Life and Period Certain Annuity definition

Life and Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life and Period Certain” Annuity Form. During the Covered Life’s lifetime, Athene will make monthly payments to the Covered Life equal to the Covered Life Amount. Athene owes the first monthly payment on the Annuity Commencement Date. Athene will pay subsequent monthly payments on the first day of each month. Athene’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. Athene will then compare the number of monthly payments Athene made to the Covered Life on or after the Annuity Commencement Date to the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. If the number of monthly payments is less than such guaranteed number, Athene will pay the Covered Life Amount each month to the Beneficiary.These payments will stop when the total number of payments to the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments. If any remaining Annuity Payments under a Life and Period Certain Annuity become payable to one or more Beneficiaries, and if the monthly amount of the payments payable to any Beneficiary is less than $50, then Athene may change the frequency of payments to quarterly, semi-annually, or annually, so long as the payments are made in advance of the otherwise applicable due date for such payments. If neither the Covered Life nor the Beneficiary is living at the time remaining guaranteed payments are payable, the present value of the remaining guaranteed payments payable will be paid to (i) the Covered Life's executors or administrators in case the Covered Life died after the Beneficiary or (ii) the Beneficiary's executors or administrators in case the Beneficiary died after the Covered Life. The “present value” of remaining Annuity Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of October preceding the calendar year in which the lump sum payment is made.
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Life and Period Certain Annuity means the form of payment described in section 6.3(b)(5).
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Life and Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life and Period Certain” Annuity Form. During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. Prudential will then compare the number of monthly payments Prudential made to the Covered Life after the Annuity Commencement Date to the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the designated Beneficiary. These payments will stop when the total number of payments to the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.
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Examples of Life and Period Certain Annuity in a sentence

  • If a Covered Life (or Contingent Life) in respect of whom payments under a Period Certain Annuity or Life and Period Certain Annuity are payable at the time of his or her death or a lump sum death benefit is payable at the time of his or her death, dies without validly designating a Beneficiary, or if the Beneficiary is no longer living, Prudential may pay the “present value” (as such term is defined in Section 2.2) thereof in full settlement of its liability for such payments.

  • OCC-RL300-LifePeriodCertain 2 Single Life and Period Certain Annuity CONFIDENTIAL All notices must be in writing.

  • Upon OCC-RL300-LifePeriodCertain 4 Single Life and Period Certain Annuity CONFIDENTIAL receipt by us of the request, the amount specified in the request shall, subject to our consent, be deducted each month.

  • OCC-RL300-LifePeriodCertain 3 Single Life and Period Certain Annuity CONFIDENTIAL As a condition to making any payment, we may require a Payee to provide certain information not previously supplied.

  • After the period of time prescribed by applicable state law, any payments under a Period Certain Annuity or Life and Period Certain Annuity or lump sum benefit that have been withheld under the terms of this Section 2.4 may be considered abandoned or escheatable property.


More Definitions of Life and Period Certain Annuity

Life and Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life and Period Certain” Annuity Form. During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. Prudential will then compare the number of monthly payments Prudential made to the Covered Life after the Annuity Commencement Date to the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the Beneficiary. These payments will stop when the total number of payments to the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments. If any remaining Annuity Payments under a Life and Period Certain Annuity become payable to one or more Beneficiaries, and if the monthly amount of the payments payable to any Beneficiary is less than $50, then Prudential may change the frequency of payments to quarterly, semi-annually, or annually, so long as the payments are made in advance of the otherwise applicable due date for such payments. If neither the Covered Life nor the Beneficiary is living at the time remaining guaranteed payments are payable, the present value of the remaining guaranteed payments payable will be paid to (i) the Covered Life's executors or administrators in case the Covered Life died after the Beneficiary or (ii) the Beneficiary's executors or administrators in case the Beneficiary died after the Covered Life. [***] Confidential Treatment Requested Confidential portion omitted and filed separately with the Commission The “present value” of remaining Annuity Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of October preceding the calendar year in which the lump sum payment is made.
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Related to Life and Period Certain Annuity

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

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

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • 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.

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

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant's Vested Account Balance.

  • 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.

  • Special Enrollment Period means a period of time allowed under this Plan, other than the eligible person’s Initial Enrollment Period or an Open Enrollment Period, during which an eligible person can request coverage under this Plan as a result of certain events that create special enrollment rights.

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • 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.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Annuity Commencement Date is the first day of the month an annuity begins under this contract. This date may not be later than the date a Participant's periodic benefits are required to commence under the Code.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

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

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

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

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

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

  • Initial Enrollment Period means one of the following periods during which you may first enroll for coverage under this plan:

  • Continuation Coverage means the temporary continuation of PEBB benefits available to enrollees under the Consolidated Omnibus Budget Reconciliation Act (COBRA), 42 U.S.C. Secs. 300bb-1 through 300bb-8, the Uniformed Services Employment and Reemployment Rights Act (USERRA), 38 U.S.C. Secs. 4301 through 4335, or the public employees benefits board's policies.

  • Fixed Rate Period Remaining Life means, with respect to any Debenture, the period from the Special Redemption Date for such Debenture to the Interest Payment Date in December 2010.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Extended benefit period means a period which:

  • Early Retirement Date means: the day on which a Participant who has attained age fifty-five (55), but has not reached age sixty-five (65), with ten (l0) or more years of Credited Service, retires. A Participant is eligible for early retirement on the first day of the calendar month coincidental with or immediately following the attainment of age fifty-five (55) and the completion of ten (l0) years of Credited Service, and "early retirement" shall mean retirement by an eligible Participant at the Early Retirement Date.