ANNUITY PAYMENT OPTIONS. You must elect an annuity payment option by Written Request. We reserve the right to require that the election of a payment option be in the form of a supplementary contract distributed by Us reflecting the terms of the payment option elected. We have the right to require proof of Age and sex of any person on whose life payments depend, as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the annuity payment option You elected. Where the election of an annuity payment option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Under Options A, B, D, E and F, the applicable annuity payment option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by the applicable annuity payment option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS Under Options I, J, M and N, the applicable payment option rate used to determine the first payment amount will not be less than the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the amount of the first payment is equal to the amount held in each Subaccount, less any Tax due, divided by $1,000 and then multiplied by the applicable payment option rate. The first payment equals the sum of the amounts provided by each Subaccount. In each Subaccount, the number of fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount by the Annuity Unit Value for that Subaccount on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount remains unchanged unless You transfer funds to or from the Subaccount. If You transfer funds to or from a Subaccount, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount as a result of the transfer. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount by the Annuity Unit Value for that Subaccount on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each Subaccount. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts and may be either higher or lower than the first payment. Under Option L, We determine the amount of the annual distribution by dividing the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that time. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect the dollar amount of variable annuity payments.
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ANNUITY PAYMENT OPTIONS. You must elect an a) Life Annuity, Guaranteed Period - Payments will be made for life with no certain period or life and a 10 year certain period or life and a 20 year certain period. b) Unit Refund Life Annuity - An annuity payment option by Written Request. We reserve payable monthly during the right to require that the election of a payment option be in the form of a supplementary contract distributed by Us reflecting the terms lifetime of the Annuitant, terminating with the last payment due prior to the death of the Annuitant, provided that, at such death, the Beneficiary will receive an additional payment of the then dollar value of the number of Annuity Units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under the option electeddivided by the Annuity Unit Value at the Annuity Commencement Date and (b) is the product of the number of Annuity Units represented by each payment and the number of payments made. We c) Joint Life Annuity, Guaranteed Period - Payments will be made for life with no certain period or life and a 10 year certain period or life and a 20 year certain period. Payments will be made during the joint life of the Annuitant and a Joint Annuitant of the Annuitant's choice. Payments continue for the life of the survivor at the death of the Annuitant or Joint Annuitant. d) Other options may be available as agreed upon by LNL. At the time Annuity Payments start under the provisions of this Contract, the Owner may elect to have the right total value applied to require proof provide a variable annuity, a fixed annuity, or a combination fixed and variable annuity. If no election is made the value of Age the Annuitant's Variable Account shall be used to provide a variable annuity, and the value of the Annuitant's fixed allocations shall be used to provide a fixed annuity. The amount of Annuity Payment will depend on the age and sex of any person on whose life the Annuitant at the time the first payment is due. A choice may be made to receive payments dependonce each month, four times each year, twice each year, or once each year. The value used to effect benefit payments for an Annuitant will be calculated as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the annuity payment option You elected. Where the election of an annuity payment option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Under Options A, B, D, E and F, the applicable annuity payment option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal fourteenth day prior to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by date benefit payments start. The payment amounts shown in the applicable annuity payment option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS Under Options I, J, M and N, the applicable payment option rate tables in Article S will be used to determine the first monthly payment amount will not be less than under a variable payment option. The tables show the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the dollar amount of the first monthly payment is equal to the amount held in which can be purchased with each Subaccount, less any Tax due, divided by $1,000 and then multiplied by of Account Value, after deduction of any applicable premium taxes. Amounts shown use the applicable payment option rate1971 Individual Annuity Mortality Table, modified, with a guaranteed rate of return of 5% per year. The first payment equals amounts shown in the sum of option tables in Article 6 will be used to determine the amounts provided by each Subaccount. In each Subaccount, the number of monthly payments under a fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount by the Annuity Unit Value for that Subaccount on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount remains unchanged unless You transfer funds to or from the Subaccount. If You transfer funds to or from a Subaccount, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount as a result of the transferoption. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount by the Annuity Unit Value for that Subaccount on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each Subaccount. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts and may be either higher or lower than the first payment. Under Option L, We determine the amount of the annual distribution by dividing the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that time. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect tables show the dollar amount of variable the monthly payments which can be purchased with each $1,000 of account value, after deduction of any applicable premium taxes. Amounts shown use the 1971 Individual Annuity Mortality Table, modified, with a guaranteed rate of return of 3 1/2% per year. The following shall apply only in situations where the provisions of the Retirement Equity Act of 1984 are required: If the Beneficiary or Joint Annuitant is the Annuitant's spouse, then under the Annuity Payment Option elected, the present value of the payments projected to be made to the Annuitant must equal more than 50% of the present value of the total payments projected to be made to the Annuitant and the Beneficiary or Joint Annuitant. The present value of such projected payments shall be determined on the basis of the actuarial assumptions used by LNL in determining the amount of annuity payments.
