Annuity Payments. If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.
Appears in 3 contracts
Samples: Guardian Separate Account R, Guardian Separate Account R, Guardian Separate Account R
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of Annuity Payments on the payout options below or any other payout option we make availableScheduled Annuity Date if the Contract Value on that date is greater than zero. You may elect for payments request a later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date is subject to our approval and cannot be made earlier than two years after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the first day of the calendar month following the later of the Annuitant's 90th birthday, or the tenth Contract Anniversary. We make Annuity Payments according to the Annuity Option and payment frequency you select. You can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. We may require that Annuity Payments be greater than or any other frequency that equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. L40538-NF 10 Annuity Payments continued from the previous page If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as a sole Owner dies during the Annuity Phase, and we are still required to make Annuity Payments under the terms of the selected Annuity Commencement DateOption, the Beneficiary(ies) becomes the Owner(s) of this contract. If a Joint Owner dies during the Annuity Phase, and we are still required to make Annuity Payments under the terms of the selected Annuity Option, the surviving Joint Owner becomes the sole Owner of this contract. Any remaining payments will be made monthly continue at least as rapidly as under Fixed the method of distribution in effect at such Owner's death. How we calculate Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Payments We calculate Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value Payments on the Annuity Commencement Date using the Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may Payments will not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that periodchange, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments as described in a lump sum. Annuity Option 3 – Joint and Last Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumAnnuity.
Appears in 2 contracts
Samples: Allianz Life Variable Account B, Allianz Life Insurance Co of North America
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one Annuity Payments on the Scheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero. You can request a later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date cannot be earlier than thirteen months after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the first day of the payout options below calendar month following the later of the Annuitant’s 90th birthday, or any other payout option we the tenth Contract Anniversary. Annuity Payments continued from the previous page How Annuity Payments Begin (continued) We make availableAnnuity Payments according to the Annuity Option and payment frequency you select. You may elect for payments to be made can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. For Annuity Payments to begin, we may require that Annuity Payments be greater than or equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. Annuity Payments will be at least as favorable as those that would be provided by the application of the Adjusted Contract Value to purchase any other frequency single premium immediate annuity contract offered at that time, for the same class of Annuitants, or, if we do not offer a single premium immediate annuity contract, Annuity Payments will be reasonable in relation to the market single premium immediate annuity rates. If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as of a sole Owner dies during the Annuity Commencement DatePhase, the Beneficiary(ies) becomes the Owner(s) of this contract. If a Joint Owner dies during the Annuity Phase, the surviving Joint Owner becomes the sole Owner of this contract. Any remaining payments will be made monthly continue at least as rapidly as under Fixed the method of distribution in effect at such Owner’s death. How we calculate Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Payments We calculate Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value Payments on the Annuity Commencement Date using the Adjusted Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Adjusted Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may Payments will not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that periodchange, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments as described in a lump sum. Annuity Option 3 – Joint and Last Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumAnnuity.
Appears in 2 contracts
Samples: Allianz Life of Ny Variable Account C, Allianz Life Insurance Co of New York
Annuity Payments. If GENERAL Any amounts payable under this Contract may be converted to Annuity Payments in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once Annuity Payments commence, the Annuity Option and the Annuitant is living and this contract is may not be changed. We will pay annuity benefits in force the form of Annuity Payment(s) on the Annuity Commencement Datelife of the Annuitant, based to the Payee, if living, on the election we have Maturity Date. Annuity Payments will commence on record or after the Maturity Date and continue for the period of time provided for under the Annuity Option you elect. MATURITY DATE On the Maturity Date or other date elected to commence Annuity Payments, we will begin convert the Account Value adjusted by any Market Value Adjustment as described in Part 6 of this Contract, into Annuity Payments. The amount used to make annuity payments under determine the first Annuity Payment will be measured as of a date not more than 10 business days prior to the Maturity Date. Only a Contract Value of $5,000 or more may be applied to one of the payout annuity payment options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitantoffered. If the Annuitant dies before the end amount of the guaranteed periodfirst annuity payment would be less than our minimum requirements then in effect, we may make a single payment, adjusted by any Market Value Adjustment as described in Part 6 of this Contract, on the date the first payment is payable. This single payment is in place of all other benefits provided by this Contract. CALCULATION USED TO DETERMINE ANNUITY PAYMENT(S) The amount of each Annuity Payment is determined by applying the amounts which will pay be converted to Annuity Payment(s) to the balance of appropriate table(s) identified by this Contract. We guarantee the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of each Annuity Payment. Annuity Payments will never be less than that available by applying the Account Value adjusted by any Market Value Adjustment as described in Part 6 of this Contract, to buy a single premium immediate annuity then remaining offered by us, or by one of our affiliated companies if we do not offer a single premium immediate annuity. DESCRIPTION OF ANNUITY OPTIONS The following annuity payments in payment options are available under this contract for a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.single life:
Appears in 2 contracts
Samples: John Hancock (John Hancock Life Insurance Co Usa), Manulife Financial Corp
