Primary Annuitant definition

Primary Annuitant. The individual that is named in the Contract, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. Purchase Payment — An amount paid to us, by or on behalf of an Owner, as consideration for the benefits provided under this Contract.

Primary Annuitant. The natural person on whose life the amount and timing of Income Payments is based.

Primary Annuitant means the first individual, which may be either the institutionalized individual or his or her spouse, to receive payment from an annuity.

Examples of Primary Annuitant in a sentence

• On death of the Secondary annuitant if the Primary annuitant is alive, we shall continue to pay 100% of the annuity installment throughout the life of the surviving Primary annuitant.

• On death of the Secondary annuitant if the Primary annuitant is alive, we shall continue to pay the annuity installment throughout the life of the surviving Primary annuitant.

• On subsequent death of the Primary annuitant, future annuity payments would cease immediately.

• On subsequent death of the Primary annuitant, we will refund the premium paid under the base policy to the nominee.

• On death of the Annuitant(s): The normal documents which the claimants shall submit while lodging the claim in case of death of the Annuitant / Primary annuitant / secondary annuitant shall be the claim form, as prescribed by the Company, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, whichever is applicable, to the satisfaction of the Company.

More Definitions of Primary Annuitant

Primary Annuitant means the primary life insured, in case of Joint Annuity option

Primary Annuitant. [Xxxx Xxx] [35 Male] :Age and Sex Contract Number: [13000000] [December 12, 1994] :Contract Date Initial Premium: [$10,000.00] [July 1, 2029] :Maturity Date Contingent Annuitant: [None] Owner: [Xxxx Xxx] Beneficiaries: [Xxxx Xxx]

Primary Annuitant means the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. This Contract incorporates all provisions of Code Section 72(s) and any successor provision, as deemed necessary by us to qualify this Contract as an annuity, including the requirement that if the owner dies before the Annuity Date, any death benefit proceeds under this Contract shall be distributed within five years of the owner's death (or such other period that we offer and that is permitted under the Code or such shorter period as we may require). These DEATH OF OWNER DISTRIBUTION RULES do not apply to Qualified Contracts issued under Qualified Plans as defined in Section 401, 403 or 408 of the Code or to an annuity that is a qualified funding asset as defined in Code Section 130(d) (but without regard to whether there is a qualified assignment).

Primary Annuitant means under the:

Primary Annuitant s Beneficiary - The person (or non-natural person) designated by the Owner to receive the Death Benefit upon the death of the Annuitant and Joint Annuitant, if applicable.

Primary Annuitant means the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. The rules set forth in these DEATH OF OWNER DISTRIBUTION RULES are intended to satisfy the distributions-at-death timing requirements of Section 72(s) of the Code. This Contract is deemed to incorporate all provisions of Section 72(s) of the Code, or any successor provision, as interpreted by us and deemed necessary to qualify this Contract as an annuity. We reserve the right to amend this Contract and/or

Primary Annuitant means the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. The rules set forth in these Distribution Rules are intended to satisfy the distributions-at-death timing requirements of Section 72(s) of the Code. This Contract is deemed to incorporate any provision of Section 72(s) of the Code, or any successor provision, as interpreted by us and deemed necessary to qualify this Contract as an annuity. We reserve the right to amend this Contract without a signed request and to provide a form of amendment (rider) to the Contract to satisfy any changes in these requirements. These Distribution Rules do not apply to Qualified Contracts issued under Qualified Plans as defined in Section 401 (a), 401 (k), 403(a) or 403(b) of the Code.