by state law). Aetna reserves the right to increase the minimum first Annuity payment amount and the minimum annual Annuity payment amount based upon increases reflected in the Consumer Price Index-Urban, (CPI-U) since July 1, 1993.
(c) If a Fixed Annuity under option 2, 3 or 4 is chosen and a larger payment would result from applying the Surrender Value or, if greater, 95% of what the surrender would be if there were no surrender fee, to a current Aetna single premium immediate Annuity, Aetna will make the larger payment.
(d) For purposes of calculating the guaranteed first payment of a Variable Annuity or the payments for a Fixed Annuity, the Annuitant's and second Annuitant's adjusted age will be used. The Annuitant's and second Xxxxxxxxx's adjusted age is his or her age as of the birthday closest to the Annuity commencement date reduced by one year for Annuity commencement dates occurring during the period of time from July 1, 1993 through December 31, 1999. The Annuitant's and second Xxxxxxxxx's age will be reduced by two years for Annuity commencement dates occurring during the period of time from January 1, 2000 through December 31, 2009. The Annuitant's and second Annuitant's age will be reduced by one additional year for Annuity commencement dates occurring in each succeeding decade. The Annuity purchase rates for options 3 and 4 are based on mortality from 1983 Table a.
(e) Assumed Annual Net Return Rate is the interest rate used to determine the amount of the first Annuity payment under a Variable Annuity as shown on Contract Schedule II. The Separate Account must earn this rate plus enough to cover the mortality and expense risks charges (which may include profit) and administrative charges if future Variable Annuity Payments are to remain level, (see Annuity return factor under Variable Annuity Assumed Annual Net Return Rate on Contract Schedule II).
(f) Once elected, Annuity payments cannot be commuted to a lump sum except for Variable Annuity payments under option 2 (see 4.07). The life expectancy of the Annuitant and the Annuitant and second Annuitant shall be irrevocable upon the election of an Annuity option.
Terms of Annuity Options. (Cont'd) The Annuitant's and second Annuitant's age will be reduced by two years for Annuity commencement dates occurring during the period of time from January 1, 2000 through December 31, 2009. The Annuitant's and second Annuitant's age will be reduced by one additional year for Annuity commencement dates occurring in each succeeding decade. The Annuity purchase rates for options 2 and 3 are based on mortality from 1983 Table a.
