DEFAULT ANNUITY OPTION definition

DEFAULT ANNUITY OPTION. In the absence of an election we receive in Good Order, we will apply the Default Annuity Option shown in the Annuity Schedule.
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DEFAULT ANNUITY OPTION. If no Annuity Option is selected, variable Annuity Option 2, which is a life annuity with period certain, 120 Monthly Payments Guaranteed, will be automatically applied.
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DEFAULT ANNUITY OPTION. [IN THE ABSENCE OF AN ELECTION WE RECEIVE IN GOOD ORDER, MONTHLY PAYMENTS WILL COMMENCE UNDER FIXED LIFE INCOME ANNUITY OPTION 2 WITH 120 MONTHS CERTAIN.] PURCHASE PAYMENT: $[10,000] [PURCHASE PAYMENT LIMITATION: PURCHASE PAYMENTS WILL BE ACCEPTED UP TO AND INCLUDING [AGE 85] BASED ON THE OLDEST NATURAL OWNER OR THE ANNUITANT IF THE ANNUITY IS OWNED BY AN ENTITY] MINIMUM ADDITIONAL PURCHASE PAYMENT: $[100] MINIMUM ADDITIONAL PURCHASE PAYMENT UNDER AUTOMATIC PURCHASE PLANS: $[50] MINIMUM WITHDRAWAL AMOUNT: $[100] MAXIMUM FREE WITHDRAWAL: [10%] MINIMUM SURRENDER VALUE AFTER WITHDRAWAL: $[1,000] MINIMUM ANNUITY PAYMENT: $[100 PER MONTH] SCHEDULE (CONTINUED) MAXIMUM NUMBER OF SUB-ACCOUNTS IN WHICH YOU MAY MAINTAIN ACCOUNT VALUE: [NOT APPLICABLE] MINIMUM TRANSFER AMOUNT: $[50. WE RESERVE THE RIGHT TO WAIVE THE MINIMUM TRANSFER AMOUNT.] MVA OPTION [NOT AVAILABLE] CONTINGENT DEFERRED SALES CHARGE: LENGTH OF TIME PERCENTAGE OF PURCHASE SINCE PURCHASE PAYMENT PAYMENTS BEING LIQUIDATED [0-1 year 9.0% 1-2 years 8.5% 2-3 years 8.0% 3-4 years 7.0% 4-5 years 6.0% 5-6 years 5.0% 6-7 years 4.0% 7-8 years 3.0% 8-9 years 2.0% 9 + years 0.0%] CREDITS: [WE ADD A CREDIT TO YOUR ANNUITY WITH EACH PURCHASE PAYMENT RECEIVED. EACH CREDIT IS ALLOCATED TO ACCOUNT VALUE WHEN THE APPLICABLE PURCHASE PAYMENT IS APPLIED TO YOUR ACCOUNT VALUE. CREDITS ARE APPLIED PRO-RATA TO THE ALLOCATION OPTIONS IN THE SAME RATIO AS THE APPLICABLE PURCHASE PAYMENT. WE REDUCE THE AMOUNT AVAILABLE AS A DEATH BENEFIT, OTHER THAN THE MINIMUM DEATH BENEFIT PROVIDED BY THIS ANNUITY, BY ANY CREDITS APPLIED WITHIN 12 MONTHS OF THE DECEDENT'S DATE OF DEATH. HOWEVER, WE MAY REDUCE THE AMOUNT OF ANY BENEFIT PROVIDED BY RIDER OR ENDORSEMENT BY ANY CREDIT IN ACCORDANCE WITH THE TERMS OF SUCH RIDER OR ENDORSEMENT. IF YOU EXERCISE YOUR RIGHT TO CANCEL THIS ANNUITY UNDER THE RIGHT TO CANCEL PROVISION, THE AMOUNT PAYABLE IS REDUCED BY ANY CREDIT APPLIED. SCHEDULE (CONTINUED) IF THE SOLE OWNER OR THE OLDER OF THE OWNER OR CO-OWNER IS AGE [80 OR YOUNGER] AT THE TIME EACH PURCHASE PAYMENT IS RECEIVED, WE WILL ADD A CREDIT EQUAL TO [5.0%] OF THAT PURCHASE PAYMENT. IF THE SOLE OWNER OR THE OLDER OF THE OWNER OR CO-OWNER IS BETWEEN AGES [81 AND 85] AT THE TIME EACH PURCHASE PAYMENT IS RECEIVED, WE WILL ADD A CREDIT EQUAL TO [3.0%] OF THAT PURCHASE PAYMENT. THE MAXIMUM AGE AT WHICH WE ADD A CREDIT IS AGE [85].] TRANSFER FEE: $[10 PER TRANSFER AFTER THE TWENTIETH IN ANY ANNUITY YEAR. WE RESERVE THE RIGHT TO: (1) INCREASE THE T...
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Examples of DEFAULT ANNUITY OPTION in a sentence

