Income Plan definition

Income Plan is a series of payments on a scheduled basis to you or to another person designated by you. The Contract Value on the Payout Start Date adjusted by any Market Value Adjustment and less any applicable taxes, will be applied to your Income Plan choice from the following list:

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Income Plan means the sales and marketing plan of a multi-level marketing entity, illustrating the mode of sharing of profits and other incentives, including financial and non-financial benefits, among the direct sellers and distributors, on a monthly or yearly basis or both, as the case may be;

Income Plan is a series of payments made on a scheduled basis to you or to another person designated by you. You may choose more than one Income Plan. If you choose more than one Income Plan, you must specify what proportions of your Contract Value adjusted by any applicable Market Value Adjustment and less any applicable taxes should be allocated to each Income Plan. For tax reporting purposes, your cost basis and any gain on the Contract will be allocated proportionately to each Income Plan chosen based on the proportion of your Contract Value applied to each Income Plan. We reserve the right to limit the number of Income Plans that you may select. The "Guaranteed Payment Period" is the period of time over which income payments are guaranteed to be made. The Contract Value on the Payout Start Date less any applicable taxes, will be applied to your Income Plan choice from the following list. Income Plan 1 - Life Income with Guaranteed Payment Period. We will make payments for as long as the Annuitant lives, or until the end of the Guaranteed Payment Period, if longer. The Guaranteed Payment Period may be 0 months, or range from 60 to 360 months. If the Annuitant is age 90 or older on the Payout Start Date, the Guaranteed Payment Period may range from 60 to 360 months. Income Plan 2 - Joint and Survivor Life Income with Guaranteed Payment Period. We will make payments for as long as either the Annuitant or joint Annuitant, named at the time of Income Plan selection, lives, or until the end of the Guaranteed Payment Period, if longer. The Guaranteed Payment Period may be 0 months, or range from 60 to 360 months. If either the Annuitant or joint Annuitant is age 90 or older on the Payout Start Date, the Guaranteed Payment Period may range from 60 to 360 months. Income Plan 3 - Guaranteed Payment Period. We will make payments for a Guaranteed Payment Period. These payments do not depend on the Annuitant's life. The minimum Guaranteed Payment Period is 60 months (120 months if the Payout Start Date occurs before the third Contract Anniversary). The maximum Guaranteed Payment Period is 360 months or the number of months between the Payout Start Date and the date that the Annuitant reaches age 100, if greater. In no event may the Guaranteed Payment Period exceed 600 months. Income Plan 3 offers a withdrawal option as described in the Payout Withdrawal section. Income payments under Income Plan 3 are subject to the following:

Examples of Income Plan in a sentence

• Effective January 1, 2006, new hires will be covered under the 1992 Hospitals of Ontario Disability Income Plan.

• The tables show rates for the Installment Income Plan for a Specified Period (Option B) and Life Income Plans (Options C and E).

• Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend.

• Life Income Plan (Option C or E) rates are based on the sex and adjusted age of any individual upon whose life payments depend.

• The Company agrees that the Retirement Income Plan, which is covered by supplementary agreement, shall be continued, as amended during the life of the July 1, 2003 contract, for the life of this agreement for all employees hired before October 15, 2012.

• A beneficiary receiving payments under a variable payment plan may transfer from an Installment Income Plan (Option B) to either form of the Life Income Plan (Option C or E).

• The Employer shall have the right to amend or change the said Group Life and Survivor Income Plan during the term of this Agreement.

• Air Canada shall have the right to name one observer to the Group Insurance Disability Income Plan.

• The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments.

• The Hospital will assume total responsibility for providing and funding a short-term sick leave plan at least equivalent to that described in the Hospitals of Ontario Disability Income Plan brochure.

More Definitions of Income Plan

Income Plan. A payout option that allows for a series of payments to be made during the Payout Phase. LU10974 Page 3 (5/10)

Income Plan is a series of payments on a scheduled basis to you or to another person designated by you. The Contract Value on the Payout Start Date, less any applicable taxes, will be applied to your Income Plan choice from the following list. You may choose more than one Income Plan. If you choose more than one Income Plan, you must specify what proportions of your Contract Value (less any applicable taxes) should be allocated to each Income Plan. For tax reporting purposes, your cost basis and any gain on the Contract will be allocated proportionately to each Income Plan chosen based on the proportion of your Contract Value applied to each Income Plan. We reserve the right to limit the number of Income Plans that you may select. If you choose to add the Income Protection Option to your Variable Amount Income Payments, certain restrictions may apply as described under Income Protection Option below.