Income Period definition

Income Period means the first income period or the second income period as the case may be;

Income Period has the meaning given to it in the Service Agency Agreement. "Income PIK Amount" has the meaning given to it in the Service Agency Agreement.

Income Period means a financial year or shorter period of time determined by the Board.

Examples of Income Period in a sentence

• If during the Access Period the payment of the Guaranteed Income Benefit reduces the Account Value to zero, the Access Period will end and the Lifetime Income Period, if any, will begin on the Valuation Date the Account Value equals zero.

• Each subsequent Periodic Income Payment during the Lifetime Income Period, if any, will be equal to the Guaranteed Income Benefit.

• During the Lifetime Income Period, if a Periodic Income Payment as determined above is less than the Guaranteed Income Benefit, the excess of the Guaranteed Income Benefit over the Periodic Income Payment will reduce the number of Annuity Units per Variable Subaccount payable in each subsequent Periodic Income Payment.

• If payment of the Guaranteed Income Benefit reduces the number of Annuity Units per payment to zero during the Lifetime Income Period, then each subsequent Periodic Income Payment during the remainder of the Lifetime Income Period, if any, will be equal to the Guaranteed Income Benefit.

• At the end of the Access Period, any remaining Account Value will be applied to continue the Periodic Income Payment for the Lifetime Income Period.

More Definitions of Income Period

Income Period means the period as specified in the Policy Schedule during which Survival Benefit is payable. It is the period as chosen by the Policyholder at the Policy inception which will commence from the end of Premium Payment Term plus Deferment Period till end of the Policy Term.

Income Period means the period specified in the Schedule, during which the Income Instalment is payable. The Income Pe- riod commences immediately after the Policy Term.

Income Period means the period specified in the Schedule, w.r.t. Variants 1, 2, 3 and 4, during which the Income Instalment is payable, and the period commences after the Premium Payment Term and the Deferment Period, if any, and ends at the end of the Policy Term.

Income Period has the meaning given to it in the Holdco Common Terms Agreement;

Income Period has the meaning given to it in the Service Agency Agreement.

Income Period means the period specified in Item 8 of SCHEDULE 1. Initial Term means the period specified as such in clause 2.1(a).

Income Period means the period which starts on the date of the first Income Withdrawal and continues until the termination of the Rider. Income Withdrawal means a Partial Surrender equal to the Income Withdrawal Amount. Income Withdrawal Amount means the maximum amount that can be withdrawn each Contract Year for the life of the Owner(s) and before termination of the Rider, even if the Accumulation Value is zero. Income Withdrawal Percentage means the percentage applied to the Benefit Base to determine the Income Withdrawal Amount. The Income Withdrawal Percentage is based on the attained Age of the Owner at the start of Income Withdrawals. If there are Joint Owners, or Income Withdrawals based on two lives, the Income Withdrawal Percentage is based on the younger person’s attained Age. The Income Withdrawal Percentages can be found on the Income Benefit Rider Data Page. Minimum Age for Income Withdrawals means the youngest attained Age at which the Owner can elect to start Income Withdrawals. If Income Withdrawals are based on two lives, both must meet the minimum age requirement to start Income Withdrawals under the Rider. Rider means this Income Benefit Rider, in its entirety, which is attached to the Contract.