Common use of ANNUITY BENEFIT FORMS Clause in Contracts

ANNUITY BENEFIT FORMS. The ‘‘Normal Form’’ of Annuity Benefit is the “Life Annuity with Period Certain” described below, unless another form of annuity is determined to be the Normal Form of annuity, pursuant to any IIPRC Uniform Standard, any plan under which the Contract is purchased, if applicable, the requirements of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, or any other law that applies. The Data Pages will state the Normal Form which applies. The Life Annuity with Period Certain is an annuity that is payable during the lifetime of the person upon whose life the payments depend, but with a maximum of 10 years of payments guaranteed (10 years certain period). That is, if the original payee dies before the certain period has ended, payments will continue to the Beneficiary named to receive such payments for the balance of the certain period. We may offer other annuity forms as available from us or from one of our affiliated life insurance companies. Such a form may, for example, include the Joint and Survivor Life Annuity Form which provides monthly payments while either of two persons upon whose lives such payments depend on is living. The monthly amount to be continued when only one of the persons is living will be equal to a percentage, as elected, of the monthly amount that was paid while both were living.