ANNUITY OPTIONS. The following Annuity Options or any other annuity option acceptable to the Company may be selected:
ANNUITY OPTIONS. This Contract provides for Annuity Payments under one of the Annuity Options described below. The Company may make available other annuity options. OPTION 1 - LIFE ANNUITY. We will make monthly Annuity Payments during the life of the Annuitant and ceasing with the last Annuity Payment due prior to the Annuitant's death. OPTION 2 - LIFE ANNUITY WITH MONTHLY PAYMENTS OVER 10, 15 OR 20 YEARS GUARANTEED. We will make monthly Annuity Payments during the life of the Annuitant with a guarantee that if at the Annuitant's death there have been less than 120, 180 or 240 monthly Annuity Payments made as selected, monthly Annuity Payments will continue for the remainder of the guaranteed period. Alternatively, the Contract Owner may elect to receive a lump-sum payment equal to the present value of the guaranteed monthly Annuity Payments remaining, as of the date the notice of the Annuitant's death is received at the Service Center, commuted at an appropriate rate. Proof of the Annuitant's death and return of the Contract are required prior to the payment of any commuted values. For a fixed Annuity Option, the commutation rate will be the Statutory Calendar Year Interest Rate based on the NAIC Standard Valuation Law for Single Premium Immediate Annuities corresponding to the Income Date. For a variable Annuity Option, the commutation rate will be the Assumed Investment Return as shown on the Contract Schedule. During the lifetime of the Annuitant and while the number of Annuity Payments made is less than the guaranteed number of payments elected, the Contract Owner electing a variable Annuity Option may request a surrender representing a partial liquidation of the Liquidation Value. You will be allowed to make a partial liquidation at least once per Contract Year after the Income Date. The total of all partial liquidations, measured as a percentage of the Liquidation Value, cannot exceed the amount shown on the Contract Schedule. A Commutation Fee will be subtracted from the amount liquidated before the proceeds are paid out. Partial liquidations will be processed on the next annuity payment date following your written request. The minimum allowable partial liquidation will be the lesser of $500 or the remaining portion of the Liquidation Value available. After a partial liquidation, the subsequent monthly Annuity Payments during the guaranteed period certain will be reduced by the percentage of the Liquidation Value liquidated, including the Commutation Fee. After the...
ANNUITY OPTIONS. This Contract provides for Annuity Payments under one of the Annuity Options described below. Any other Annuity Option acceptable to us may be selected. OPTION 1 - LIFE ANNUITY. We will make monthly Annuity Payments during the life of the Annuitant and ceasing with the last Annuity Payment due prior to the Annuitant's death. OPTION 2 - LIFE ANNUITY WITH 60, 120, 180 OR 240 MONTHLY ANNUITY PAYMENTS GUARANTEED. We will make monthly Annuity Payments during the life of the Annuitant with a guarantee that if at the Annuitant's death there have been less than 60, 120, 180 or 240 monthly Annuity Payments made as selected, monthly Annuity Payments will continue for the remainder of the guaranteed period. You may elect to have the present value of the guaranteed monthly Annuity Payments remaining, as of the date notice of the Annuitant's death is received at the Valuemark Service Center, commuted at the Assumed Investment Return selected for a Variable Annuity or for a Fixed Annuity the Statutory Calendar Year Interest Rate based on the NAIC Standard Valuation Law for Single Premium Immediate Annuities corresponding to the Income Date. We will require the return of this Contract and proof of death prior to the payment of any commuted values.
More Definitions of ANNUITY OPTIONS
ANNUITY OPTIONS. Annuity payment methods available during the Annuity Period.
ANNUITY OPTIONS. Options available for Annuity Payments.
ANNUITY OPTIONS. This Contract provides for Annuity Payments under one of the Annuity Options described below. Any other Annuity Payment plan that is acceptable to us may be selected. OPTION 1 - LIFE ANNUITY. We will make monthly Annuity Payments during the life of the Annuitant and ceasing with the last Annuity Payment due prior to the Annuitant's death. OPTION 2 - LIFE ANNUITY WITH MONTHLY PAYMENTS OVER 5, 10, 15, OR 20 YEARS GUARANTEED. We will make monthly Annuity Payments during the life of the Annuitant with a guarantee that if at the Annuitant's death there have been fewer than 60, 120, 180, or 240 monthly Annuity Payments made as selected, monthly Annuity Payments will continue for the remainder of the guaranteed period. Alternatively, the Contract Owner may elect to receive a lump-sum payment equal to the present value of the guaranteed monthly Annuity Payments remaining, as of the date proof of the Annuitant's death is received at the Service Center, commuted at an appropriate rate as defined below. Proof of the Annuitant's death and return of the Contract are required prior to the payment of any commuted values. For a fixed Annuity Option, the lump-sum payment alternative is not available. For a variable Annuity Option, the commutation rate will be the Assumed Investment Return.
ANNUITY OPTIONS. The following Annuity Options or any other Annuity Option acceptable to the Company may be selected: OPTION A. LIFE ANNUITY: Monthly Annuity Payments during the life of the Annuitant. OPTION B. LIFE ANNUITY WITH PERIODS CERTAIN OF 60, 120, 180 OR 240 MONTHS: Monthly Annuity Payments during the lifetime of the Annuitant and in any event for sixty (60), one hundred twenty (120), one hundred eighty (180) or two hundred forty (240) months certain as selected.
ANNUITY OPTIONS means one (1) or more options that:
ANNUITY OPTIONS means the member’s election at retirement of an annuity that shall be paid throughout the retiree’s lifetime in accordance with A.C.A. § 24-7-706.
ANNUITY OPTIONS. The following Annuity Options or any other Annuity Option acceptable to the Company may be selected: OPTION A. LIFE ANNUITY : Monthly Annuity Payments during the life of the Annuitant. OPTION B. LIFE ANNUITY WITH PERIOD CERTAIN OF 120 MONTHS : Monthly Annuity Payments during the lifetime of the Annuitant and in any event for one hundred twenty (120) months. If the Beneficiary does not desire payments to continue for the remainder of the guarantee period, he/she may elect to have the present value of the guaranteed annuity payments remaining commuted and paid in a lump sum.