FIXED ANNUITY OPTIONS Sample Clauses

FIXED ANNUITY OPTIONS. The Owner may choose a fixed annuity option up to 30 days prior to the Annuity Date. An option not set forth in the contract may be chosen if acceptable to us. AMOUNT OF FIXED ANNUITY PAYMENTS. Any premium taxes will be deducted from the Participant's Fixed Account Value. The net Participant's Fixed Account Value as of the Annuity Date will be applied to the fixed annuity option chosen. If fixed annuity payments begin within 5 years after the Participant's Enrollment Date, the monthly income under Options 1, 2, 3 and 4 will equal the monthly income under a comparable single premium nonparticipating annuity available from us at the time fixed annuity payments are to begin. If fixed annuity payments begin more than 5 years after the Participant's Enrollment Date, the monthly income under Options 1, 2, 3 and 4 will equal 103% of the monthly income under a comparable single premium nonparticipating annuity available from us at the time fixed annuity payments are to begin. In no event will the monthly income be less than shown in the Fixed Annuity Option Tables. The guaranteed monthly income under Option 1 and 3 will be based on interest at a rate of 3% per year compounded annually. The guaranteed monthly income under Option 2 and 4 will be based on interest at a rate of 2 3/4% per year compounded annually. Fixed Annuity Options 1, 2, 3 and 4 will not participate in divisible surplus.
Sample 1
AutoNDA by SimpleDocs
FIXED ANNUITY OPTIONS. OPTION 1 - FIXED ANNUITY FOR SPECIFIED NUMBER OF YEARS. Payments will be made for a specified number of years, which may not be less than 5 years nor more than 30 years. OPTION 2 - FIXED LIFE ANNUITY. Payments will be made for the life of the Annuitant. Payments will cease with the last payment due prior to the Annuitant's death. OPTION 3 - FIXED LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 OR 20 YEARS. Payments will be made for the life of the Annuitant. A guaranteed payment period of either 10 or 20 years may be chosen.
Sample 1
FIXED ANNUITY OPTIONS. The Owner or the Owner's surviving beneficiary may choose a fixed annuity option up to 30 days prior to the Annuity Date. Amount of Fixed Annuity Payments. Premium taxes, if any, will be deducted from the Fixed Account Value. The Fixed Account Value, net of any premium taxes, as of the Annuity Date will be applied to the fixed annuity option chosen. The monthly income under Options 1, 2, 3 and 4 will equal the monthly income under a comparable single premium nonparticipating annuity available from Penn Mutual at the time fixed annuity payments are to begin. The guaranteed monthly income under Option 1, Option 2, Option 3 and Option 4 will be based on interest at a rate of 4% per year compounded annually. Fixed Annuity Options 1, 2, 3 and 4 will not participate in divisible surplus.
Sample 1
FIXED ANNUITY OPTIONS. Option 1 - Fixed Annuity for Specified Number of Years. Payments will be made for a specified number of years, which will be not less than 5 years nor more than 25 years.
Sample 1

Related to FIXED ANNUITY OPTIONS

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Fixed Annuity Payments The minimum guaranteed income purchased per $1,000 of the net amount applied to a fixed annuity is based on an annual interest rate of 3% and the 1983a Mortality Table with the ages set back ten (10) years. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract on the Annuity Date; or • our guaranteed income factors. The dollar amount of any payments after the first annuity payment is specified during the annuity payment period according to the provisions of the elected Annuity Option.

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Payment Options The exercise price shall be paid by one or any combination of the following forms of payment that are applicable to this option, as indicated on the cover page hereof:

  • 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.

  • ANNUITY Payment of an income:

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Qualified Joint and Survivor Annuity An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested account balance. The percentage of the survivor annuity under the Plan shall be 50% (unless a different percentage is elected by the Employer in the Adoption Agreement).

Time is Money Join Law Insider Premium to draft better contracts faster.