Annuity Payments. If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Beneficiary Restrictions You may designate that a Beneficiary is to receive the annuity payments available under this contract. Such designation must be made in writing in a form acceptable to us, and may only be revoked in your written notice received at our Customer Service Office in Good Order. Upon your death, a Beneficiary cannot revoke or modify any designation you made on how the annuity payments are to be paid. Determination of the Annuity Payments The Accumulation Value on the Annuity Commencement Date, less any applicable annuity taxes, will be used to determine the amount of the annuity payment. Each $1,000 of Accumulation Value is multiplied by the greater of the following: • the current fixed annuity rate in effect on the Annuity Commencement Date applicable to the payout option elected, or • the guaranteed fixed annuity rate for the payout option elected. The guaranteed fixed annuity rate is based on the annual interest rate and the Mortality Table shown on the Contract Data page. The monthly fixed annuity rates for Options F-1, F-2 with a 10 year guaranteed period and F-3 with no guaranteed period and a two-thirds survivor benefit are shown in the Fixed Annuity Payout Option Tables. Guaranteed annuity rates not shown are available upon request. Annuity Payout Options: General Provisions • At least $2,000 must be applied under an annuity payout option. If the Accumulation Value (less any applicable annuity taxes not previously paid) is less than $2,000 on the Annuity Commencement Date, the amount will be paid to the payee in one sum and the contract will be cancelled. • The interest rate used to compute the present value of any remaining unpaid payments will be the same interest rate used when first determining the annuity payments. • We reserve the right to change the frequency of payment if monthly annuity payments are $20 or less. • We require satisfactory proof in Good Order of the age and sex, if applicable, of the Annuitant prior to the date annuity payments begin. • The annuity payout options will not be available with respect to any part of the proceeds payable to an assignee or to other than a natural person entitled to receive proceeds, except with our consent. • The Owner or any payee does not have the right to advance payments made under an annuity payout option. • To the extent permitted by law, the death benefit and the payments made under an annuity payout option will not be subject to encumbrance, or to the claims of creditors or legal process. • The greater of the guaranteed settlement option rates or the rates currently in use on the Annuity Commencement Date are to be used. • Unless otherwise specified, annuity payout options described in the Basic Contract are irrevocable and have no Surrender Value. • Annuity Payments provided by this contract will not be less than those that would be provided by the application of the Surrender Value to purchase a single consideration immediate annuity contract at purchase rates offered by GIAC to the same class of annuitants at the time the annuity payment is determined. FIXED ANNUITY PAYOUT OPTION TABLES GUARANTEED FIXED ANNUITY RATES FOR THE MONTHLY ANNUITY PAYMENT PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED Option F-3 Joint and Two-Thirds Survivor Annuity Option F-1 Life Annuity No Guaranteed Period Option F-2 Life Annuity 10 year Guaranteed Period Female Age Unisex Age Age M F U M F U Male Age 5 Yrs Less Same Age 5 Yrs Older Unisex Age 5 Yrs Less Same Age 5 Yrs Older 40 2.55 2.44 2.48 2.55 2.44 2.48 40 2.38 2.44 2.50 40 2.38 2.43 2.49 41 2.57 2.47 2.51 2.57 2.47 2.51 41 2.40 2.46 2.52 41 2.40 2.45 2.51 42 2.60 2.49 2.53 2.60 2.49 2.53 42 2.42 2.48 2.55 42 2.42 2.48 2.54 43 2.63 2.52 2.56 2.63 2.51 2.56 43 2.45 2.51 2.58 43 2.44 2.50 2.56 44 2.66 2.54 2.59 2.66 2.54 2.59 44 2.47 2.53 2.61 44 2.46 2.53 2.59 45 2.70 2.57 2.62 2.69 2.57 2.62 45 2.49 2.56 2.64 45 2.49 2.55 2.62 46 2.73 2.60 2.65 2.73 2.60 2.65 46 2.52 2.59 2.67 46 2.51 2.58 2.65 47 2.77 2.63 2.68 2.76 2.63 2.68 47 2.55 2.62 2.70 47 2.54 2.61 2.69 48 2.80 2.66 2.71 2.80 2.66 2.71 48 2.57 2.65 2.73 48 2.57 2.64 2.72 49 2.84 2.69 2.75 2.84 2.69 2.75 49 2.60 2.68 2.77 49 2.59 2.67 2.75 50 2.88 2.72 2.78 2.88 2.72 2.78 50 2.63 2.72 2.81 50 2.62 2.70 2.79 51 2.92 2.76 2.82 2.92 2.76 2.82 51 2.66 2.75 2.84 51 2.65 2.74 2.83 52 2.96 2.80 2.86 2.96 2.79 2.86 52 2.69 2.79 2.89 52 2.69 2.77 2.87 53 3.01 2.83 2.90 3.00 2.83 2.90 53 2.73 2.82 2.93 53 2.72 2.81 2.91 54 3.06 2.87 2.94 3.05 2.87 2.94 54 2.76 2.86 2.97 54 2.75 2.85 2.95 55 3.11 2.92 2.99 3.10 2.91 2.98 55 2.80 2.90 3.02 55 2.79 2.89 3.00 56 3.16 2.96 3.04 3.15 2.96 3.03 56 2.84 2.95 3.07 56 2.83 2.93 3.04 57 3.21 3.01 3.09 3.20 3.00 3.08 57 2.88 2.99 3.12 57 2.87 2.98 3.09 58 3.27 3.05 3.14 3.26 3.05 3.13 58 2.92 3.04 3.17 58 2.91 3.02 3.15 59 3.33 3.10 3.19 3.32 3.10 3.18 59 2.96 3.09 3.23 59 2.95 3.07 3.20 60 3.39 3.16 3.25 3.38 3.15 3.24 60 3.01 3.14 3.29 60 3.00 3.12 3.26 61 3.46 3.21 3.31 3.44 3.20 3.30 61 3.06 3.20 3.35 61 3.04 3.18 3.32 62 3.53 3.27 3.37 3.51 3.26 3.36 62 3.11 3.25 3.41 62 3.09 3.23 3.38 63 3.60 3.33 3.44 3.58 3.32 3.42 63 3.16 3.31 3.48 63 3.15 3.29 3.45 64 3.68 3.40 3.51 3.66 3.39 3.49 64 3.21 3.38 3.55 64 3.20 3.35 3.52 65 3.76 3.47 3.58 3.73 3.45 3.56 65 3.27 3.44 3.63 65 3.26 3.42 3.60 66 3.85 3.54 3.66 3.82 3.52 3.64 66 3.33 3.51 3.71 66 3.32 3.49 3.68 67 3.94 3.61 3.74 3.90 3.60 3.71 67 3.40 3.59 3.80 67 3.38 3.56 3.76 68 4.04 3.70 3.83 4.00 3.68 3.80 68 3.46 3.67 3.89 68 3.45 3.64 3.85 69 4.15 3.78 3.92 4.09 3.76 3.89 69 3.54 3.75 3.99 69 3.52 3.72 3.94 70 4.26 3.87 4.02 4.19 3.85 3.98 70 3.61 3.84 4.09 70 3.60 3.81 4.04 71 4.37 3.97 4.12 4.30 3.94 4.08 71 3.69 3.93 4.21 71 3.68 3.90 4.15 72 4.50 4.07 4.23 4.41 4.04 4.18 72 3.78 4.03 4.32 72 3.76 4.00 4.26 73 4.63 4.18 4.35 4.53 4.14 4.29 73 3.87 4.14 4.45 73 3.85 4.11 4.38 74 4.78 4.30 4.48 4.65 4.25 4.40 74 3.96 4.25 4.58 74 3.94 4.22 4.51 75 4.93 4.43 4.61 4.78 4.37 4.52 75 4.06 4.37 4.73 75 4.04 4.34 4.65 76 5.08 4.56 4.75 4.91 4.49 4.65 76 4.17 4.50 4.88 76 4.15 4.46 4.80 77 5.25 4.71 4.91 5.05 4.62 4.78 77 4.28 4.64 5.04 77 4.26 4.60 4.95 78 5.43 4.86 5.07 5.19 4.75 4.92 78 4.40 4.78 5.21 78 4.39 4.74 5.12 79 5.62 5.03 5.24 5.34 4.90 5.06 79 4.53 4.94 5.40 79 4.51 4.89 5.29 80 5.82 5.21 5.43 5.50 5.05 5.21 80 4.66 5.10 5.59 80 4.65 5.05 5.48 The Fixed Annuity Rates not shown in the table are available upon request.
Appears in 2 contracts
Samples: Guardian Separate Account R, Guardian Separate Account R
Annuity Payments. If the Proceeds are less than $2,000 on the Maturity Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, the Proceeds in one lump sum payment as directed by you and this Contract will have no further value. If the Proceeds are equal to or greater than $2,000 on the Maturity Date as shown on the first page of this Contract and an Annuitant is living and this contract is in force on the Annuity Commencement Maturity Date, based on the election we have on record we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Maturity Date, on a monthly basis unless you deliver Notice to make annuity Us directing us to pay at a different frequency. However, requests for periodic payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made than monthly, quarterly, semi-annually or annually or any other frequency that we make availablerequire our consent. If no election the day an Annuity Payment is made scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the Proceeds, less any applicable premium tax, which will determine the Annuity Payment under the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. Electing an Annuity Plan You may elect any of the Annuity Commencement Plans described below. In addition, you may elect any other Annuity Plan we may be offering on the Maturity Date. You may change the Annuity Plan you have elected at any time before the Maturity Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election. If you do not elect an Annuity Plan by the Maturity Date, payments payments, calculated based on the oldest Annuitant's life, will be made monthly under Fixed to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law. IU-IA-3089 Your election of an Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 Plan is chosen, you must select a joint Annuitant prior subject to the Annuity Commencement Date. All annuity payments are based onfollowing additional terms and conditions: • the age and sex (if a Non-Qualified Contract1) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless If you request do not direct us otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments Annuity Payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumyou.