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ANNUITY PAYMENT OPTIONS. You Election of an Annuity Payment Option must elect an annuity payment option be made by Written Requestwritten request. We reserve the right to may require that the election of a payment option an Annuity Payment Option be in the form of a supplementary contract distributed by Us us reflecting the terms of the payment option elected. We have the right to require proof of Age and sex of any person on whose life payments depend, as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the Annuity Payment Option you elected after the first annuity payment option You electedis made. Where the election of an annuity payment option Annuity Payment Option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9Section 13, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Calculation of Fixed Annuity Payments Under Options A, B, D, E and F, the applicable annuity payment option Annuity Payment Option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by the applicable annuity payment option Annuity Payment Option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS The annuity benefits at the time of their commencement will not be less than those that would be provided by the application of the amount, hereinafter defined, to purchase a single premium immediate annuity contract offered by us at the time to the same class of annuitants. Such amount shall be the greater of the surrender value benefit or ninety-five percent of what the surrender benefit would be if there were no surrender charges. Calculation of Variable Annuity Payments Under Options I, J, M and N, the applicable payment option rate used to determine the first payment amount will not be less than the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the amount of the first payment is equal to the amount held in each SubaccountInvestment Option, less any Tax due, divided by $1,000 and then multiplied by the applicable payment option rate. The first payment equals the sum of the amounts provided by each SubaccountInvestment Option. In each SubaccountInvestment Option, the number of fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount Investment Option by the Annuity Unit Value for that Subaccount Investment Option on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount Investment Option remains unchanged unless You you transfer funds to or from the SubaccountInvestment Option. If You you transfer funds to or from a Subaccountan Investment Option, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount Investment Option as a result of the transfer. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount Investment Option by the Annuity Unit Value for that Subaccount Investment Option on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each SubaccountInvestment Option. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts Investment Options and may be either higher or lower than the first payment. Under Option LOptions I, We J, M and N, the applicable payment option rate used to determine the first payment amount will not be less than the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the payment option rate will be based on the number of payments to be made during the annual distribution by dividing specified period and the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that timeAssumed Investment Rate. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect the dollar amount of variable annuity paymentspayments after such payments have commenced.
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ANNUITY PAYMENT OPTIONS. You Election of an Annuity Payment Option must elect an annuity payment option be made by Written Requestwritten request. We reserve the right to require that the election of a payment option an Annuity Payment Option be in the form of a supplementary contract distributed by Us us reflecting the terms of the payment option elected. We have the right to require proof of Age and sex of any person on whose life payments depend, as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the Annuity Payment Option you elected after the first annuity payment option You electedis made. Where the election of an annuity payment option Annuity Payment Option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9Section 15, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Calculation of Fixed Annuity Payments Under Options A, B, D, E and F, the applicable annuity payment option Annuity Payment Option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by the applicable annuity payment option Annuity Payment Option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS Calculation of Variable Annuity Payments Under Options I, J, M and N, the applicable payment option rate used to determine the first payment amount will not be less than the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the amount of the first payment is equal to the amount held in each SubaccountInvestment Option, less any Tax due, divided by $1,000 and then multiplied by the applicable payment option rate. The first payment equals the sum of the amounts provided by each SubaccountInvestment Option. In each SubaccountInvestment Option, the number of fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount Investment Option by the Annuity Unit Value for that Subaccount Investment Option on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount Investment Option remains unchanged unless You you transfer funds to or from the SubaccountInvestment Option. If You you transfer funds to or from a SubaccountInvestment Option, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount Investment Option as a result of the transfer. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount Investment Option by the Annuity Unit Value for that Subaccount Investment Option on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each SubaccountInvestment Option. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts Investment Options and may be either higher or lower than the first payment. Under Option L, We we determine the amount of the annual distribution by dividing the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that time. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect the dollar amount of variable annuity payments.
