Annuity Provisions definition

Annuity Provisions. Add to the Joint and Last Survivor Annuity or Life Income for Two Payees Option, a new subsection as follows:
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Annuity Provisions section of the Contract is amended as follows: GUARANTEED MINIMUM INCOME BENEFIT This Rider guarantees you a minimum monthly Fixed Annuity Payment equal to the Guaranteed Minimum Income Benefit (GMIB) Payment, as set forth below. At the date you elect to begin receiving Annuity Payments as provided for in this Rider, the GMIB Payment is determined by applying the Income Base to the GMIB Annuity Table. If a higher Fixed Annuity Payment results from applying your Adjusted Account Value on the date you exercise this Rider to the then-current Fixed Annuity Option Table applicable to this class of contracts, then the greater payment will be made. All Purchase Payments are reflected in the determination of the Income Base used to calculate the GMIB Payment. Withdrawals from contract value reduce the Income Base as described below. Reductions in the Income Base resulting from cash withdrawals will result in a lower GMIB Payment. INCOME BASE The Income Base is the greater of (a) or (b):
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Examples of Annuity Provisions in a sentence

  • The method used to calculate the amount of the initial and subsequent payments is described under the Part 8, Annuity Provisions, of this Contract.

  • The Annuitant may be changed as provided in the Death Benefit Provisions and Annuity Provisions.

  • Please refer to the Subsequent Variable Payments provision in the Annuity Provisions section of your Contract for more details.

  • All payments from the Fixed Account will be paid in one sum unless otherwise elected under the Annuity Provisions of this Contract.

  • The duration of a Guarantee Period may not extend beyond the maximum Annuity Commencement Date as described under the Annuity Provisions of this Contract.

  • However, You may not renew or transfer the Contract into any Guarantee Period of a duration that extends beyond the Annuity Commencement Date as described under the Annuity Provisions of this Contract.

  • It is the date when Annuity payments are scheduled to begin as described under Annuity Provisions in this Contract.

  • Annuity Provisions (Continued) Determination of First Variable Annuity Payment At annuitization, the variable account contract value will be applied to the applicable Annuity Rates Table.

  • Annuity Provisions When annuity payments begin; Different ways to receive annuity payments; Determination of payment amounts ...................................

  • The following is added to the "Income Payments" section of the "Annuity Provisions": Unless you specify otherwise, if all of your Account Balance on the Annuity Calculation Date is allocated to the Fixed Account, you will be paid Fixed Income Payments.