Appears in 2 contracts
Samples: VOYA RETIREMENT INSURANCE & ANNUITY Co, VOYA RETIREMENT INSURANCE & ANNUITY Co
Annuity Payments. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 72(s) (or section 401(a)(9) and 408(b)(3) if this Contract is issued in a Qualified Plan). Once Annuity Payments commence, the Annuity Option may not be changed. We will send you information about Annuity Options before the Maturity Date. If by the Maturity Date, you are not receiving LIA payments, do not choose an Annuity Option, make a total Withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown in the Specifications Page. You can change the Annuity Option at any time before Annuity Payments begin. We will provide Fixed Annuity payments. The method used to calculate the amount of the Fixed Annuity payments is described below. If the Annuitant monthly Annuity Payment is living and this contract is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in force one lump sum on the Annuity Commencement Maturity Date, or the date Annuity Payments would begin, if earlier. FIXED ANNUITY PAYMENTS We will determine the amount of each Fixed Annuity payment by applying the Contract Value as of a date not more than 10 business days prior to the date Annuity Payments begin (minus any applicable premium taxes) to the Annuity Option elected based on the election we have mortality table and interest rate shown on record we will begin to make annuity payments under one of the payout options below or any other payout option we make availableSpecifications Page. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under The Fixed Annuity Payout Option F-2 payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity then offered by us or a company affiliated with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior us to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) same class of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitantannuitants. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Fixed Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.
Appears in 2 contracts
Samples: John Hancock Life Insurance Co (Usa) Separate Account H, John Hancock Life Insurance Co (Usa) Separate Account H
Annuity Payments. If the Proceeds are less than $2,000 on the Maturity Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, the Proceeds in one lump sum payment as directed by you and this Contract will have no further value. If the Proceeds are equal to or greater than $2,000 on the Maturity Date as shown on the first page of this Contract and an Annuitant is living and this contract is in force on the Annuity Commencement Maturity Date, based on the election we have on record we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Maturity Date, on a monthly basis unless you deliver Notice to make annuity Us directing us to pay at a different frequency. However, requests for periodic payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made than monthly, quarterly, semi-annually or annually or any other frequency that we make availablerequire our consent. If no election the day an Annuity Payment is made scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the Proceeds, less any applicable premium tax, which will determine the Annuity Payment under the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. Electing an Annuity Plan You may elect any of the Annuity Commencement Plans described below. In addition, you may elect any other Annuity Plan we may be offering on the Maturity Date. You may change the Annuity Plan you have elected at any time before the Maturity Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election. If you do not elect an Annuity Plan by the Maturity Date, payments payments, calculated based on the oldest Annuitant's life, will be made monthly under Fixed to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law. IU-IA-3090 Your election of an Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 Plan is chosen, you must select a joint Annuitant prior subject to the Annuity Commencement Date. All annuity payments are based onfollowing additional terms and conditions: • the age and sex (if a Non-Qualified Contract1) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless If you request do not direct us otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments Annuity Payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumyou.
Appears in 2 contracts
Samples: Exhibit 16 (VOYA RETIREMENT INSURANCE & ANNUITY Co), Exhibit 16 (VOYA RETIREMENT INSURANCE & ANNUITY Co)
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of Annuity Payments on the payout options below or any other payout option we make availableScheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero. You may elect for payments request a later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date is subject to our approval and cannot be made earlier than two years after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the first day of the calendar month following the later of the Annuitant’s 90th birthday, or the tenth Contract Anniversary. We make Annuity Payments according to the Annuity Option and payment frequency you select. You can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. We may require that Annuity Payments be greater than or any other frequency that equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. L40538 10 Annuity Payments continued from the previous page If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as of a sole Owner dies during the Annuity Commencement DatePhase, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period the Beneficiary(ies) becomes the Owner(s) of 10 yearsthis contract. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to Joint Owner dies during the Annuity Commencement DatePhase, the surviving Joint Owner becomes the sole Owner of this contract. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the How we calculate Annuity Commencement Date; • the Accumulation Value Payments We calculate Annuity Payments on the Annuity Commencement Date using the Adjusted Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Adjusted Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may Payments will not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that periodchange, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments as described in a lump sum. Annuity Option 3 – Joint and Last Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumAnnuity.
Appears in 2 contracts
Samples: Allianz Life Variable Account B, Allianz Life Insurance Co of North America
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one Annuity Payments on the Scheduled Annuity Date if the Contract Value on that date is greater than zero. You can request an earlier or later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date cannot be earlier than thirteen months after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the first day of the payout options below calendar month following the later of the Annuitant's 90thbirthday, or any other payout option we the tenth Contract Anniversary. L40538-NF-NY Annuity Payments continued from the previous page How Annuity Payments Begin (continued) We make availableAnnuity Payments according to the Annuity Option and payment frequency you select. You may elect for payments to be made can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. For Annuity Payments to begin, we may require that Annuity Payments be greater than or equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. Annuity Payments will be at least as favorable as those that would be provided by the application of the Contract Value to purchase any other frequency single premium immediate annuity contract offered at that time, for the same class of Annuitants, or, if we do not offer a single premium immediate annuity contract, Annuity Payments will be reasonable in relation to the market single premium immediate annuity rates. If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as a sole Owner dies during the Annuity Phase, and we are still required to make Annuity Payments under the terms of the selected Annuity Commencement DateOption, the Beneficiary(ies)becomes the Owner(s) of this contract. If a Joint Owner dies during the Annuity Phase, and we are still required to make Annuity Payments under the terms of the selected Annuity Option, the surviving Joint Owner becomes the sole Owner of this contract. Any remaining payments will be made monthly continue at least as rapidly as under Fixed the method of distribution in effect at such Owner's death. How we calculate Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Payments We calculate Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value Payments on the Annuity Commencement Date using the Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Contract Value, divided by$1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Payments will not change, unless as described in Annuity Option 3 – Joint and Last Survivor Annuity. Annuity Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life select an Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumby Authorized Request.
Appears in 2 contracts
Samples: Allianz Life of Ny Variable Account C, Allianz Life Insurance Co of New York
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one Annuity Payments on the Scheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero. You can request an earlier or later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date cannot be earlier than thirteen months after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the first day of the payout options below calendar month following the later of the Annuitant’s 90th birthday, or any other payout option we the tenth Contract Anniversary. L40538-NY 12 Annuity Payments continued from the previous page How Annuity Payments Begin (continued) We make availableAnnuity Payments according to the Annuity Option and payment frequency you select. You may elect for payments to be made can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. For Annuity Payments to begin, we may require that Annuity Payments be greater than or equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. Annuity Payments will be at least as favorable as those that would be provided by the application of the Adjusted Contract Value to purchase any other frequency single premium immediate annuity contract offered at that time, for the same class of Annuitants, or, if we do not offer a single premium immediate annuity contract, Annuity Payments will be reasonable in relation to the market single premium immediate annuity rates. If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as of a sole Owner dies during the Annuity Commencement DatePhase, the Beneficiary(ies) becomes the Owner(s) of this contract. If a Joint Owner dies during the Annuity Phase, the surviving Joint Owner becomes the sole Owner of this contract. Any remaining payments will be made monthly continue at least as rapidly as under Fixed the method of distribution in effect at such Owner’s death. How we calculate Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Payments We calculate Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value Payments on the Annuity Commencement Date using the Adjusted Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Adjusted Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Payments will not change, unless as described in Annuity Option 3 – Joint and Last Survivor Annuity. Annuity Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life select an Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumby Authorized Request.
Appears in 2 contracts
Samples: Allianz Life Insurance Co of New York, Allianz Life of Ny Variable Account C
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of Annuity Payments on the payout options below or any other payout option we make availableScheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero. You may elect for payments request a later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date is subject to our approval and cannot be made earlier than two years after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the later of the Annuitant’s 90th birthday, or the tenth Contract Anniversary. We make Annuity Payments according to the Annuity Option and payment frequency you select. You can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. We may require that Annuity Payments be greater than or any other frequency that equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as of a sole Owner dies during the Annuity Commencement DatePhase, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period the Beneficiary(ies) becomes the Owner(s) of 10 yearsthis contract. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to Joint Owner dies during the Annuity Commencement DatePhase, the surviving Joint Owner becomes the sole Owner of this contract. All annuity payments are based on: • L40534 9 Annuity Payments continued from the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the previous page How we calculate Annuity Commencement Date; • the Accumulation Value Payments We calculate Annuity Payments on the Annuity Commencement Date using the Adjusted Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Adjusted Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may Payments will not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that periodchange, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments as described in a lump sum. Annuity Option 3 – Joint and Last Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumAnnuity.
