Only one Death Benefit definition
Only one Death Benefit is payable under this Contract. In all events, distributions under the Contract must be made as required by applicable law. GA-IA-1082 16 YOUR CONTRACT BENEFITS (continued) ------------------------------------------------------------------------------- How to Claim Payments to Beneficiary We must receive proof of the Owner's (or the Annuitant's) death before we will make any payments to the Beneficiary. We will calculate the Death Benefit as of the date we receive due proof of death. The Beneficiary should contact our Customer Service Center for instructions. GA-IA-1082 17 CHOOSING AN INCOME PLAN ------------------------------------------------------------------------------- ANNUITY BENEFITS If the Annuitant and Owner are living on the Annuity Commencement Date, we will begin making payments to the Owner. We will make these payments under the Annuity Option (or Options) as chosen in the application or as subsequently selected. You may choose or change an Annuity Option by making a written request at least 30 days prior to the Annuity Commencement Date. Unless you have chosen otherwise, Option 2 on a 10-year period certain basis will become effective. The amounts of the payments will be determined by applying the Accumulation Value on the Annuity Commencement Date in accordance with the Annuity Options section below (see Payments We May Defer). Before we pay any Annuity Benefits, we require the return of this Contract. If this Contract has been lost, we require the applicable lost Contract form.
Only one Death Benefit is payable under this Contract. In all events, distributions under the Contract must be made as required by applicable law. How to Claim Payments We must receive proof of the Owner's (or the Annuitant's - see above for when the Annuitant's death is applicable) death before we will make any payments to the Beneficiary. We will calculate the Death Benefit as of the Valuation Date on or immediately subsequent to the date we receive due proof of death. The Beneficiary should contact our Customer Service Center for instructions. DEATH BENEFIT If the Owner, or any Joint Owner, dies prior to the Annuitization Date, we will pay the Beneficiary the Death Benefit. The Death Benefit is the greater of: (a) the Accumulation Value and (b) the Roll-up Value. IU-IA-3020 16 YOUR CONTRACT BENEFITS (continued) -------------------------------------------------------------------------------- Roll-up Value On the Contract Date, the Roll-up Value is the initial premium paid. On subsequent Valuation Dates, the Roll-up Value is: (a) the Roll-up Value on the prior Valuation Date; plus (b) interest, calculated at the Roll-up Rate (as shown in the Schedule); plus (c) any additional premium paid during the current Valuation Period; less (d) adjustments for any partial withdrawals made during the current Valuation Period. Partial Withdrawal Adjustments For any Partial Withdrawals, the Roll-up Value will be reduced on a pro-rata basis. The pro-rata adjustment is equal to (1) divided by (2) multiplied by (3) where: (1) is the Accumulation Value withdrawn; (2) is the Accumulation Value immediately prior to withdrawal; and (3) is the Roll-up Value immediately prior to withdrawal. Change of Owner If there is a change in ownership (except for a change in trust as Owner where the Contract is issued for the benefit of the Owner or Annuitant) including the addition or deletion of a Joint Owner, the Roll-up Value will become and remain $0 (zero) thereafter. Spousal Beneficiaries If, at the Owner's death, the surviving spouse of the deceased Owner is the Beneficiary and the Roll-up Value as of the date we receive due proof of the Owner's death, minus the Accumulation Value, also as of that date, is greater than zero, we will add such difference to the Accumulation Value. Unless we are directed otherwise, such addition will be allocated to the Subaccounts of the Separate Account then available in the same proportion as the Accumulation Value in each available Subaccount bears to the Accumulation V...
Only one Death Benefit is payable under this Contract. In all events, distributions under the Contract must be made as required by applicable law. How to Claim Payments to Beneficiary We must receive proof of the Owner's (or the Annuitant's) death before we will make any payments to the Beneficiary. We will calculate the Death Benefit as of the date we receive due proof of death. The Beneficiary should contact our Customer Service Center for instructions. IU-IA-3014 18 BENEFIT OPTION PACKAGES -------------------------------------------------------------------------------- This Contract offers three Benefit Option Packages. The Option Package you elect is shown in the Schedule. ELECTION OF BENEFIT OPTION PACKAGES On any Contract Anniversary prior to and including the date you reach Attained Age 80, you may elect to replace the Benefit Option Package in effect with another Benefit Option Package provided you are the sole Owner and you and the Annuitant meet the eligibility criteria stated below. Such election must be received by us in writing at our Customer Service Center on or during the sixty day period immediately preceding the Contract Anniversary. The effective date of the newly elected Benefit Option Package will be the Contract Anniversary at the end of the sixty day election period. We will issue another Schedule reflecting the new Benefit Option Package Chosen. This new Schedule will reflect the new Schedule Date and the revised Charges, if any, for the Benefit Option Package elected.
Examples of Only one Death Benefit in a sentence
Only one Death Benefit is payable under this Contract, even though the Contract may continue beyond an Owner’s death.
Only one Death Benefit is payable under this Contract, even though the Contract may continue beyond an Owner's death.
More Definitions of Only one Death Benefit
Only one Death Benefit is payable under this Contract, even though the Contract may, in some circumstances, continue beyond the time of an Owner's death. The Death Benefit may be taken in one sum immediately and the Contract will terminate. If the Death Benefit is not taken immediately as a lump sum, then the entire interest in the Contract must be distributed under one of the following options:
Only one Death Benefit is payable under each Certificate. In all events, distributions under a Certificate must be made as required by applicable law. How to Claim Payments to Beneficiary We must receive proof of the Owner's (or the Annuitant's) death before we will make any payments to the Beneficiary. We will calculate the Death Benefit as of the date we receive due proof of death. The Beneficiary should contact our Customer Service Center for instructions IU-MP-3014 19 BENEFIT OPTION PACKAGES -------------------------------------------------------------------------------- The Contract offers three Benefit Option Packages. The Option Package elected is shown in each Certificate. ELECTION OF BENEFIT OPTION PACKAGES On any Certificate Anniversary prior to and including the date the Certificate Owner reaches Attained Age 80, the Certificate Owner may elect to replace the Benefit Option Package in effect with another Benefit Option Package provided there are no Joint Certificate Owners and the Certificate Owner and the Annuitant meet the eligibility criteria stated below. Such election must be received by us in writing at our Customer Service Center on or during the sixty day period immediately preceding the Certificate Anniversary. The effective date of the newly elected Benefit Option Package will be the Certificate Anniversary at the end of the sixty day election period. We will issue another Certificate Schedule reflecting the new Benefit Option Package Chosen. This new Schedule will reflect the new Schedule Date and the revised Charges, if any, for the Benefit Option Package elected.
Only one Death Benefit is payable under each Certificate. The Death Benefit may be taken in one sum immediately and the Certificate will terminate. If the Death Benefit is not taken immediately as a lump sum, then the entire interest in the Certificate must be distributed under one of the following options: