Income Payout Period definition

Income Payout Period means the period over which the Guaranteed Income installments are paid. Income Payout Period is equal to the Premium Payment Term (PPT). Income Payout Period will commence after completion of the PPT and the Deferment Period chosen by the policyholder.
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Income Payout Period means a period chosen by You at the Inception of the Policy during which monthly income will be payable each month monthiversary following the date of death of the Life Insured;
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Income Payout Period means the period specified in the Policy Schedule to receive Guaranteed Regular Income (GRI) as per the frequency chosen by the policyholder at inception of the policy.
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Examples of Income Payout Period in a sentence

  • The Guaranteed Income and Loyalty Booster is payable at the end of the period (monthly, quarterly, half yearly and annually) as per the frequency chosen for the applicable Income Payout Period.

  • Additionally, Guaranteed Income plus Loyalty Booster shall be payable during the Income Payout Period.

  • B.2. Long Term Income OptionUpon survival of the Life Insured at the time of income payment provided the Policy is in-force and all due premiums have been paid, Survival Benefit equal to Guaranteed Income plus Loyalty Booster shall be payable during the Income Payout Period.

  • B.5. Long Term Early Income OptionUpon survival of the Life Insured at the time of income payment provided the Policy is in-force and all due premiums have been paid, Survival Benefit in the form of Guaranteed Early Income is the income payable from the beginning of the second year (post payment of second year premium(s), as per the premium mode applicable) in line with the Guaranteed Early Income Payout Period.

  • B.1. Short term Income OptionUpon survival of the Life Insured at the time of income payment provided the Policy is in-force and all due premiums have been paid, Survival Benefit equal to Guaranteed Income plus Loyalty Booster shall be payable during the Income Payout Period .The Guaranteed Income and Loyalty Booster is payable at the end of the period (monthly, quarterly, half yearly and annually) as per the frequency chosen for the applicable Income Payout Period.

  • Annuity (Income) Payout Period You can elect to annuitize your Contract and turn your Contract Value into a stream of income payments (called annuity payments), at which time the Accumulation Period of the Contract ends.

  • B.3. Life Long Income OptionUpon survival of the Life Insured at the time of income payment provided the Policy is in-force and all due premiums have been paid, Survival Benefit equal to Guaranteed Income plus Loyalty Booster shall be payable during the Income Payout Period.

  • B.4. Early Income OptionUpon survival of the Life Insured at the time of income payment provided the Policy is in-force and all due premiums have been paid, Survival Benefit in the form of Guaranteed Early Income is the income payable from the beginning of the second year (post payment of second year premium(s), as per the premium mode applicable) in line with the Guaranteed Early Income Payout Period.

  • When Mr Chan purchases his policy, he has the flexibility to choose his Guaranteed Monthly Payout, Premium Term and Income Payout Period.

  • Upon death of the Life Insured, at any time during the Income Payout Period, the Claimant shall have the option to submit request in writing to commute the outstanding monthly incomes as lump sum.


More Definitions of Income Payout Period

Income Payout Period means the period which shall commence after the end of Premium Payment Term and the Deferment Period (if applicable) chosen by the policyholder.
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Income Payout Period means the period following the completion of the Premium Payment Term till the Maturity Date chosen at inception of the Policy, over which the Guaranteed Survival Benefit is paid.
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Related to Income Payout Period

  • Program Year means the annual period beginning January 1 and ending December 31.

  • 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.

  • Three-Year Period means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

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

  • Performance Period means the one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.