Yearly Annuity definition

Yearly Annuity means annuity paid in respect of annual frequency;
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Yearly Annuity means annuity paid in respect of annual frequency annually in arrears;
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Examples of Yearly Annuity in a sentence

  • Surrender value shall be payable as below – For Immediate Life with Return of Purchase Price option and Deferred Life Annuity with Return of Purchase Price option, the Surrender Value is calculated using below formula: Surrender Value = (F1 * Yearly Annuity (including Top-up amount, if any) + F2 * Purchase Price (including Top-up amount, if any)).

  • The factors F1 & F2 depends on the age at surrender: During Deferment Period,Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 9.50% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.

  • The factors F1 & F2 depends on the age at surrender: During Deferment Period,Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 9.75% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.

  • Special Surrender Value shall be payable as below: Special Surrender Value =F2 factor × Yearly Annuity × RPU Factor+ F3 factor × Total Premiums Paid (excluding loading for Modal Premiums) The maximum Special Surrender Value shall not exceed the amount of Death Benefit payable under Option 2.

  • Modal Factors: Modal factors shall be applicable on payment of Annuity as per the frequency selected: Annuity Installment as per frequency:ModeAnnuity Installment (per frequency)Yearly100%Half-yearly98% of Yearly Annuity x 1/2Quarterly97% of Yearly Annuity x 1/4Monthly96% of Yearly Annuity x 1/12 Payment Date of Annuities: Payment of Annuity will be made in arrears on the last day of a month depending upon the frequency of payment chosen.

  • Depending up on the Annuity frequency, the amount of GA will be as below –• Yearly Annuity instalment/12• Half-yearly Annuity instalment/6• Quarterly Annuity instalment/3• Monthly Annuity instalment Guaranteed Addition is applicable for each Top-up Premium paid.

  • The factors F1 & F2 depends on the age at surrender.• During Deferment Period:,Special Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 9.15% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.

  • Post Deferment PeriodSurrender Value will be Special Surrender Value as defined below, subject to a maximum limit to the extent of Death Benefit under Clause 3.1 of Part C (as applicable): Special Surrender Value =F2 factor × Yearly Annuity × RPU Factor+ F3 factor × Total Premiums Paid (excluding loading for Modal Premiums) To know the applicable GSV and SSV Factors, please refer to Annexure 5 & 6 respectively.

  • ModeAnnuity Installment (per frequency)Yearly100% of Yearly AnnuityHalf-yearly97% of Yearly Annuity x 1 2Quarterly96% of Yearly Annuity x 1 4Monthly95% of Yearly Annuity x 112*New Customers are customers who intend to purchase the annuity plan separately and not using the proceeds of any of the Kotak Life’s Pension Plans / Superannuation fund(s)Tax BenefitsYou may avail of tax benefits under Section 80CCC of Income Tax Act, 1961 subject to conditions as specified in those sections.

  • The factors F1 & F2 depends on the age at surrender.• During Deferment Period:,Special Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 8.90% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.

Related to Yearly Annuity

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

  • 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.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or qualified joint and survivor annuity) to which the Member would be entitled under the terms of the plan assuming:

  • 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.

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

  • Annuity Benefit means a benefit payable by us as described in Part VII.

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

  • Retirement Benefit means the benefit set forth in Article 5.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

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

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Actuarial equivalent means a benefit of equal value when

  • SERP Benefit means the benefit described in Section 5.1.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • 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.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

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

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

  • 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.

  • Termination Benefit means the benefit set forth in Article 7.

  • Accrued Benefit have the meanings specified in ERISA.

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value