Late Deposit Reduction means, where the Death Benefit Base for Estate Class is to be increased on a Valuation Date after the Annuitant’s 75th birthday by reason of a Deposit into that Class or a reclassification of Units from Investment Class to that Class, that the amount added to the Death Benefit Base will be 80% of the amount that otherwise would be added for the first three years following such Valuation Date, following which three year period 100% of the amount will be included in the Death Benefit Base. The Late Deposit Reduction continues in effect even if there is an intervening reset of the Death Benefit Base, in which event the Late Deposit Reduction will apply proportionately to the reset Death Benefit Base as described in Section 13.3 of the Contract. For greater certainty, a reset of the Death Benefit Base for Estate Class in the manner described in Section 13.3 of the Contract will not constitute a Deposit and therefore will not, by itself, trigger the application of the Late Deposit Reduction;
Late Deposit Reduction means, where the Death Benefit Base for Estate Class or Income Class is to be increased on a Valuation Date after the Annuitant’s 75th birthday by reason of a Deposit into that Class or a reclassification of Units from Investment Class to that Class, that the amount added to the Death Benefit Base will be 80% of the amount that otherwise would be added for the first three years following such Valuation Date, following which three year period 100% of the amount will be included in the Death Benefit Base. The Late Deposit Reduction continues in effect even if there is an intervening reset of
Late Deposit Reduction means the reduction in the death benefit guarantee for Deposits or reclassifications to Class A Units or Class B Units made after the Annuitant’s 75th birthday, as described in Section 12.7 of the Contract;
Examples of Late Deposit Reduction in a sentence
For greater certainty, a reset of the Death Benefit Base for either Estate Class or Income Class in the manner described below will not constitute a Deposit and therefore will not, by itself, trigger the application of the Late Deposit Reduction.
More Definitions of Late Deposit Reduction
Late Deposit Reduction means the reduction in the death benefit guarantee for a period of three years to 80% of their face value for Deposits or reclassifications to Class A Units or Class B Units made after the Annuitant’s 75th birthday, as described in Section 12.7 of the Contract;
Late Deposit Reduction means, where the Death Benefit Base for Estate Class or Income Class is to be increased on a Valuation Date after the Annuitant’s 75th birthday by reason of a Deposit into that Class or a reclassification of Units from Investment Class to that Class, that the amount added to the Death Benefit Base will be 80% of the amount that otherwise would be added for the first three years following such Valuation Date, following which three year period 100% of the amount will be included in the Death Benefit Base. The Late Deposit Reduction continues in effect even if there is an intervening reset of the Death Benefit Base, in which event the Late Deposit Reduction will apply proportionately to the reset Death Benefit Base as described in Section 13.3 of the Contract. For greater certainty, a reset of the Death Benefit Base for either Estate Class or Income Class in the manner described in Section 13.3 of the Contract will not constitute a Deposit and therefore will not, by itself, trigger the application of the Late Deposit Reduction;