Appears in 2 contracts
Samples: Allianz Life Variable Account B, Allianz Life Variable Account B
Annuity Payments. If the Accumulation Value, increased for any positive Market Value Adjustment, is less than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, such Accumulation Value, increased for any positive Market Value Adjustment, in one lump sum payment as directed by you and this Contract will have no further value. If the Accumulation Value, increased for any positive Market Value Adjustment, is equal to or greater than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract or as later changed as provided below and an Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Annuity Commencement Date, on a monthly basis unless you deliver Notice to make annuity Us directing us to pay at a different frequency. However, requests for periodic payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made than monthly, quarterly, semi-annually or annually or any other frequency that we make availablerequire our consent. If no election the day an Annuity Payment is made as of the scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Commencement DatePayment is due, payments for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be made monthly under Fixed paid on the next Business Day. IU-IA-3096 15 The amount applied to an Annuity Payout Option F-2 with Plan will be the Accumulation Value, plus a guaranteed period of 10 yearspositive Market Value Adjustment, if any, as set forth in Section 5.4, less any applicable premium tax. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior The Annuity Payment amount will be determined by the amount applied to the Annuity Commencement DatePlan you have elected. All annuity payments are based on: • Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest right to make such Annuity Payments less frequently as necessary to make the Annuity Commencement Date; • Payment equal to at least $20. We have the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is right to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, $2,000 and $20 minimums stated in this provision based upon increases reflected in the case of option F-3Consumer Price Index for All Urban Consumers (CPI-U) since January 1, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum2005.
Appears in 2 contracts
Samples: VOYA RETIREMENT INSURANCE & ANNUITY Co, VOYA RETIREMENT INSURANCE & ANNUITY Co
Annuity Payments. If On the Annuitant is living and annuity date this contract becomes a fixed annuity. The proceeds from the Separate Account will be transferred to our General Account and added to the proceeds from the Fixed Account. The total proceeds will be an amount equal to the contract value on the valuation day immediately preceding the annuity date less any premium tax and any withdrawal charge, if applicable (see CONTINGENT DEFERRED SALES CHARGE section). This amount is used to pay the annuitant, starting on the annuity date, a monthly lifetime income. Unless you choose otherwise, we apply the proceeds: . Under payment plan D with guaranteed payments for 10 years if there is a single annuitant. . Under payment plan F if there are joint annuitants. . You can choose to apply the total proceeds under any of the payment plans described in the PAYMENT PLANS section. We must receive your request to do so before the annuity date. If there are joint annuitants, plans D and E cannot be chosen. RIGHT TO PURCHASE SINGLE PREMIUM LIFE ANNUITY AT REDUCED RATES You may make a written request to us to surrender your contract and use the full withdrawal proceeds to purchase any single premium immediate life annuity then offered by us. The premium rate for the annuity will be 3% less than our published rate if your contract was in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 at least five years. If CHANGING THE ANNUITY DATE You can change the annuity payout option F-3 is chosen, you date by notifying us in writing. We must select a joint Annuitant receive your notice at least 45 days prior to the Annuity Commencement Datecurrent annuity date. All The new annuity payments are based ondate must be: • . No later than the age and sex first day of the month following any annuitant's 85/th/ birthday (if a Non-Qualified Contract) there are joint annuitants, annuitant means the younger annuitant); and . after the date we receive your notice. REQUIRED PROOF OF AGE We can require proof of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less annuitant's age before we make any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiarypayment. If no payees are living and a guaranteed period has not endedthe annuitant's age is misstated, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3joint annuitants, if the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime age of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed periodeither joint annuitant is misstated, we will pay adjust the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may benefits payable will be any percentage between 5% and 100%what the total proceeds would buy at the correct age. The percentage must be elected prior to receiving REQUIRED PROOF THAT THE ANNUITANT IS STILL ALIVE If payments depend on the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed periodannuitant being alive, we will pay the balance of the payments for the remainder of can require satisfactory proof that periodhe or she is alive before we make further payments. BENEFICIARY, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.DEATH OF OWNER AND PROCEEDS
Appears in 1 contract
Samples: Pacific Corinthian Var Sep Acct of Pacific Corinthian Life I
Annuity Payments. If General The entire Contract Value or the Annuitant entire amount of the Beneficiary’s portion of the Death Benefit may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once Annuity Payments commence, the Annuity Option may not be changed. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is living and this contract is in force described below. We may pay the Contract Value or Death Benefit, on the Annuity Commencement DateDate in one lump sum if the corresponding monthly income is less than $20. VENTURE-EJA.11-NY Variable Annuity Payments We will determine the amount of the first Variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any of the following, as applicable: Annual Contract Fee, Rider Fees, and premium taxes) to the Annuity Option elected based on the election we have on record we mortality table and assumed interest rate shown in the Specifications Pages. We will begin to make annuity payments under one provide a table of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make availableannuity factors upon Written Request. If no election is made as of the current rates in use by us on the Annuity Commencement DateDate are more favorable to you, payments we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be made monthly under Fixed Annuity Payout Option F-2 with measured as of a guaranteed period of date not more than 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant business days prior to the Annuity Commencement Date. All The initial Variable Annuity Payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity payments then offered to the same class of annuitants by us or a company affiliated with us. Since no such annuity current exists, we will apply rates that are based on: • reasonable in relation to the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any market single premium immediate annuity taxes; • the annuity payout option elected; and • the annuity payout frequencyrates. Payee Unless you request otherwise, the payee of any annuity Subsequent payments will be based on the investment performance of one or more Subaccounts as you select. The amount of such payments is determined by the number of Annuity Units credited for each Subaccount. Such number is determined by dividing the portion of the first among payment allocated to that Subaccount by the following who Annuity Unit value for that Subaccount determined as of the same date that the Contract Value used to effect Annuity Payments was determined. We then multiply this number of Annuity Units for each Subaccount by the appropriate Annuity Unit value for each subsequent determination date, which is living at the time a uniformly applied date not more than 10 business days before the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiarydue. If no payees are living and a guaranteed period has not ended, Mortality And Expense Guarantee We guarantee that the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments each Variable Annuity payment will not be affected by changes in a lump summortality and expense experience. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period Unit Value The value of an Annuity Unit for each Subaccount for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.Business Day is determined as follows:
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
Annuity Payments. If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or in any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments based on amounts in the Variable Investment Options will be made monthly under Variable Annuity Payout Option V-2 with a guaranteed period of 10 years, and payments based on amounts in any Fixed-Rate Option that may be attached to this contract will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. Payment of any annuity benefit or death benefit may be made under either a fixed or variable annuity payout option or a combination of both. If annuity payout option F-3 or V-3 is chosen, you must select a joint Annuitant annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequencyfrequency in which you elect to receive payments. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive fixed or variable annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3options F-3 or V-3, the survivor percentage. Life Annuity without Guaranteed Period (Option Options V-1 and F-1) We will make fixed or variable annuity payments or a combination of both during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option Options V-2 and F-2) We will make fixed or variable annuity payments or a combination of both during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option Options V-3 and F-3) We will make fixed or variable annuity payments or a combination of both while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint an Annuitant dies, payments based on a percentage of the payment (or the number of Annuity Units for variable annuity payments) in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant Annuitants die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.
