Payment of the Death Benefit. Unless an Owner has previously designated otherwise, the death benefit may be taken in one sum immediately and the Contract will terminate. If the death benefit is not taken in one sum immediately, the entire interest in the Contract must be distributed under one of the following options:
Payment of the Death Benefit. We require a Valid Claim before we pay any Death Benefit. Continuation of this Contract by the Surviving Spouse During the Accumulation Phase, an eligible surviving spouse Beneficiary can choose to continue their portion of this contract, instead of receiving payment of the Death Benefit, by providing a Valid Claim. If a Beneficiary is the surviving spouse of the deceased Owner, he or she is eligible to continue their portion of this contract as the sole Owner. If a Joint Owner is the surviving spouse of the deceased Owner, he or she is eligible to continue their portion of this contract as the sole Owner since the surviving spouse Owner automatically becomes the Beneficiary. If the Owner is a non-individual, a Beneficiary is the surviving spouse of the deceased Annuitant, and this contract is qualified under the federal tax code, the surviving spouse is eligible to continue their portion of this contract as the Annuitant. If a surviving spouse continues this contract as the sole Owner, he or she can exercise all Ownership rights under this contract. L40538-NY03 16 Death Benefit continued from the previous page
Payment of the Death Benefit. We require a Valid Claim before we pay any Death Benefit. All Death Benefits are paid in accordance with applicable law or regulation governing Death Benefit payments under Option A, B, or C. Continuation of Contract by the Surviving Spouse During the Accumulation Phase, the surviving Spouse of the deceased Owner who is a primary Beneficiary may choose to continue their portion of this contract as the sole Owner instead of receiving payment of the Death Benefit. Continuation may be elected by providing us a Valid Claim, and this continuation will be effective when we receive a Valid Claim. If a Joint Owner is the surviving Spouse of the deceased Owner, he or she is eligible to continue this contract as the sole Owner because the surviving Spouse automatically becomes the sole primary Beneficiary of the deceased Owner. If this contract is owned by a qualified retirement plan or an IRA held by a third party custodian, the surviving Spouse of the deceased Annuitant is eligible to continue this contract as the Annuitant through a direct rollover or transfer to his or her own IRA if the qualified retirement plan or IRA third party custodian is designated as the primary Beneficiary under this contract and the surviving Spouse is designated as the sole primary beneficiary under the qualified retirement plan or IRA. If a surviving Spouse continues this contract as the sole Owner, he or she may exercise all Ownership rights under this contract. L40538-01 [Admin. Tracking Identifier] Death Benefit continued from the previous page
Payment of the Death Benefit. In the event of death of an Insured Person who is also the Policyholder, the benefit payable for death will be paid to the estate of such Policyholder.
Payment of the Death Benefit. If you die before your contract’s maturity date, the death benefit will be payable to the beneficiaries. We must receive the following, in a form acceptable to TIAA, before any death benefit will be paid:
Payment of the Death Benefit. We require a Valid Claim before we pay any Death Benefit. All Death Benefits are paid in accordance with applicable law or regulations governing Death Benefit payments under Option A, B, or C. L40537-NY 9 Death Benefit continued from the previous page Continuation of this contract by the surviving spouse Before the Annuity Date, an eligible surviving spouse can choose to continue their portion of this contract, instead of receiving payment of the Death Benefit, by providing an Authorized Request. An eligible surviving spouse is one that qualifies as such under federal law. If a Beneficiary is the surviving spouse of the deceased Owner, he or she is eligible to continue their portion of this contract as the sole Owner. If a Joint Owner is the surviving spouse of the deceased Owner, he or she is eligible to continue their portion of this contract as the sole Owner. If the Owner is a non-individual, a Beneficiary is the surviving spouse of the deceased Annuitant, and this contract is qualified under the federal tax code, the surviving spouse is eligible to continue their portion of this contract as the Annuitant. If a surviving spouse continues this contract as the sole Owner, he or she can exercise all Ownership rights under this contract. Death Benefit payment options If the Owner has not previously designated a Death Benefit payment option, a Beneficiary must request that the Death Benefit be paid by one of the payment options below. We do not deduct the Contract Maintenance Charge under these payment options. Option A - A lump sum payment of the Death Benefit. Option B - Deferral of payment of the Death Benefit for up to five years from the date of the death of any Owner. During the deferral period, the Beneficiary can make Transfers within their portion of the contract among the Investment Options. At the end of the fifth year, any remaining Death Benefit is paid in a lump sum. Option C - If the Beneficiary is an individual, payment of the Death Benefit as Annuity Payments under an Annuity Option over the lifetime of the Beneficiary, or over a period not extending beyond the life expectancy of the Beneficiary. Distribution must begin within one year of the date of death of any Owner. Any Beneficiary’s portion of the Death Benefit not applied to Annuity Payments under an Annuity Option within one year of the date of the Owner’s death must be distributed within five years of the date of death. If a Beneficiary requests a lump sum payment, we pay that Benef...
Payment of the Death Benefit. The death benefit may be taken in one sum immediately and the Contract will terminate. If the death benefit is not taken in one sum immediately, the entire interest in the Contract must be distributed under one of the following options: • the entire interest must be distributed over the life of the Beneficiary, or over a period not extending beyond the life expectancy of the Beneficiary, with distribution beginning within one year of the deceased Owner’s death; or • the entire interest must be distributed within 5 years of the deceased Owner’s death. Prior to the distribution of the entire interest a Beneficiary will have all rights of Ownership to his or her interest. However, except as provided herein, such rights will not extend distribution beyond the limits stated above. If the Beneficiary is the deceased Owner’s spouse, the surviving spouse may elect, in lieu of receiving the death benefit, to continue the Contract and become the new Owner provided the deceased Owner’s spouse meets all the requirements in the “Change of Owner” provision. The surviving spouse may then select a new Beneficiary. Upon the surviving spouse’s death, the Beneficiary may take the death benefit in one sum immediately and the Contract will terminate. If not taken in one sum immediately, the death benefit must be distributed to the Beneficiary as described above under “Payment of Death Benefit”. If there is more than one Beneficiary, the foregoing provisions apply to each Beneficiary individually. The death benefit provisions of this Contract shall be interpreted to comply with the requirements of §72(s) of the Internal Revenue Code. We will endorse this Contract as necessary to conform to regulatory requirements. We will obtain all necessary regulatory approvals and will send you a copy of the endorsement.
Payment of the Death Benefit. If you die before your annuity starting date, the death benefit will be payable to your beneficiary. We must receive the following in a form acceptable to TIAA before any death benefit will be paid:
Payment of the Death Benefit. The Death Benefit proceeds payable will be reduced by outstanding Policy loans and accrued loan interest. The Death Benefit proceeds payable on the Insured’s death will be paid in a lump sum unless the Owner elects to receive all or a portion of the Death Benefit proceeds under a settlement option that the Company is then offering. The Company shall make settlement to the Beneficiary, not later than 30 days after the Company receives due proof of the Insured's death. The Company will pay interest, computed daily, from the date of death equal to the rate required by the state in which the policy was delivered.
