Annuitization Value definition

Annuitization Value is the value available upon annuitization. Your annuity payments will be based on the greater of the Cash Surrender Value and the Accumulation Value at the time of annuitization. The payments may be based on any payment option, but if you select Annuity for a Specified Period, it must be for at least ten years. SAMPLE
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Annuitization Value is the value available upon annuitization. If you elect to annuitize your contract prior to the Annuitization Value Threshold, your annuity payments will be based on the Accumulation Value at the time of annuitization. The payments may be based on any payment option, but if you select Annuity for a Specified Period, it must be for at least ten years. If you elect to annuitize your contract on or after the Annuitization Value Threshold, your annuity payments will be based on the greater of the Cash Surrender Value and the Accumulation Value at the time of annuitization. The payments may be based on any payment option, but if you select Annuity for a Specified Period, it must be for at least ten years. Annuitization is not permitted prior to the first Contract Anniversary.
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Annuitization Value is the value available upon annuitization. If you elect to annuitize your contract prior to the Annuitization Value Threshold or you elect to annuitize your contract after the Annuitization Value Threshold and before the end of the Surrender Charge Period and your payment option is less than ten years, your annuity payments will be based on the Cash Surrender Value at the time of annuitization. If you elect to annuitize your contract after the Annuitization Value Threshold and before the end of the Surrender Charge Period and your annuity payment option is greater than or equal to ten years, or if you annuitize your contract after the end of the Surrender Charge Period, your annuity payments will be based on the greater of the Accumulation Value and the Total Guaranteed Value.
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Examples of Annuitization Value in a sentence

  • In the event that an annuity reinsured hereunder annuitizes, such annuity will be considered surrendered and the Reinsurer will pay the Ceding Company that portion of the Minimum Annuitization Value applied to the annuitization which corresponds to the portion of the Annuities reinsured hereunder.

  • The Guaranteed Annuitization Value will initially be equal to the Purchase Payments made within the first two Contract Years accumulated at an interest rate of 5% adjusted for withdrawals.

  • The Guaranteed Annuitization Value is available upon annuitization of the Contract.

  • Additional Purchase Payments made within the first two Contract Years are added to the Guaranteed Annuitization Value and accumulated from the date of payment until the maximum amount is reached.

  • The amount of each annuity payment will be equal to the Annuitization Value as described in Section 2, less any applicable tax, divided by $1,000 and then multiplied by the applicable current annuity payment option rates.

  • The Contract is modified as follows: The Guaranteed Minimum Income Benefit is established for the sole purpose of determining a minimum amount for the Contract Owner to annuitize the Contract, referred to as the Guaranteed Annuitization Value.

  • The amount of the annuity payment is equal to the Annuitization Value on the Contract Maturity Date, less any applicable taxes, divided by $1,000 and then multiplied by the applicable current annuity payment option rates for the Annuity Payment Option selected.

  • For Rider Date the Rider Payment Option chosen, the Annuity Factor from Schedule I The date that the rider is added to and the Minimum Annuitization Value the Certificate.

  • The amount of each annuity payment will be equal to the Annuitization Value as described in Section 2, less any applicable tax, divided by $1,000 and then multiplied by the applicable annuity payment factors.

  • This Rider provides a guaranteed minimum value called the "Guaranteed Annuitization Value".