Appears in 1 contract
Samples: Guardian Separate Account R
Annuity Payments. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once Annuity Payments commence, the Annuity Option may not be changed. The "Life 10-year certain" Annuity Option described under Part 12, Option 1(b) is the default Annuity Option unless you request another option prior to the Annuity Commencement Date or unless otherwise required by the Internal Revenue Code. If you are receiving distributions that comply with the minimum distribution requirements of the Internal Revenue Code, you do not need to annuitize the Contract Value. We will send you information about Annuity Options before the Annuity Commencement Date. If by the Maturity Date, you do not choose an Annuity Option, make a total Withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown in the Specifications Page and the Annuity Commencement Date is considered to be the Maturity Date. You can change the Annuity Option at any time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is described below. We may pay the Contract Value, less Debt, on the Maturity Date or Annuity Commencement Date, if earlier in one lump sum if the monthly income is less than $20. VARIABLE ANNUITY PAYMENTS We will determine the amount of the first Variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and assumed interest rate shown on the Specifications Page. We will provide a table of the annuity factors upon request. If the Annuitant is living and this contract is current rates in force use by us on the Annuity Commencement DateDate are more favorable to you, based on the election we have on record we will begin to make annuity payments under one use the current rates. The portion of the payout options below or any other payout option we make available. You may elect for payments Contract Value used to effect a Variable Annuity will be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made measured as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of date not more than 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant business days prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity Subsequent payments will be based on the investment performance of one or more Sub-Accounts as you select. The amount of such payments is determined by the number of Annuity Units credited for each Sub-Account. Such number is determined by dividing the portion of the first among payment allocated to that Sub-Account by the following who Annuity Unit value for that Sub-Account determined as of the same date that the Contract Value used to effect Annuity Payments was determined. We then multiply this number of Annuity Units for each Sub-Account by the appropriate Annuity Unit value for each subsequent determination date, which is living at the time a uniformly applied date not more than 10 business days before the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumdue.
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
Annuity Payments. If, on the Annuity Commencement Date as shown on the first page of this Contract, the greater of: (1) the Accumulation Value, minus any applicable premium tax; or (2) the sum of the value of each Indexed Segment, each Variable Subaccount and the Fixed Strategy Minimum Guaranteed Value, minus any applicable premium tax, is less than the Minimum Remaining Cash Surrender Value Amount shown the in the Contract Schedule, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, such value in one lump sum payment as directed by you and this Contract will have no further value. If the an Annuitant is living on the Annuity Commencement Date as shown on the first page of this Contract, or as later changed as provided below, and this contract on the Annuity Commencement Date the greater of: (1) the Accumulation Value, minus any applicable premium tax; or (2) the sum of the value of each Indexed Segment, each Variable Subaccount and the Fixed Strategy Minimum Guaranteed IU-IA-4040 Value, minus any applicable premium tax, is in force equal to or greater than the Minimum Remaining Cash Surrender Value Amount, we will begin making fixed Annuity Payments as described below. We will make Annuity Payments beginning on the Annuity Commencement Date, based on the election we have on record we will begin a monthly basis unless you deliver Notice to make annuity Us directing us to pay at a different frequency. However, requests for periodic payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made than monthly, quarterly, semi-annually or annually require our consent. If the day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the greater of: (1) the Accumulation Value, minus any applicable premium tax; or (2) the sum of the value of each Indexed Segment, each Variable Subaccount and the Fixed Strategy Minimum Guaranteed Value, minus any applicable premium tax. The Annuity Payment amount will be determined by the amount applied to the Annuity Plan you have elected. Each Annuity Payment must equal or exceed the Minimum Annuity Payment Amount shown in the Contract Schedule. If Annuity Payments would be less than the Minimum Annuity Payment Amount, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to the Minimum Annuity Payment Amount. We have the right to change the Minimum Remaining Cash Surrender Value Amount and the Minimum Annuity Payment Amount stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. Selecting an Annuity Commencement Date You select the Annuity Commencement Date. The Annuity Commencement Date may be any date following the first Contract Anniversary but not later than the Contract Anniversary on or immediately following the oldest Annuitant’s 95th birthday, unless we agree to a later date or unless the Internal Revenue Service publishes a final regulation or a revenue ruling concluding that an annuity contract with an Annuity Commencement Date that is later than the Contract Anniversary following the oldest Annuitant’s 95th birthday will be treated as an annuity for U.S. federal tax purposes. You may select an Annuity Commencement Date by providing Notice to Us at least thirty days in advance of the date you select. If you do not select an Annuity Commencement Date, the Annuity Commencement Date will be the Contract Anniversary on or next following the oldest Annuitant’s 95th birthday. Electing an Annuity Plan You may elect any of the Annuity Plans described below. In addition, you may elect any other frequency that Annuity Plan we make availablemay be offering on the Annuity Commencement Date. You may change the Annuity Plan you have elected at any time before the Annuity Commencement Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election. If no election is made as of you do not elect an Annuity Plan by the Annuity Commencement Date, payments fixed payments, calculated based on the oldest Annuitant’s life, will be made monthly under Fixed to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law. Your election of an Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 Plan is chosen, you must select a joint Annuitant prior subject to the Annuity Commencement Date. All annuity payments are based on: • the age following additional terms and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.conditions:
Appears in 1 contract
Samples: VOYA INSURANCE & ANNUITY Co
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one Annuity Payments on the Scheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero. You can request a later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date cannot be earlier than thirteen months after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the later of the payout options below Annuitant’s 90th birthday, or any other payout option we the tenth Contract Anniversary. We make availableAnnuity Payments according to the Annuity Option and payment frequency you select. You may elect for payments to be made can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. For Annuity Payments to begin, we may require that Annuity Payments be greater than or equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. L40534-NY 9 Annuity Payments continued from the previous page How Annuity Payments Begin (continued from the previous page) Annuity Payments will be at least as favorable as those that would be provided by the application of the Adjusted Contract Value to purchase any other frequency single premium immediate annuity contract offered at that time, for the same class of Annuitants, or, if we do not offer a single premium immediate annuity contract, Annuity Payments will be reasonable in relation to the market single premium immediate annuity rates. If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as of a sole Owner dies during the Annuity Commencement DatePhase, the Beneficiary(ies) becomes the Owner(s) of this contract. If a Joint Owner dies during the Annuity Phase, the surviving Joint Owner becomes the sole Owner of this contract. Any remaining payments will be made monthly continue at least as rapidly as under Fixed the method of distribution in effect at such Owner’s death. How we calculate Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Payments We calculate Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value Payments on the Annuity Commencement Date using the Adjusted Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Adjusted Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may Payments will not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that periodchange, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments as described in a lump sum. Annuity Option 3 – Joint and Last Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumAnnuity.
Appears in 1 contract
Annuity Payments. If the Annuitant is living and GENERAL Benefits payable under this contract is Certificate may be applied in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under accordance with one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as more of the Annuity Commencement DateOptions described below, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period subject to any restrictions of 10 yearsInternal Revenue Code sections 401(a)(9) and 408(b)(3). If annuity payout guaranteed payments are to be made, the period over which the guaranteed payments are made may not exceed the period permitted under Section 1.401(a)(9)-6 of the Income Tax Regulations. Once Annuity Payments commence, the Annuity Option may not be changed. The "Life 5-Year Certain" Annuity Option described under Part 13, Option 1 is the default Annuity Option unless you request another option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement DateDate or unless otherwise required by the Internal Revenue Code. All annuity payments If you are based on: • receiving distributions that comply with the age and sex (if a Non-Qualified Contract) minimum distribution requirements of the Annuitant at Internal Revenue Code, you do not need to annuitize the birthday nearest Certificate Value. We will send you information about Annuity Options before the Annuity Commencement Date; • . If by the Accumulation Value Maturity Date, you do not choose an Annuity Option, make a total withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown on the Specifications Page and the Annuity Commencement Date less is considered to be the Maturity Date. You can change the Annuity Option at any annuity taxes; • the annuity payout option time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected; and • the annuity payout frequency. Payee Unless you request otherwiseOnce Annuity Payments commence, the payee of any annuity payments will Annuity Option may not be changed. The method used to calculate the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate amount of the last remaining payee. initial and subsequent Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitantis described below. If the Annuitant dies before monthly income is less than $20, we may pay the end greater of the guaranteed period, we will pay Certificate Value or the balance of the payments for the remainder of that period, unless you elect to be paid the present commuted value of the current dollar amount of Lifetime Income Benefit in one lump sum on the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selectionMaturity Date, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumAnnuity Commencement Date if earlier.