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Samples: PHL Variable Accumulation Account
ANNUITY PAYMENT OPTIONS. You must elect an a) Life Annuity, Guaranteed Period - Payments will be made for life with no certain period or life and a 10 year certain period or life and a 20 year certain period. b) Unit Refund Life Annuity - An annuity payment option by Written Request. We reserve payable monthly during the right to require that the election of a payment option be in the form of a supplementary contract distributed by Us reflecting the terms lifetime of the Annuitant, terminating with the last payment due prior to the death of the Annuitant, provided that, at such death, the Beneficiary will receive an additional payment of the then dollar value of the number of Annuity Units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under the option electeddivided by the Annuity Unit Value at the Annuity Commencement Date and (b) is the product of the number of Annuity Units represented by each payment and the number of payments made. We c) Joint Life Annuity, Guaranteed Period - Payments will be made for life with no certain period or life and a 10 year certain period or life and a 20 year certain period. Payments will be made during the joint life of the Annuitant and a Joint Annuitant of the Annuitant's choice. Payments continue for the life of the survivor at the death of the Annuitant or Joint Annuitant. d) Other options may be available as agreed upon by LNL. At the time Annuity Payments start under the provisions of this Contract, the Owner may elect to have the right total value applied to require proof provide a variable annuity, a fixed annuity, or a combination fixed and variable annuity. If no election is made the value of Age the Annuitant's Variable Account shall be used to provide a variable annuity, and the value of the Annuitant's fixed allocations shall be used to provide a fixed annuity. The amount of Annuity Payment will depend on the age and sex of any person on whose life the Annuitant at the time the first payment is due. A choice may be made to receive payments dependonce each month, four times each year, twice each year, or once each year. The value used to effect benefit payments for an Annuitant will be calculated as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the annuity payment option You elected. Where the election of an annuity payment option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Under Options A, B, D, E and F, the applicable annuity payment option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal fourteenth day prior to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by date benefit payments start. The payment amounts shown in the applicable annuity payment option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS Under Options I, J, M and N, the applicable payment option rate tables in Article 5 will be used to determine the first monthly payment amount will not be less than under a variable payment option. The tables show the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the dollar amount of the first monthly payment is equal to the amount held in which can be purchased with each Subaccount, less any Tax due, divided by $1,000 and then multiplied by of account value, after deduction of any applicable premium taxes. Amounts shown use the applicable payment option rate1971 Individual Annuity Mortality Table, modified, with an assumed rate of return of 5% per year. The first payment equals amounts shown in the sum of option tables in Article 6 will be used to determine the amounts provided by each Subaccount. In each Subaccount, the number of monthly payments under a fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount by the Annuity Unit Value for that Subaccount on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount remains unchanged unless You transfer funds to or from the Subaccount. If You transfer funds to or from a Subaccount, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount as a result of the transferoption. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount by the Annuity Unit Value for that Subaccount on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each Subaccount. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts and may be either higher or lower than the first payment. Under Option L, We determine the amount of the annual distribution by dividing the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that time. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect tables show the dollar amount of variable annuity paymentsthe monthly payments which can be purchased with each $1,000 of account value, after deduction of any applicable premium taxes. Amounts shown use the 1971 Individual Annuity Mortality Table, modified, with an assumed rate of return of 3 1/2% per year.
