Annuity Income definition

Annuity Income means the initial income payable under the Policy and is described in section 3.1;

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Annuity Income as of any valuation date means the total fixed and variable payments that would be payable as of that date. (For an explanation of annuity income, see Question 4.)

Annuity Income means as of any payment date the total of the fixed and variable payments payable as of that date. (For an explanation of annuity income, see question 4.)

Examples of Annuity Income in a sentence

• Annuity Income Payments — You may elect to receive fixed income payments, variable income payments, or a combination of both using the same Annuity Option and certain period.

• If the last surviving Annuitant dies on or after the first Annuity Income Date and before the end of the Guarantee Period, we will provide the remaining annuity income to the Beneficiary or Beneficiaries according to the terms of this Contract.

• The Net Investment Factor can be greater or less than one and therefore the value of an Annuity Income Unit may increase or decrease.

• Minimum Annuity Income Payment The minimum initial monthly annuity income payment that we will make is $50.

• If the misstatement is not discovered until after the first Annuity Income Date, we will take the following action: (1) if we provided too much annuity income, we will add interest at the rate of 6% per year compounded annually and withhold annuity income on later Annuity Income Date(s) until we have recovered the excess; (2) if we provided too little annuity income, we will make up the balance plus interest at the rate of 6% per year compounded annually in a lump sum.

• Annuity Payments are based on the lifetime or life expectancy of the Annuitant unless an Annuity Income option which pays only for a Period Certain is elected.

• If too much annuity income is provided because we are not notified of a death, we may withhold annuity income on subsequent Annuity Income Dates, or take legal action, until we have recovered any excess amounts.

• The method of determination by the Company of the number and value of Annuity Income Units and other values is binding upon you, the Joint Annuitant (if any) and each Beneficiary.

• Minimum Annuity Income Payment The minimum monthly annuity income payment that we will make is [$20].

• If You or the Joint Annuitant dies before the first Annuity Income Date, we will adjust the annuity income so that it equals what would have been paid under a single life annuity issued to the survivor.

More Definitions of Annuity Income

Annuity Income means the regular income payable to the Contract Holder. For the avoidance of doubt, the income referred to is income before income tax is deducted.

Annuity Income. BENEFITS If the Owner has not chosen an income plan, [Life Annuity with 10 Years Certain] will automatically apply. The Maximum Income Date is the first day of the first calendar month following the Annuitant's [95th] birthday. We reserve the right to require that the Income Date be at least [2 years] after the Certificate Date. The minimum amount that can be applied under any Variable or Fixed Income Annuity is [$5,000]. The minimum income payment is [$100]. We currently allow assumed investment rates of [3%] and [6%]. If the Owner does not specify one of these rates when the Owner chooses an income plan, the assumed investment rate will be [3%]. Values for other ages, and for other payment periods, joint life combinations, or assumed investment rates that we offer (Tables below assume 3%) are available on request. Monthly income payments are shown for each $1,000 applied. INCOME TABLE FOR A FIXED PERIOD Monthly Monthly Monthly Fixed Period Income Fixed Period Income Fixed Period Income of Years Payment of Years Payment of Years Payment --------- ------- --------- ------- -------- ------- 11 $8.88 21 $5.33 12 8.26 22 5.16 13 7.73 23 5.00 14 7.28 24 4.85 5 17.95 15 6.89 25 4.72 6 15.18 16 6.54 26 4.60 7 13.20 17 6.24 27 4.49 8 11.71 18 5.98 28 4.38 9 10.56 19 5.74 29 4.28 10 9.64 20 5.53 30 4.19 INCOME TABLE FOR LIFE Male/Female Male/Female Male/Female Age Life Only 10 Years Certain 20 Years Certain --- --------- ---------------- ---------------- 50 4.28 / 3.92 $4.24 / 3.90 $4.10 / 3.84 55 4.72 / 4.27 4.64 / 4.24 4.40 / 4.12 60 5.31 / 4.74 5.17 / 4.68 4.73 / 4.45 65 6.13 / 5.38 5.84 / 5.25 5.04 / 4.81 70 7.28 / 6.29 6.65 / 6.00 5.29 / 5.14 75 8.90 / 7.62 7.53 / 6.92 5.43 / 5.37 80 11.19 / 9.62 8.37 / 7.93 5.50 / 5.48 85 14.36 / 12.63 9.00 / 8.77 5.52 / 5.52 RIDERS Accidental Death Benefit Rider The Maximum Accidental Death Benefit is [$250,000]. DEFINITIONS ------------------------------------------------------------------------------- "ACCOUNT VALUE" is the entire amount we hold under a Certificate for the Owner before the Income Date. It is equal to the sum of the Variable Account Value and the Fixed Account Value.