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
Annuity Payments. If GENERAL Any amounts payable under this Contract may be converted to Annuity Payments in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once Annuity Payments commence, the Annuity Option and the Annuitant is living and this contract is may not be changed. We will pay annuity benefits in force the form of Annuity Payment(s) on the Annuity Commencement Datelife of the Annuitant, based to the Payee, if living, on the election we have Maturity Date. Annuity Payments will commence on record or after the Maturity Date and continue for the period of time provided for under the Annuity Option you elect. MATURITY DATE On the Maturity Date or other date elected to commence Annuity Payments, we will begin convert the Account Value adjusted by any Market Value Adjustment as described in Part 6 of this Contract and the Specifications Page, into Annuity Payments. The amount used to make annuity payments under determine the first Annuity Payment will be measured as of a date not more than 10 business days prior to the Maturity Date or other date elected to commence Annuity Payments. Only an Account Value of $5,000 or more may be applied to one of the payout Annuity Payment options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitantoffered. If the Annuitant dies before the end amount of the guaranteed periodfirst Annuity Payment would be less than our minimum requirements then in effect, we may make a single payment, adjusted by any Market Value Adjustment as described in Part 6 of this Contract, on the date the first payment is payable. This single payment is in place of all other benefits provided by this Contract. CALCULATION USED TO DETERMINE ANNUITY PAYMENT(S) The amount of each Annuity Payment is determined by applying the amounts which will pay be converted to Annuity Payment(s) to the balance of appropriate table(s) identified by this Contract. We guarantee the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of each Annuity Payment. Annuity Payments will never be less than that available by applying the Account Value adjusted by any Market Value Adjustment as described in Part 6 of this Contract, to buy a single premium immediate annuity then remaining offered by us, or by one of our affiliated companies if we do not offer a single premium immediate annuity. DESCRIPTION OF ANNUITY OPTIONS The following annuity payments in payment options are available under this contract for a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.single life:
Appears in 1 contract
Samples: We And (Manulife Financial Corp)
Annuity Payments. If General The entire Contract Value or the Annuitant entire amount of the Beneficiary’s portion of the Death Benefit may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once Annuity Payments commence, the Annuity Option may not be changed. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is living and this contract is in force described below. We may pay the Contract Value or Death Benefit, on the Annuity Commencement DateDate in one lump sum if the corresponding monthly income is less than $20. VENTURE-EE.11-NY Variable Annuity Payments We will determine the amount of the first Variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any of the following, as applicable: Annual Contract Fee, Rider Fees, and premium taxes) to the Annuity Option elected based on the election we have on record we mortality table and assumed interest rate shown in the Specifications Pages. We will begin to make annuity payments under one provide a table of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make availableannuity factors upon Written Request. If no election is made as of the current rates in use by us on the Annuity Commencement DateDate are more favorable to you, payments we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be made monthly under Fixed Annuity Payout Option F-2 with measured as of a guaranteed period of date not more than 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant business days prior to the Annuity Commencement Date. All The initial Variable Annuity Payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity payments then offered to the same class of annuitants by us or a company affiliated with us. Since no such annuity current exists, we will apply rates that are based on: • reasonable in relation to the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any market single premium immediate annuity taxes; • the annuity payout option elected; and • the annuity payout frequencyrates. Payee Unless you request otherwise, the payee of any annuity Subsequent payments will be based on the investment performance of one or more Subaccounts as you select. The amount of such payments is determined by the number of Annuity Units credited for each Subaccount. Such number is determined by dividing the portion of the first among payment allocated to that Subaccount by the following who Annuity Unit value for that Subaccount determined as of the same date that the Contract Value used to effect Annuity Payments was determined. We then multiply this number of Annuity Units for each Subaccount by the appropriate Annuity Unit value for each subsequent determination date, which is living at the time a uniformly applied date not more than 10 business days before the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiarydue. If no payees are living and a guaranteed period has not ended, Mortality And Expense Guarantee We guarantee that the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments each Variable Annuity payment will not be affected by changes in a lump sum. Joint mortality and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumexpense experience.
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
Annuity Payments. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 72(s) (or section 401(a)(9) and 408(b)(3) if this Contract is issued in a Qualified Plan). Once Annuity Payments commence, the Annuity Option may not be changed. The "Life Annuity with Cash Refund" option described in Part 10 is the default Annuity Option unless you request another option prior to the date Annuity Payments begin or unless otherwise required by the Internal Revenue Code. If you are receiving distributions that comply with the minimum distribution requirements of the Internal Revenue Code, you do not need to annuitize the Contract Value. We will send you information about Annuity Options before the Maturity Date. If by the Maturity Date, you do not choose an Annuity Option, make a total Withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown in the Specifications Page. You can change the Annuity Option at any time before Annuity Payments begin. We will provide Fixed Annuity payments. The method used to calculate the amount of the Fixed Annuity payments is described below. If the Annuitant monthly Annuity Payment is living and this contract is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in force one lump sum on the Annuity Commencement Maturity Date, or the date Annuity Payments would begin, if earlier. FIXED ANNUITY PAYMENTS We will determine the amount of each Fixed Annuity payment by applying the Contract Value as of a date not more than 10 business days prior to the date Annuity Payments begin (minus any applicable premium taxes) to the Annuity Option elected based on the election we have mortality table and interest rate shown on record we will begin to make annuity payments under one of the payout options below or any other payout option we make availableSpecifications Page. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosenpayments, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time of their commencement will not be less than those that would be provided by the payment is application of the Contract Value to be made: • purchase any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiarysingle consideration immediate annuity contract offered by the Company at the time, to the same class of annuitants. If Since no payees are living and such annuity contract currently exists, a guaranteed period has not ended, the present value of any remaining payments comparable contract in an affiliated company will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitantused. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumFixed Annuity payments. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.NY
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
