Benefit Payout Period definition

Benefit Payout Period is a period that starts after the end of the Policy Term during which Income Benefit is payable to the Policyholder as per the chosen Benefit Payout Frequency, provided the Life Insured survives till the end of Policy Term.
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Benefit Payout Period means the period commencing after the end of the Policy Term during which the Income Benefit, as applicable, shall be payable as per the chosen Benefit Payout Frequency. Benefit Payout Period once chosen cannot be changed later on during the Policy Term.
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Examples of Benefit Payout Period in a sentence

  • Death Benefit Payout Period selected at Inception of the Policy cannot be changed during the Policy Term.

  • We consider risk averse employees with Bernoulli utility for wealth ln(wi) satisfying constant relative risk aversion.

  • Paid Up BenefitsBenefit PayableMaturity BenefitPaid Up Sum Assured on MaturityDeath BenefitPaid Up Sum Assured on Death, payable in the form of equal annual Instalments for Death Benefit Payout Period as opted at Inception of the Policy.

  • Paid Up BenefitsBenefit PayableMaturity BenefitPaid Up Sum Assured on MaturityDeath BenefitPaid Up Sum Assured on Death, payable in the form of equal annualInstalments for Death Benefit Payout Period as opted at Inception of the Policy.

  • In case the Policyholder has chosen the “Income Benefit with Return of Premium (RoP)” option, the Total Premiums Paid, in addition to the RPU Income Benefit, shall be payable at the end of the Benefit Payout Period.

  • In case of survival of the life assured up to the end of the policy term and receipt of all the due premiums, the assured income benefits will be paid as scheduled at the start of each year after the end of the policy term during the Benefit Payout Period.

  • On survival of Life Insured till the end of the Policy Term, RPU Income Benefit shall be payable as per the Benefit Payout Frequency chosen during the Benefit Payout Period.

  • The Benefit Option and Benefit Payout Period as chosen at the Policy Issue Date, cannot be changed thereafter.

  • Income with Lumpsum Benefit On survival of Life Insured till the end of Policy Term, provided all due premiums are paid, a guaranteed Income Benefit is payable during the Benefit Payout Period as per the Benefit Payout Frequency chosen (as specified in Your Policy Schedule).

  • Death Benefit Payout Period selected at Inception of the Policy cannot be changed during the Policy Term.The Nominee will also have the option to take the Death Benefit as lump sum.

Related to Benefit Payout Period

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • SERP Benefit means the benefit described in Section 5.1.

  • Accrued Benefit have the meanings specified in ERISA.

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

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

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

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

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

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Termination Benefit means the benefit set forth in Article 7.

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

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Deferral Period has the meaning set forth in Section 3(h) hereof.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Plan Year means the calendar year.

  • Base Period Income Base Period Income" is an amount equal to Executive's "annualized includable compensation" for the "base period" as defined in Sections 280G(d)(1) and (2) of the Code and the regulations adopted thereunder. Generally, Executive's "annualized includable compensation" is the average of Executive's annual taxable income from Company for the "base period," which is the five calendar years prior to the year in which the Change of Control occurs. These concepts are complicated and technical and all of the rules set forth in the applicable regulations apply for purposes of this Agreement.

  • Actuarial equivalent means a benefit of equal value when

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Severance Multiplier means, with respect to any termination of Employee’s employment hereunder by the Company without Cause or by Employee with Good Reason, 1; provided, however, that in the event such termination occurs within the two (2) year period following a Change in Control, the Severance Multiplier shall instead equal 2.