Unit Refund Life Annuity. Variable Annuity Payments will be made for the lifetime of the Annuitant with the guarantee that upon death, if: 1. the number of Annuity Units initially purchased (determined by dividing the total dollar amount applied to purchase this option by the Annuity Unit value on the Annuity Commencement Date) is greater than; 2. the number of Annuity Units paid as part of each Variable Annuity Payment multiplied by the number of annuity payments paid prior to death; then a refund payment equal to the value of the number of Annuity Units determined by (1) minus (2) will be made. The refund payment value will be determined using the Annuity Unit value on the Valuation Date on which the refund payment is approved by Us, after We are in receipt of Due Proof of death and all claim forms fully completed.
Appears in 4 contracts
Samples: Individual Single Purchase Payment Deferred Variable Annuity Contract (Lincoln National Variable Annuity Account C), Individual Single Purchase Payment Deferred Variable Annuity Contract (Lincoln National Variable Annuity Acct L), Individual Flexible Purchase Payment Deferred Variable Annuity Contract (Lincoln Life Variable Annuity Account N)
Unit Refund Life Annuity. Variable Annuity Payments will be made for the lifetime of the Annuitant with the guarantee that upon death, if:
1. the number of Annuity Units initially purchased (determined by dividing the total dollar amount applied to purchase this option by the Annuity Unit value on the Annuity Commencement Date) is greater than;
2. the number of Annuity Units paid as part of each Variable Annuity Payment multiplied by the number of annuity payments paid prior to death; ;
then a refund payment equal to the value of the number of Annuity Units determined by (1) minus (2) will be made. The refund payment value will be determined using the Annuity Unit value on the Valuation Date on which the refund payment is approved by Us, after We are in receipt of Due Proof of death and all claim forms fully completed.
Appears in 3 contracts
Samples: Individual Flexible Purchase Payment Deferred Variable Annuity Contract (Lincoln Life Variable Annuity Account N), Individual Flexible Purchase Payment Deferred Variable Annuity Contract (Lincoln Life Variable Annuity Account N), Individual Flexible Purchase Payment Deferred Variable Annuity Contract (Lincoln Life Variable Annuity Account N)