Annuity Payments. If the Annuitant Accumulation Value is living and this contract is in force less than $2,000 on the Annuity Commencement Date, based we will pay the Accumulation Value less any applicable Premium Tax in one lump sum as directed by you and this Contract will have no further value. If the Accumulation Value is equal to or greater than $2,000 on the election we have on record Annuity Commencement Date shown in the Contract Schedule or as later changed as provided below and the Annuitant is living, we will begin to make annuity payments under one of the payout options below or any other payout option we make availablecommence Annuity Payments as directed by you. You may elect for payments to Annuity Payments will be made monthly unless you direct us otherwise by Notice to Us. However, payments other than monthly, quarterly, semi-annually and annually require our consent. If you elect monthly Annuity Payments, the Annuity Payments will be paid each month following the Annuity Commencement Date on the same day of the month as the Annuity Commencement Date. If you elect quarterly or annually semi-annual Annuity Payments, the Annuity Payments will be paid on the same day as the Annuity Commencement Date in the last month of the frequency period chosen. If you elect annual IU-IA-4000 Annuity Payments, the Annuity Payments will be paid on each anniversary of the Annuity Commencement Date. You may elect other payment modes if we agree. If the day an Annuity Payment should be paid is not a Business Day or does not exist in any other month in which an Annuity Payment is due, that Annuity Payment will be paid on the next Business Day. The payment amount will be determined by applying the Accumulation Value, less any applicable Premium Tax, to the Annuity Plan elected. Each Annuity Payment must equal at least $20. If the Annuity Plan and frequency that of Annuity Payments do not meet this minimum requirement, we have the right to make availablepayments less frequently as necessary to do so. We have the right to change the minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. Selecting an Annuity Commencement Date The Annuity Commencement Date may be selected by you at the time of application or anytime thereafter by providing Notice to Us at least 30 days in advance. The Annuity Commencement Date may be any date following the 5th Contract Anniversary but not later than the Contract Anniversary on or next following the oldest Annuitant’s 95th birthday. If no election Annuity Commencement Date is made as selected, it will be the Contract Anniversary on or next following the oldest Annuitant’s 95th birthday. You may change the Annuity Commencement Date upon Notice to Us at least 30 days prior to the Annuity Commencement Date you previously selected. Electing an Annuity Plan You may elect any of the Annuity Plans described below which provide for fixed payments only. In addition, you may elect any other Annuity Plan if we agree. The Annuity Plan may be changed at any time before the Annuity Commencement Date upon 30 days prior Notice to Us. If an Annuity Plan is not elected by the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with automatically each month for a guaranteed period minimum of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age 120 months and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of as long thereafter as the last remaining payeesurviving Annuitant lives unless otherwise limited by applicable law. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed periodUpon request, we will pay send you the balance proper forms to choose or change an Annuity Plan. The chosen Annuity Plan will go into effect when the forms are received and recorded by us. Election of the payments for Annuity Plan is subject to the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint following terms and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.conditions:
Appears in 1 contract
Samples: Separate Account B of Ing Usa Annuity Life Insurance Co
Annuity Payments. If annuity payments are to commence under the conditions specified in the Contract to which this Rider is attached, the guarantee will expire. If annuity payments are to commence under conditions specified by the Rider, the payments will continue annually according to the guarantee. Annuitization under the Rider - If the Annuitant is living and this contract Rider is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments your Contract will be made monthly entered into the default Annuity Option under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity paymentRider as outlined below. If both the Annuitant Contract Value and joint Annuitant die before the end of any guaranteed periodWithdrawal Benefit Base are greater than zero on the maximum maturity date, we your contract will pay be annuitized as follows: • If the balance Contract is in the Deferral Phase as of the payments maximum maturity date, it will be annuitized at the Guaranteed Annual Withdrawal Amount using the Lifetime Withdrawal Rate. This amount will be payable annually for Annuitant’s Lifetime (last survivor if Joint). After Annuitization, CPI Increases will no longer apply. • If the Contract has entered the Withdrawal Phase under the Standard Withdrawal Option, it will be annuitized at the Guaranteed Annual Withdrawal Amount using the Standard Withdrawal Rate. This amount will be payable annually for the remainder Standard Withdrawal Period Remaining or for Annuitant’s Lifetime (last survivor if Joint), whichever ends earlier. Standard Withdrawal Period Remaining is based on the ratio of that periodStandard Withdrawal Benefit Balance to Standard Annual Reduction at the time of Annuitization, unless you elect rounded up to the next integer. • If the Contract has entered the Withdrawal Phase under the Lifetime Withdrawal Option, it will be paid annuitized at the present value Guaranteed Annual Withdrawal Amount using the Lifetime Withdrawal Rate. This amount will be payable annually for Annuitant’s Lifetime (or the life of the current dollar last survivor if Joint Guarantee). After Annuitization, Inflation Increases will no longer apply. When your Contract is annuitized, your payment schedule and the amount are generally fixed and cannot be altered. If the Contract is annuitized based on the Rider guarantee, the Death Benefit will no longer be payable. Also, the RMD-Friendly conditions will no longer apply to your withdrawal amounts; as such distributions are no longer required. If the remaining payments due each Contract Year are less than $100, the Remaining Payments will be commuted and a lump sum will be paid. Effective Date - The Effective Date of the then remaining annuity payments in a lump sum.Rider is the same as the Contract Date of the Contract unless another effective date is shown below. The Penn Mutual Life Insurance Company
Appears in 1 contract
Annuity Payments. If the Accumulation Value is less than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract or as later changed subject to the restrictions described below, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, such Accumulation Value in one lump sum payment as directed by you and this Contract will have no further value. If the Accumulation Value is equal to or greater than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract or as later changed as provided below and the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one making Annuity Payments as described below. Upon application of the payout options below or Accumulation Value to an Annuity Plan, unless you are eligible for and elect the Payments for Life with Surrender Right and Death Benefit Annuity Plan, this Contract will cease to have any further value other payout option we than that provided under the Annuity Plan you elected and will terminate when Annuity Payments cease under the Annuity Plan. We will make availableAnnuity Payments beginning on the Annuity Commencement Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. You may elect However, requests for periodic payments to be made other than monthly, quarterly, semi-annually or annually or any other frequency that we make availablerequire our consent. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life payment frequency after Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitantbegin. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the present value of next Business Day. The amount applied to an Annuity Plan will be the current dollar Accumulation Value calculated as set forth in Section 5.2, less any applicable premium tax. The Annuity Payment amount of will be determined by the then remaining annuity payments in a lump sumamount applied to the Annuity Plan you have elected. Joint and Survivor Each Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30Payment must equal at least $20. If you select a guaranteed period, the length of the guaranteed period must Annuity Payments would be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed periodless than $20, we will pay have the balance of right to make such Annuity Payments less frequently as necessary to make the payments Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision, if allowed by law, based upon increases reflected in the Consumer Price Index for the remainder of that periodAll Urban Consumers (CPI-U) since September 1, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum2012.
