Life Income Options definition

Life Income Options. Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date. The Company will require proof of age. The Life Income payments will be based: on the rates shown in the Life Income Tables (Section 19); or, if they are greater, on the Payment Option rates of the Company on the Option Date. If the rates at a given age are the same for different periods certain, the longest period certain will be used.
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Life Income Options. Guaranteed Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date. The Company will require proof of age. The Life Income payments will be based: on the rates shown in the Life Income Tables (Section 21); or, if they are greater, on the Payment Option rates of the Company on the Option Date. If the rates at a given age are the same for different periods certain, the longest period certain will be used. Purchase of Increased Payment Option Benefits On the Option Date, a one sum purchase payment can be made to the Company to be added to the proceeds being applied to any Payment Option. The portion of Life Income payments purchased in this way will be based on the Payment Option rates of the Company on the Option Date, which may not be the rates shown in the Life Income Tables (Section 21). The purchase payment will be limited to the Company's published maximum for single premium immediate annuities on the Option Date. A portion of the purchase payment may be used by the Company to pay premium taxes on the purchase payment. Death of Payee If a Payee under a Life Income Option dies within 30 days after the Option Date, the amount applied to the Option, less any payments made, will be paid in one sum, unless a Payment Option is chosen by the successor Xxxxx. Otherwise, amounts to be paid after the death of a Payee under a Payment Option will be paid as due to the successor Xxxxx. If there is no successor Xxxxx, amounts to be paid in one sum, or the commuted value of any unpaid payments certain, will be paid in one sum to the estate of the last Payee to die. Commutation Rate The interest rate used to compute the commuted value of any unpaid payments certain: . Under the First Option will be 3 1/2% per year; and . Under the Life Income Options will be the rate used by the Company in computing the amount of the monthly payments.
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Examples of Life Income Options in a sentence

  • Under the Life Income Options will be the rate used by the Company in computing the amount of the monthly payments.

  • The undersigned registered holder of a 7.00 % Equity Subordinated Debentures Due December 31, 2006 bearing Certificate No. hereby irrevocably elects to convert such Debenture (or $ principal amount thereof) in accordance with the terms of the Indenture referred to in such Debenture and tenders herewith the Debenture, and, if applicable, directs that the Subordinate Voting Shares of Telesystem International Wireless inc.

  • Payments under the Life Income Options cannot be commuted, except for payments certain.

  • Proceeds may not be withdrawn from any of the Payment of Life Income Options.

  • Life Income Options Guaranteed Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date.

  • Life Income Options Life Income Options are based on the payee's age nearest birthday on the settlement option effective date.

  • LIFE INCOME OPTIONS Guaranteed Life Income Options are based on the age of the Payee on the Option Date.

  • Guaranteed Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date.

  • Alternate Amount of If a fixed life income option is elected, the Installments Under Fixed Owner (or if the Owner has not elected a payment Life Income Options option, the Beneficiary) may elect life income payments equal to those provided by those fixed single premium immediate annuity option rates in use by American Xxxxxxxx when annuity payments begin.

  • Life Income Options are based on the payee's sex and age nearest birthday on the annuity option effective date.

Related to Life Income Options

  • Company Stock Options means any option to purchase Company Common Stock pursuant to any Company Stock Plans.

  • Stock Options means the collective reference to "Incentive Stock Options" and "Other Stock Options".

  • Non-Qualified Stock Option means any Stock Option that is not an Incentive Stock Option.

  • Parent Options means options or other rights to purchase shares of Parent Common Stock issued by Parent.

  • Vested Options means the Options that have vested in accordance with Section 2.2 of this Agreement.

  • Rollover Options has the meaning provided in Subsection 3.1(h).

  • Investment Options means the investment options, as determined from time to time by the Committee, used to credit earnings, gains and losses on Account balances.

  • Company Stock Option Plans means the Company’s 2000 Employee Stock Option Plan, 1997 Employee Stock Option Plan and 1995 Stock Option Plan, in each case as amended.

  • Vesting Percentage means the percentage by which the Target Total Award is multiplied as set forth in the chart in Section II below.

  • Company Equity Awards means the Company Options and the Company RSUs.

  • non-equity incentive plan means an incentive plan or portion of an incentive plan that is not an equity incentive plan;

  • Compensation Options means the options of the Company to be issued to the Agent pursuant to Section 8.2 hereof to acquire Compensation Shares;

  • Initial Vesting Date means the date occurring one (1) year after (check one):

  • Company Stock Option means any option to purchase Company Common Stock granted under any Company Stock Plan.

  • Performance Option means an Incentive Stock Option or Nonqualified Stock Option, the grant of which or the exercisability of all or a portion of which is contingent upon the attainment of specified Performance Measures within a specified Performance Period.

  • Vested Company Option means each Company Option outstanding as of immediately prior to the Effective Time that is vested as of immediately prior to the Effective Time or will vest solely as a result of the consummation of the Merger.

  • Deferred Stock Units means the number of hypothetical Shares subject to an Election.

  • Company Stock Option Plan means each stock option plan, stock award plan, stock appreciation right plan, phantom stock plan, stock option, other equity or equity-based compensation plan, equity or other equity based award to any employee, whether payable in cash, shares or otherwise (to the extent not issued pursuant to any of the foregoing plans), or other plan or contract of any nature with any employee pursuant to which any stock, option, warrant or other right to purchase or acquire capital stock of the Company or right to payment based on the value of Company capital stock has been granted or otherwise issued.

  • Stock Option Plans means any stock option plan now or hereafter adopted by the Partnership or the General Partner.

  • Investment Option means any of the guaranteed investments and variable investment funds available under the Plan.

  • Nonqualified Stock Option means an Option that is not an Incentive Stock Option.

  • Deferred Stock Account means a bookkeeping account maintained by the Company for a Participant representing the Participant's interest in the shares credited to such Deferred Stock Account pursuant to Paragraph 7 hereof.

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Non-Qualified Share Option means an Option that is not intended to be an Incentive Share Option.

  • Company Equity Award means a Company Stock Option or a Company Stock Award or a phantom stock award, as the case may be.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.