Minimum Death Benefits Clause Samples

Minimum Death Benefits. If the Contract Holder dies before his or her entire Current Value is distributed, the entire remaining balance will be distributed as follows: (1) If the Contract Holder dies on or after the date distributions have begun under paragraph (b) above, the entire remaining balance must be distributed at least as rapidly as provided under paragraph (b). (2) If the Contract Holder dies before distributions have begun under paragraph (b) above, the entire remaining balance must be distributed as elected by the Contract Holder or, if the Contract Holder has not so elected, as elected by the Beneficiary or Beneficiaries, as follows: (i) by December 31st of the year containing the fifth anniversary of the Contract ▇▇▇▇▇▇'s death; or (ii) in equal or substantially equal payments over the life or life expectancy of the designated Beneficiary or Beneficiaries starting by December 31st of the year following the year of the Contract ▇▇▇▇▇▇'s death. If, however, the Beneficiary is the Contract ▇▇▇▇▇▇'s surviving spouse, then this distribution is not required to begin before December 31st of the year in which the Contract Holder would have turned 70 1/2.