Deferred Life Annuity definition

Deferred Life Annuity means an option where the Annuity Amount shall accrue upon expiry of the Deferment Period and shall be payable as per the Frequency of Annuity Payment chosen by You.
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Deferred Life Annuity owner", "RRIF", "Life Annuity Contract", “Deferred Life-Annuity Contract”, “Survivor” and “Member” have the same meanings as are respectively given to these words in the Act and or Regulations.
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Deferred Life Annuity means deferred life annuity as defined in the Pension Benefit Act, Revised Xxxxxxxx xx Xxxxxxx, 0000.
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Examples of Deferred Life Annuity in a sentence

  • Surrender value shall be payable as below – For Immediate Life with Return of Purchase Price option and Deferred Life Annuity with Return of Purchase Price option, the Surrender Value is calculated using below formula: Surrender Value = (F1 * Yearly Annuity (including Top-up amount, if any) + F2 * Purchase Price (including Top-up amount, if any)).

  • Under Deferred Life Annuity option, Policy loans will be available during Deferment Period subject to such terms and conditions as the Company may specify from time to time.

  • Immediate and Deferred Life Annuity with Return of Purchase Price (Single and Joint Life) Option: Surrender Value equal to the Present Value (PV) of expected future benefits the Policyholder would have received had he/she not surrendered the Policy.

  • Under Deferred Life Annuity option, Policy Loans will be available during deferment period subject to such terms and conditions as the company may specify from time to time.

  • The annuity payments will be payable as per the chosen annuity payment frequency from the date of purchase of the plan (for Immediate Life Annuity options) or from the end of Deferment Period (for Deferred Life Annuity options).

  • For Immediate Life Annuity with Return of Purchase Price and Deferred Life Annuity with Return of Purchase Price:In case of death of the Annuitant due to suicide within 12 months from the date of commencement of risk under the policy, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the Purchase Price paid or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

  • Deferred Life Annuity with Return of Purchase Price Option Deferment Period may be between 1 to 10 years (Integer values), as chosen by you at inception.

  • For Deferred Life Annuity with Return of Purchase Price option, Guaranteed Surrender Value shall be the sum of Guaranteed Surrender Value and the surrender value of any Guaranteed Additions already attached to the policy.

  • Immediate and Deferred Life Annuity with Return of Purchase Price(Single and Joint Life) Option: Surrender Value equal to the Present Value (PV) of expected future benefits the Policyholder would have received had he/she not surrendered the Policy.

  • Benefits of Death ▪ Under the Immediate Life Annuity option, no death benefit shall be paid.▪ Under the Life Annuity return of PP option, 100% of PP of annuity shall be paid.▪ Under the Deferred Life Annuity with return of PP option, higher of the following shall be paid:- o Purchase Price + Guaranteed Additions – Total of annuity payouts till the date of death.o 110% of Purchase Price.


More Definitions of Deferred Life Annuity

Deferred Life Annuity means a deferred life annuity as defined in the Pension Benefits Regulations;
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Deferred Life Annuity means a deferred life annuity as defined in the Pension Benefits Regulations made under the Pension Benefits Act;
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Deferred Life Annuity means deferred life annuity as defined in The Pension Benefits Act of Ontario. The term means the person of the opposite sex who at the earlier of the commencement of an employee's pension and the date of his/her death meets one of the following eligibility requirements: the person who is the lawfully wedded spouse of the employee; or
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Deferred Life Annuity means a life annuity that commences at retirement age under a pension plan but in any event not later than the end of the calendar year in which the annuitant attains the age of 71 years; («rente viagère différée»)
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Related to Deferred Life Annuity

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

  • 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.

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

  • 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.

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

  • SERP Benefit means the benefit described in Section 5.1.

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

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

  • Actuarial equivalent means a benefit of equal value when

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

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

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

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

  • 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.

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

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

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

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

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

  • Accrued Benefit have the meanings specified in ERISA.

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

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

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • 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.

  • 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.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;