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ANNUITY PAYMENT OPTIONS. You must elect an annuity payment option by Written Request. We reserve the right to require that the election of a payment option be in the form of a supplementary contract distributed by Us reflecting the terms of the payment option elected. We have the right to require proof of Age and sex of any person on whose life payments depend, as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the annuity payment option You elected. Where the election of an annuity payment option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Under Options A, B, D, E and F, the applicable annuity payment option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by the applicable annuity payment option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS Under Options I, J, M and N, the applicable payment option rate used to determine the first payment amount will not be less than the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the amount of the first payment is equal to the amount held in each Subaccount, less any Tax due, divided by $1,000 and then multiplied by the applicable payment option rate. The first payment equals the sum of the amounts provided by each Subaccount. In each Subaccount, the number of fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount by the Annuity Unit Value for that Subaccount on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount remains unchanged unless You transfer funds to or from the Subaccount. If You transfer funds to or from a Subaccount, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount as a result of the transfer. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount by the Annuity Unit Value for that Subaccount on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each Subaccount. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts and may be either higher or lower than the first payment. Under Option L, We determine the amount of the annual distribution by dividing the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that time. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect the dollar amount of variable annuity payments.. OPTION A - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN A fixed payout annuity payable monthly while the Annuitant is living or, if later, the end of the specified period certain. The period certain may be specified as 5, 10, or 20 years. The period certain must be specified at the time this option is elected. OPTION B - NON-REFUND LIFE ANNUITY A fixed payout annuity payable monthly while the Annuitant is living. No monthly payment, death benefit or refund is payable after the death of the Annuitant. OPTION D - JOINT AND SURVIVORSHIP LIFE ANNUITY A fixed payout annuity payable monthly while either the Annuitant or designated Joint Annuitant is living. You must designate the Joint Annuitant at the time You elect this option. The designated Joint Annuitant must be at least Age 40 on the first Payment Calculation Date. OPTION E - INSTALLMENT REFUND LIFE ANNUITY A fixed payout annuity payable monthly while the Annuitant is living. If the Annuitant dies before the annuity payments made under this option total an amount which refunds the entire amount applied under this option, We will make a lump sum payment equal to the entire amount applied under this option less the sum of payments already made. OPTION F - JOINT AND SURVIVORSHIP LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN A fixed payout annuity payable monthly while either the Annuitant or Joint Annuitant is living, or if later, the end of 10 years. You must designate the Joint Annuitant at the time You elect this option. The Joint Annuitant must be at least Age 40 on the first Payment Calculation Date. OPTION G - PAYMENTS FOR A SPECIFIED PERIOD A fixed payout annuity payable monthly over a specified period of time. Payments continue whether the Annuitant lives or dies. The specified period must be in whole numbers of years from 5 to 30, but cannot be greater than 100 minus the Age of the Annuitant. However, if the Beneficiary of any death benefits payable under this contract elects this Payment Option, the period selected by the Beneficiary may not extend beyond the life expectancy of such Beneficiary. OPTION H - PAYMENTS OF A SPECIFIED AMOUNT Equal income installments of a specified amount are paid until the principal sum remaining under this option from the amount applied is less than the amount of the installment. When that happens, the principal sum remaining will be paid as a final payment. The amount specified must provide for payments for a period of at least 5 years. OPTION I - VARIABLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN A variable payout annuity payable monthly while the Annuitant is living or, if later, for ten years. If the Beneficiary of any death benefits payable under this contract elects this payment option, the period certain will equal the shorter of 10 years and the life expectancy of such Beneficiary. OPTION J - JOINT SURVIVORSHIP VARIABLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN A variable payout annuity payable monthly while either the Annuitant or Joint Annuitant is living, or if later, the end of 10 years. You must designate the Joint Annuitant at the time You elect this option. The Joint Annuitant must be at least Age 40 on the first Payment Calculation Date. This option is not available for the payment of any death benefit under this contract. D617 18 OPTION K - VARIABLE ANNUITY FOR SPECIFIED PERIOD A variable payout annuity payable monthly over a specified period of time. Payments continue whether the Annuitant lives or dies. The specified period must be in whole numbers of years from 5 