LIFE INCOME definition

LIFE INCOME. We will pay equal monthly payments for a specified period certain and then for life. We guarantee these payments will be at least those shown in Table 2.
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LIFE INCOME to the Participant as described in Section 1(b) above. This benefit is available to both Married and Single Participants. The form of the benefit provides a somewhat higher amount of retirement income than would be payable under option 2(a) above because the Trust is not obligated to continue the payments if the Participant does die before 10 years have elapsed since his retirement.
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LIFE INCOME. We will pay an income during a person's lifetime. You may elect a minimum guaranteed period. Payments will be in an amount We determine but not less than guaranteed by this section. The guaranteed minimum monthly life income for an elected 10-year guaranteed period is shown in Option B Tables below. If the person dies after payments begin but before the end of any minimum guaranteed period, the remaining payments will be paid to named beneficiary(ies) under the benefit option until the end of the guaranteed period. OPTION C, JOINT AND SURVIVOR LIFE INCOME: We will pay an income during the lifetime of two people. Payments will continue until the deaths of both people. You may elect a minimum guaranteed period. Payments will be in an amount We determine but not less than guaranteed by this section. The minimum monthly joint and 100% survivor life income for an elected 10-year guaranteed period is shown in Option C Tables below. If both persons die after payments begin but before the end of any minimum guaranteed period, the remaining payments will be paid to named beneficiary(ies) under the benefit option until the end of the guaranteed period. Benefit Options B and C are based on the Annuity 2000 Mortality Table with mortality projected 20 years by projection Scale G and 3.0% interest. Benefit options are also based on the gender of the Annuitant or Joint Annuitant, if applicable, except for contracts issued in states that require unisex tables or in connection with employment related annuities and benefit plans not based on the gender of the Annuitant. OPTION B TABLES These tables show the minimum monthly life income with 10-year guaranteed period for each $1,000 of proceeds applied. We will make the first payment on the effective date of the supplementary contract. ------------------------ -------------------------- --------------------- -------------------------- Age Age Last Birthday Last Birthday 10-Year Guaranteed of Female/ 10-Year Guaranteed of Male Annuitant Period Unisex Annuitant Period ------------------------ -------------------------- --------------------- -------------------------- ------------------------ -------------------------- --------------------- -------------------------- 55 4.19 55 3.93 56 4.27 56 4.00 57 4.35 57 4.06 58 4.43 58 4.13 59 4.52 59 4.21 60 4.61 60 4.29 61 4.71 61 4.37 62 4.81 62 4.46 63 4.92 63 4.55 64 5.03 64 4.65 65 5.15 65 4.75 66 5.27 66 4.86 67 5.40 67 4.98 68 5.53 68 5.10 69 5.67 69 5.23 70 5.82 70 5.37 71 5.97 71...
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Examples of LIFE INCOME in a sentence

  • THE PRINCIPAL LIFE INCOME FUNDINGS TRUST SPECIFIED ON THE FACE OF THIS NOTE Dated: Original Issue Date By: U.S. Bank Trust National Association, not in its individual capacity but solely as Trustee.

  • OPTION 3 LIFE INCOME WITH INSTALLMENT OR UNIT REFUND OPTION: This option provides Annuity Payments for the life of the Annuitant, with a period certain determined by dividing the Annuity Start Amount by the amount of the first Annuity Payment.

  • OPTION 3 - LIFE INCOME WITH 120 OR 240 MONTHLY PAYMENTS GUARANTEED.

  • OPTION B — LIFE INCOME WITH OR WITHOUT A CERTAIN PERIOD: Payments are based on the life of an Annuitant.

  • Dated: Original Issue Date THE PRINCIPAL LIFE INCOME FUNDINGS TRUST SPECIFIED ON THE FACE OF THIS NOTE By: U.S. Bank Trust National Association, not in its individual capacity but solely as Trustee.

  • THE PRINCIPAL LIFE INCOME FUNDINGS TRUST Dated: Original Issue Date By: U.S. Bank Trust National Association, not in its individual capacity but solely as Trustee.

  • OPTION D, JOINT AND SURVIVOR LIFE INCOME: We will make annuity benefit payments during the lifetime of the Joint Annuitants.

  • OPTION E, JOINT AND SURVIVOR LIFE INCOME WITH GUARANTEED PERIOD: We will make annuity benefit payments for the longer of the lifetime of the Joint Annuitants or a guaranteed period that You select.

  • OPTION C, LIFE INCOME WITH GUARANTEED PERIOD: We will make annuity benefit payments for the longer of the Annuitant’s lifetime or a guaranteed period that You select.

  • OPTION 2 (LIFE INCOME) We will make equal monthly payments for as long as the person on whose life the settlement is based lives, with payments certain for the period chosen.


More Definitions of LIFE INCOME

LIFE INCOME a modified registered retirement income fund for Locked-in funds available as an alternative to an annuity. This type of plan provides a more flexible retirement income than an annuity. A formula establishes the minimum and maximum amounts that must be withdrawn each year, but between those limits you have some choice. ▇▇▇▇; in some jurisdictions a Locked-in (see below for definition of locking-in) is referred to as a locked-in retirement account or LIRA.
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