Common use of Plan Selection Clause in Contracts

Plan Selection. You must select the plan or change to another plan at least 30 Days before the Annuitization Start Date by Written Request or other method agreed to by Us. If We have not received Your Written Request to select a plan, the first Annuity Payment will be made 30 Days after the Annuitization Start Date according to Plan B with monthly payments guaranteed for ten years unless the Code provides otherwise. If the plan selected has a payment amount that is the same as another plan having a longer guarantee period, then the plan with the longer guarantee period will be deemed to have been chosen. After the Annuitization Start Date, You cannot change to a different plan. If the amount to be applied to a plan is less than $2,000 or would not provide a monthly payment of at least $20, We have the right to change the frequency of the payment or to make a lump sum payment of the amount that would have been applied to a plan.