to 30, but cannot be greater than 100 minus the Age of the Annuitant. However, if the Beneficiary of any death benefits payable under this contract elects this payment option, the period selected by the Beneficiary may not extend beyond the life expectancy of such Beneficiary. This option also provides for unscheduled withdrawals. An unscheduled withdrawal will reduce the number of fixed Annuity Units in each Subaccount and affect the amount of future payments. OPTION L - VARIABLE LIFE EXPECTANCY ANNUITY This option provides a variable income which is payable over the Annuitant's annually recalculated life expectancy or the annually recalculated life expectancy of the Annuitant and Joint Annuitant. This option also provides for unscheduled withdrawals. An unscheduled withdrawal will reduce the Contract Value and affect the amount of future payments. Upon the death of the Annuitant (and Joint Annuitant, if applicable), any remaining Contract Value will be paid in a lump sum to the Beneficiary. OPTION M - UNIT REFUND VARIABLE LIFE ANNUITY This option provides variable monthly payments as long as the Annuitant lives. In the event of the death of the Annuitant, the monthly payments will stop and the Beneficiary will receive a lump sum payment equal to the value of the remaining Annuity Units. This value is equal to the sum of the number of remaining Annuity Units for each Subaccount multiplied by the current Annuity Unit Value for that Subaccount. The number of remaining Annuity Units for each Subaccount will be calculated as follows:
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Samples: PHL Variable Accumulation Account
ANNUITY PAYMENT OPTIONS. You Election of an Annuity Payment Option must elect an annuity payment option be made by Written Requestwritten request. We reserve the right to require that the election of a payment option an Annuity Payment Option be in the form of a supplementary contract distributed by Us us reflecting the terms of the payment option elected. We have the right to require proof of Age and sex of any person on whose life payments depend, as well as proof of the continued survival of any such person. After the first Payment Calculation Date, You may not change the Annuity Payment Option you elected after the first annuity payment option You electedis made. Where the election of an annuity payment option Annuity Payment Option is made by the Beneficiary of any death benefit payable under this contract, limited as described in Part 9Section 13, the term "Annuitant" as used below shall refer to such Beneficiary. CALCULATION OF FIXED ANNUITY PAYMENTS Calculation of Fixed Annuity Payments Under Options A, B, D, E and F, the applicable annuity payment option Annuity Payment Option rate used to determine the payment amount will not be less than the rate based on the 2000 Individual Annuity Mortality Table with a 10-year age setback and an interest rate of 2.5%. Under Options G and H, the interest rate is 1.5%. Under Options A, B, D, E, F, G, and H, the amount of the payment is equal to the Contract Value, less any applicable Tax, divided by $1,000 and then multiplied by the applicable annuity payment option Annuity Payment Option rate. CALCULATION OF VARIABLE ANNUITY PAYMENTS Calculation of Variable Annuity Payments Under Options I, J, M and N, the applicable payment option rate used to determine the first payment amount will not be less than the rate based on the 1983a Individual Annuity Mortality Table projected with projection scale G to the year 2040, with continued projection thereafter and the Assumed Investment Rate. Under Option K, the applicable payment option rate will be based on the number of payments to be made during the specified period and the Assumed Investment Rate. Under Options I, J, K, M and N, the amount of the first payment is equal to the amount held in each SubaccountInvestment Option, less any Tax due, divided by $1,000 and then multiplied by the applicable payment option rate. The first payment equals the sum of the amounts provided by each SubaccountInvestment Option. In each SubaccountInvestment Option, the number of fixed Annuity Units is determined by dividing the amount of the initial payment provided by that Subaccount Investment Option by the Annuity Unit Value for that Subaccount Investment Option on the first Payment Calculation Date. Thereafter, the number of fixed Annuity Units in each Subaccount Investment Option remains unchanged unless You you transfer funds to or from the SubaccountInvestment Option. If You you transfer funds to or from a SubaccountInvestment Option, the number of fixed Annuity Units will change in proportion to the change in value of the Subaccount Investment Option as a result of the transfer. The number of fixed Annuity Units will change effective with the transfer, but will remain fixed in number following the transfer. Second and subsequent payments are determined by multiplying the number of fixed Annuity Units for each Subaccount Investment Option by the Annuity Unit Value for that Subaccount Investment Option on the Payment Calculation Date. The total payment will equal the sum of the amounts provided by each Subaccount. The amount of second and subsequent payments will vary with the investment experience of the Subaccounts and may be either higher or lower than the first payment. Under Option L, We determine the amount of the annual distribution by dividing the Contract Value by the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and Joint Annuitant at that time. We guarantee that neither expenses actually incurred, other than Taxes on investment return, nor mortality actually experienced, shall adversely affect the dollar amount of variable annuity payments.
Appears in 1 contract
