Basic Death Benefit definition

Basic Death Benefit means the benefit payable on death of the Insured Member as specified in the policy document.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Basic Death Benefit. If the Owner dies prior to the Annuity Date, the Death Benefit equals the Net Certificate Value. The PAYMENT OF DEATH BENEFIT and PAYMENT OPTION provisions in Section 10 of this certificate also apply to this Death Benefit.] [ANNUAL RESET INCOME BENEFIT OPTION may be selected by the Owner in the application for the Certificate if the Owner also selects the Annual Reset Death Benefit Option.

Basic Death Benefit. [The greatest of 1, 2 or 3 shown in the "Amount of Death Benefit" provision.] Optional Death Benefit(s) [None] (Only available if Covered Person is age 79 or younger) [Or]

Examples of Basic Death Benefit in a sentence

• This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre-Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit.

• The Basic Death Benefit of the Policy to which this rider is attached is modified to include the Term Insurance Benefit under this rider.

• This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre- Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit.

• The spouse of a deceased member, who was eligible to retire from service at the time of death, may elect to receive the Pre-Retirement Optional Settlement 2 Death Benefit in lieu of the lump sum Basic Death Benefit.

• This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre-Retirement Optional Settlement 2 Death Benefit, which is the highest monthly allowance a member can leave a spouse or domestic partner, in lieu of the lump sum Basic Death Benefit.

• Basic Death Benefit: Greater of Account Value, Return of Premium and Highest Fifth Anniversary Value.

• Death Proceeds is the sum of (1) and (2) where Is the greatest of: The Basic Death Benefit (see Section 7.2); The Maximum Anniversary Death Benefit, if any (see Section 7.3); and The Premium Accumulation Death Benefit, if any (see Section 7.4).

• If page 3 shows this benefit is included, then the Earnings Addition Death Benefit on any day on or before the Contract Anniversary on which the Annuitant attains age 80 (or, if there are two annuitants, the Contract Anniversary on which the older Annuitant attains age 80) is 40% of the lesser of: The adjusted sum of premiums as determined in Section 7.2 Basic Death Benefit; and The amount by which the Accumulated Value on that date exceeds the amount in (1).

• The Basic Death Benefit will be adjusted accordingly with factors shown in the Table of Death Benefit Factors shown in the Additional Policy Specifications to satisfy the requirements of this test.

• The Pre-Retirement Optional Settlement 2 Death Benefit provides the spouse of a deceased member, who was eligible to retire for service at the time of death, with an alternate option to the lump sum Basic Death Benefit whereby the surviving spouse can elect a monthly allowance equal to the amount the member would receive if he/she had retired from service on the date of death and elected Optional Settlement 2 (the highest monthly allowance a member can leave a spouse).

More Definitions of Basic Death Benefit

Basic Death Benefit. The BASIC DEATH BENEFIT may be elected by the Owner in the application for the Certificate.

Basic Death Benefit means the benefit payable under the Retirement Plan to the Beneficiary of a SERP Member on account of the death of the SERP Member.