Appears in 1 contract
Samples: Variable Annuity Account B of Ing Life Insurance & Annuity Co
Annuity Payments. If the Accumulation Value is less than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract or as later changed subject to the restrictions described below, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, such Accumulation Value in one lump sum payment as directed by you and this Contract will have no further ICC10 IU-IA-4027 18 value. If the Accumulation Value is equal to or greater than $2,000 on the Annuity Commencement Date as shown on the first page of this Contract or as later changed as provided below and the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one making Annuity Payments as described below. Upon application of the payout options below or Accumulation Value to an Annuity Plan, unless you are eligible for and elect the Payments for Life with a Surrender Right and Death Benefit Annuity Plan, this Contract will cease to have any further value other payout option we than that provided under the Annuity Plan you elected and will terminate when Annuity Payments cease under the Annuity Plan. We will make availableAnnuity Payments beginning on the Annuity Commencement Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. You may elect However, requests for periodic payments to be made other than monthly, quarterly, semi-annually or annually or any other require our consent. You may not change the payment frequency that we make availableafter Annuity Payments begin. If no election the day an Annuity Payment is made scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the Accumulation Value calculated as of set forth in Section 5.2, less any applicable premium tax. The Annuity Payment amount will be determined by the amount applied to the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision, if allowed by law, based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since September 1, 2009. Selecting an Annuity Commencement Date You select the Annuity Commencement Date. The Annuity Commencement Date may be any date following the first Contract Anniversary but not later than January first on or next following the oldest Annuitant’s 90th birthday, payments unless we agree to a later date. You may select an Annuity Commencement Date by providing Notice to Us at least thirty days in advance of the date you select. If you do not select an Annuity Commencement Date, the Annuity Commencement Date will be made monthly under Fixed January first on or next following the oldest Annuitant’s 90th birthday. Lifetime Income Annuity Payout Option F-2 with a guaranteed period On the Annuity Commencement Date if the Minimum Guaranteed Withdrawal Benefit is in effect and you choose the Life Only Payments Annuity Plan as described below, we will pay the greater of 10 yearsthe Annuity Payments or annual payments equal to the MAW. If annuity payout option F-3 is chosenyou choose any other Annuity Plan, with the exception of the Payments for Life with Surrender Right and Death Benefit Annuity Plan described below, we will begin Annuity Payments on the Annuity Commencement Date and no payments under the Minimum Guaranteed Withdrawal Benefit will be payable thereafter. Electing an Annuity Plan You may elect any of the Annuity Plans described below. In addition, you must select a joint Annuitant may elect any other Annuity Plan we may be offering thirty days prior to the Annuity Commencement Date, the latest date by which you must provide your election. All annuity payments are based on: • You may change the age and sex (if a Non-Qualified Contract) of Annuity Plan you have elected at any time before the Annuitant Annuity Commencement Date by providing at least thirty days prior Notice to Us. Upon request, we will send you the birthday nearest proper forms to elect or change the Annuity Plan. The elected Annuity Plan will become effective when we receive satisfactorily completed forms indicating your election. Once Annuity Payments begin, the Annuity Plan may not be changed. If you select an Annuity Commencement Date that is earlier than the latest Annuity Commencement Date permitted under the Contract but you do not elect an Annuity Plan by the Annuity Commencement Date; • , ICC10 IU-IA-4027 19 payments, calculated based on the Accumulation Value on Annuitant’s life, will be made to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the Annuitant lives unless otherwise limited by applicable law. If the Annuity Commencement Date less any annuity taxes; • is the annuity payout option elected; latest date permitted under the Contract and • you have not elected an Annuity Plan, Annuity Payments will begin under the annuity payout frequencyPayments for Life with a Surrender Right and Death Benefit Annuity Plan. Payee Unless you request otherwise, Your election of the payee of any annuity payments will be the first among Annuity Plan is subject to the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living additional terms and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.conditions:
Appears in 1 contract
Samples: Variable Annuity Account B of Ing Life Insurance & Annuity Co
Annuity Payments. This contract provides for Annuity Payments. The Annuity Date is the date Annuity Payments begin. How Annuity Payments Begin You may begin Annuity Payments by providing an Authorized Request. If you do not begin Annuity Payments before the Annuitant is living and this contract is in force on the Scheduled Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one Annuity Payments on the Scheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero. You can request an earlier or later Annuity Date by providing an Authorized Request at least 30 days before the Annuity Date. Your requested Annuity Date cannot be earlier than thirteen months after the Issue Date or later than the last Annuity Date permitted by applicable state or federal law. The Scheduled Annuity Date is shown on the Contract Schedule. The Scheduled Annuity Date is the first day of the payout options below calendar month following the later of the Annuitant's 90th birthday, or any other payout option we the tenth Contract Anniversary. L40538-NY01 Annuity Payments continued from the previous page How Annuity Payments Begin (continued) We make availableAnnuity Payments according to the Annuity Option and payment frequency you select. You may elect for payments to be made can select a monthly, quarterly, semi-annually annual, or annually annual payment frequency. For Annuity Payments to begin, we may require that Annuity Payments be greater than or equal to the Minimum Annuity Payment shown on the Contract Schedule. We send Annuity Payments to the Payee. Annuity Payments will be at least as favorable as those that would be provided by the application of the Adjusted Contract Value to purchase any other frequency single premium immediate annuity contract offered at that time, for the same class of Annuitants, or, if we do not offer a single premium immediate annuity contract, Annuity Payments will be reasonable in relation to the market single premium immediate annuity rates. If you do not select an Annuity Option or payment frequency, we make availablemonthly Annuity Payments, according to Option 2 – Life Annuity with a 10-year guaranteed period. We may require proof of the Age and gender of an Annuitant before making any Annuity Payments. During the Annuity Phase, you cannot change the Annuity Option or the payment frequency, and we may periodically require proof that the Annuitant is still living. If no election is made as a sole Owner dies during the Annuity Phase, and we are still required to make Annuity Payments under the terms of the selected Annuity Commencement DateOption, the Beneficiary(ies) becomes the Owner(s) of this contract. If a Joint Owner dies during the Annuity Phase, and we are still required to make Annuity Payments under the terms of the selected Annuity Option, the surviving Joint Owner becomes the sole Owner of this contract. Any remaining payments will be made monthly continue at least as rapidly as under Fixed the method of distribution in effect at such Owner's death. How we calculate Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Payments We calculate Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value Payments on the Annuity Commencement Date using the Adjusted Contract Value and current purchase rates for the Annuity Option you select. Current purchase rates cannot be less than the rates in the Guaranteed Purchase Rate Table shown on the Contract Schedule. The guaranteed purchase rates are based on the Annuity Mortality Table and the Minimum Annual Annuity Payment Rate shown on the Contract Schedule. You may contact us at any annuity taxes; • time to get the annuity payout option elected; and • the annuity payout frequencycurrent purchase rates that we would use if you were to begin Annuity Payments at that time. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees Annuity Payments are living and a guaranteed period has not ended, the present value of any remaining payments will be paid equal to the estate of Adjusted Contract Value, divided by $1,000, and then multiplied by the last remaining payeeapplicable purchase rate for the Annuity Option you select. Annuity Payout Payments will not change, unless as described in Annuity Option 3 – Joint and Last Survivor Annuity. Annuity Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life select an Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sumby Authorized Request.
Appears in 1 contract
Annuity Payments. If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.
Appears in 1 contract
Samples: Guardian Separate Account R
Annuity Payments. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once Annuity Payments commence, the Annuity Option may not be changed. The "Life 10-year certain" Annuity Option described under Part 12, Option 1(b) is the default Annuity Option unless you request another option prior to the Annuity Commencement Date or unless otherwise required by the Internal Revenue Code. If you are receiving distributions that comply with the Annuitant minimum distribution requirements of the Internal Revenue Code, you do not need to annuitize the Contract Value. We will send you information about Annuity Options before the Annuity Commencement Date. If by the Maturity Date, you do not choose an Annuity Option, make a total Withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown in the Specifications Page and the Annuity Commencement Date is living considered to be the Maturity Date. You can change the Annuity Option at any time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and this contract subsequent Annuity Payments is in force described below. We may pay the Contract Value, less Debt, on the Annuity Commencement Date, Date in one lump sum if the monthly income is less than $20. VARIABLE ANNUITY PAYMENTS We will determine the amount of the first Variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the Annuity Option elected based on the election we have on record we mortality table and assumed interest rate shown in the Specifications Page. We will begin to make annuity payments under one provide a table of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make availableannuity factors upon request. If no election is made as of the current rates in use by us on the Annuity Commencement DateDate are more favorable to you, payments we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be made monthly under Fixed Annuity Payout Option F-2 with measured as of a guaranteed period of date not more than 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant business days prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity Subsequent payments will be based on the investment performance of one or more Sub-Accounts as you select. The amount of such payments is determined by the number of Annuity Units credited for each Sub-Account. Such number is determined by dividing the portion of the first among payment allocated to that Sub-Account by the following who Annuity Unit value for that Sub-Account determined as of the same date that the Contract Value used to effect Annuity Payments was determined. We then multiply this number of Annuity Units for each Sub-Account by the appropriate Annuity Unit value for each subsequent determination date, which is living a uniformly applied date not more than 10 business days before the payment is due. Variable Annuity payments, at the time of their commencement will not be less than those that would be provided by the payment is application of an amount to be made: • purchase any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiarysingle consideration immediate annuity contract offered at the time, to the same class of annuitants. If Since no payees are living and such annuity contract current exists, a guaranteed period has not ended, the present value of any remaining payments comparable contract in an affiliated company will be paid used. Such an amount would be equal to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.greater of:
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
