Variable Income Payments Clause Samples
Variable Income Payments. For any withdrawal of remaining variable guaranteed Income Payments, the amount available for withdrawal is equal to the present value of any remaining guaranteed variable payments (less any applicable early withdrawal charge) calculated using the same rate we used to calculate the Income Payments (i.e., the 3.5% or 5% assumed annual net return rate stated in the Contract). Withdrawal values are determined as of the valuation date following our receipt of your written request in Good Order at Customer Service.
Variable Income Payments. Variable income payments are periodic payments from the Company to the designated Payee, the amount of which varies from one payment to the next as a reflection of the net investment experience of the Sub-Account(s) you select to support the payments. Using the yearly Assumed Investment Return shown on the Schedule, we determine the dollar value of a variable income payment as of the Annuity Date. However, no payment is actually made on that date. We then allocate that dollar amount among the Sub-Accounts you selected to support your variable income payments. Based on the Annuity Unit values of the selected Sub-Accounts on that date, we determine the number of Annuity Units attributable to each Sub-Account. The number of Annuity Units attributable to each Sub-Account remains constant unless there is a transfer of Annuity Units between Sub-Accounts. To calculate a variable income payment, we multiply the number of Annuity Units attributable to each Sub-Account by the Annuity Unit value for that Sub-Account as of the Valuation Period on which the payment is being determined. We then add the results of these Sub-Account calculations to determine the total variable income payment. Variable income payments will not decrease if the annualized return over the duration separating the payments is at least equal to the yearly Assumed Investment Return shown on the Schedule plus the sum of the Mortality & Expense Risk and Administration Charges shown on the Schedule.