Annuity Payout definition

Annuity Payout. An amount paid at regular intervals under one of several options available to the Annuitant and/or any other payee. This amount may be paid on a variable or fixed basis, or a combination of both.
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Annuity Payout means amount payable to the Annuitant as per the Annuity Payout Mode as mentioned in the Policy Schedule. Benefits mean the applicable benefits payable in accordance with Clause 4 of the terms of this Policy.
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Examples of Annuity Payout in a sentence

  • Surrender or withdrawal rights after the Annuity Commencement Date, if any, depend on the Annuity Payout option selected.

  • After unavoidable damage, to restore quasi-original conditions where appropriate; • Contractor’s operations should be so performed as to prevent accidental spillage of contaminants, debris, or other pollutants, especially into streams or underground water resources.

  • This Contract provides for a Variable Annuity Payout Benefit option.

  • Any change will not affect the amount or terms of any Annuity Payout Option which begins before the change.

  • The combined maximum annual separate account charges applicable to the Variable Annuity Payout Benefit will be 1.50%; therefore, the smallest annual gross rate of investment return, required to ensure that the dollar amount of Variable Annuity Payouts illustrated in this contract will not decrease, is 6.5%.

  • The number of Annuity Units used to calculate each payout for a Sub- Account remains fixed during the Annuity Payout Period.

  • The guaranteed Annuity Payout Period elected may be 5, 10, or 15 years, or other options as made available by the Company.

  • This request must be Received by the Company at least 30 days prior to the Annuity Payout Date.

  • We reserve the right to deduct applicable premium taxes and other state or federal taxes from the Contract Value on any Annuity Payout Date as required by law.

  • If an option has not been elected within 30 days of the Annuity Commencement Date, the Investment Segment Account Value or Annuity Account Value, pursuant to Section 9.07, will be applied under Variable Annuity Payout Option 1 to provide payouts for life with a guaranteed period of 15 years.

Related to Annuity Payout

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • 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.

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Annuity reserve means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any annuity, or benefit in lieu of any annuity, granted to a retirant as provided in this chapter.

  • 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.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;

  • Annuity Unit An accounting unit of measure used to calculate the amount of Annuity Payments.

  • Social Security Benefit means an amount received by a claimant as a monthly benefit in accordance with the Social Security Act, 42 U.S.C. Sec. 401 et seq.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • SERP Benefit means the benefit described in Section 5.1.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Accrued Benefit have the meanings specified in ERISA.