Annuity Payment Option definition

Annuity Payment Option. An Annuity Payment Option specifies the form that Annuity Payments take or the type of payments. Various Annuity Payment Options are offered under the Contract.
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Annuity Payment Option means the provisions under which a series of annuity payments are made to the Owner or other payee, such as Life Annuity with Ten Years Certain.
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Annuity Payment Option. Any of the forms of annuity benefit payments allowed under this Contract.
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Examples of Annuity Payment Option in a sentence

  • The Annuity Payment Option may not be changed after the Annuity Commencement Date.

  • An election to receive payments under an Annuity Payment Option must be made by the Maturity Date.

  • Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits.

  • Upon the death of the Owner, any remaining annuity payments will be made at least as rapidly as the Annuity Payment Option then in effect.

  • By Owner Prior to the Annuity Commencement Date, the Owner may choose or change any Annuity Payment Option.

  • At the time an Annuity Payment Option is selected under the provisions of this Contract, the Owner may elect to have the Contract Value applied to provide a Variable Annuity Payment, a Fixed Annuity Payment, or a combination Fixed and Variable Annuity Payment.

  • If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years.

  • Upon receipt of due proof of death of the Annuitant, any remaining annuity benefits payable will continue to be distributed under the Annuity Payment Option then in effect.

  • Payments are made under the Annuity Payment Option selected (see Section 8.02).

  • The Valuation Date on which the Contract Value is withdrawn for payment of annuity benefits under the Annuity Payment Option selected.


More Definitions of Annuity Payment Option

Annuity Payment Option. The form of Annuity Payments selected by the Participant under the Certificate.
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Annuity Payment Option means a payment option under the ABP Retirement Plan, if permitted by the plan administrator, which includes a provision for payments based, in whole or in part, upon the life of a natural person.
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Annuity Payment Option. One of several ways in which the Accumulated Value of this Contract can be paid out. The Owner can choose to receive regular payments for the Annuitant's lifetime, or regular payments for a certain period of time. Under a Fixed Annuity Payment Option, the dollar amount of each Annuity Payment does not change over the time period selected. Under a Variable Annuity Payment Option, the dollar amount of the Annuity Payment is dependent on the investment experience of the Subaccounts chosen by the Owner. Annuity Payment - One of a series of regular payments made under one of the Annuity Payment Options.
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Related to Annuity Payment Option

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.