  • DEFAULT ANNUITY OPTION: IN THE ABSENCE OF AN ELECTION WE RECEIVE IN GOOD ORDER, MONTHLY PAYMENTS WILL COMMENCE UNDER FIXED LIFE INCOME ANNUITY OPTION 2 WITH 120 MONTHS CERTAIN.

  • DEFAULT ANNUITY OPTION If you do not select an Annuity Option by the Income Date shown on the Contract Schedule, we will make variable Annuity Payments to the Payee under Annuity Option 2, a life annuity, with monthly payments over five years guaranteed.


More Definitions of DEFAULT ANNUITY OPTION

DEFAULT ANNUITY OPTION. [In the absence of an election we receive in Good Order, monthly payments will commence under Option 2 - Payments for Life with a 10 Year Period Certain or a Period Certain of shorter duration if the life expectancy of the Annuitant at the time the option becomes effective is less than 10 years. Such life expectancy will be computed using applicable Internal Revenue Service tables.] VARIABLE SEPARATE ACCOUNT(S): [Pruco Life Flexible Premium Variable Annuity Account] [RIDERS AND ENDORSEMENTS MADE A PART OF THE ANNUITY ON THE ISSUE DATE: Market Value Adjustment Option Xxxxx XXX Endorsement] P-OC/IND(5/14) DEFINITIONS
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DEFAULT ANNUITY OPTION. In the absence of an election we receive in Good Order, monthly payments will commence under Option 2 - Payments for Life with a 10 Year Period Certain or a Period Certain of shorter duration, but not less than 5 years, if the life expectancy of the Annuitant at the time the option becomes effective is less than 10 years. Such life expectancy will be computed using applicable Internal Revenue Service tables. VARIABLE SEPARATE ACCOUNT(S): [Pruco Life of New Jersey Flexible Premium Variable Annuity Account] [RIDERS AND ENDORSEMENTS MADE A PART OF THE ANNUITY ON THE ISSUE DATE: IRA Endorsement] P-O/IND(5/11)-NY 5 DEFINITIONS ACCOUNT VALUE: The total value of all allocations to the Sub-accounts on any Valuation Day.
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Related to DEFAULT ANNUITY OPTION

  • 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;

  • 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.

  • 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.

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

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant's Vested Account Balance.

  • 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.

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

  • 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 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.

  • Early Opt-in Election means the occurrence of:

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • Exercise Termination Event (i) the Effective Time (as defined in the Merger Agreement) of the Merger; (ii) termination of the Merger Agreement in accordance with the provisions thereof if such termination occurs prior to the occurrence of an Initial Triggering Event, except a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional); or (iii) the passage of 12 months after termination of the Merger Agreement if such termination follows the occurrence of an Initial Triggering Event or is a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional) (provided that if an Initial Triggering Event continues or occurs beyond such termination and prior to the passage of such 12-month period, the Exercise Termination Event shall be 12 months from the expiration of the Last Triggering Event but in no event more than 18 months after such termination). The "Last Triggering Event" shall mean the last Initial Triggering Event to expire. The term "Holder" shall mean the holder or holders of the Option.

  • Early Termination Rate means the lesser of (i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 100 basis points.

  • 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.

  • Early Termination Event has the meaning specified in Section 9.2.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Actuarial equivalent means a benefit of equal value when

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

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Termination Option Event means an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

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

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