Application of Contract Value. Prior to the Annuity Date, you may elect to convert all or part of the Net Contract Value less any charge for premium taxes and/or other taxes, to any currently offered Annuity Option. The aggregate net amount you convert must be at least $10,000; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the withdrawal proceeds as determined under the Amount Available for Withdrawal provision.
Application of Contract Value. Prior to the Annuity Date, you may elect to convert all or part of the Contract Value, less any charge for Premium Taxes and/or other taxes, to any currently offered Annuity Option. The aggregate net amount you convert must be no less than the Minimum Annuitization Amount; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the Withdrawal proceeds as determined under the Full Withdrawal provision. If you convert only a portion of the Contract Value on the Annuity Date, you may, elect not to have the remainder of the Contract Value distributed, but instead to continue the Contract with that remaining Contract Value. This option may or may not be available, or may be available only for certain types of Contracts. If this option is available and you elect it, you would choose a second Annuity Date for such Contract Value. All references in this Contract to the Annuity Start Date (or Annuity Date) would, with regard to such Contract Value, be deemed to refer to that second Annuity Date. The second Annuity Date may not be after the Annuitant’s Maximum Annuitization Age. You should consult with your tax adviser for more information if you desire this option.
Application of Contract Value. Prior to the Annuity Date, you may elect to convert all or part of the Net Contract Value, less any charge for premium taxes and/or other taxes, to any currently offered Annuity Option. The aggregate net amount you convert must be no less than the Minimum Annuitization Amount as shown in the Contract Specifications; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the withdrawal proceeds as determined under the Full Withdrawal provision. You may elect to have annuity payments made monthly, quarterly, semiannually, or annually. Regardless of the frequency of payments, the Minimum Annuity Payment that you may elect to receive is shown in the Contract Specifications. We reserve the right to reduce the frequency of payments or the period certain if the initial annuity payment is less than the Minimum Annuity Payment shown in the Contract Specifications. We reserve the right to pay the amount in a lump sum withdrawal if no annuity benefit equals or exceeds the Minimum Annuity Payment as shown in the Contract Specifications. Subject to the Withdrawal Provisions, you may also elect a full withdrawal in lieu of annuity payments under an Annuity Option. If you convert only a portion of the Net Contract Value on the Annuity Date, you may, at that time, elect not to have the remainder of the Net Contract Value distributed, but instead to continue the Contract with that remaining Contract Value. This option may or may not be available, or may be available only for certain types of Contracts. If this option is available and you elect it, you would choose a second Annuity Date for such Contract Value. All references in this Contract to the Annuity Start Date (or Annuity Date) would, with regard to such Contract Value, be deemed to refer to that second Annuity Date. The second Annuity Date may not be after the Annuity Date shown in the Contract Specifications. You should consult with your tax adviser for more information if you desire this option. Your Selections — Prior to the Annuity Date, you may make three selections about the annuity payments. First, you may choose whether you want those payments to be a fixed-dollar amount or a variable-dollar amount, or both. Second, you may choose the form of annuity payments (Annuity Option). Third, you may choose to have annuity payments made monthly, quarterly, semiannually, or annually. The first annuity payment will be sent on the day following the Annuity Date and must be no less t...
Application of Contract Value. Prior to the Annuity Date, you may elect to convert all or part of the Net Contract Value, less any charge for premium taxes and/or other taxes, to any currently offered Annuity Option. The aggregate net amount you convert must be no less than the Minimum Annuitization Amount as shown in the Contract Specifications; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the withdrawal proceeds as determined under the Full Withdrawal provision. You may elect to have annuity payments made monthly, quarterly, semiannually, or annually. Regardless of the frequency of payments, the Minimum Annuity Payment that you may elect to receive is shown in the Contract Specifications. We reserve the right to reduce the frequency of payments or the period certain if the initial annuity payment is less than the Minimum Annuity Payment shown in the Contract Specifications. We reserve the right to pay the amount in a lump sum withdrawal if no annuity benefit equals or exceeds the Minimum Annuity Payment as shown in the Contract Specifications. Subject to the Withdrawal Provisions, you may also elect a full withdrawal in lieu of annuity payments under an Annuity Option.
Application of Contract Value. On the Annuity Date, unless directed otherwise, we will apply the Contract Value, less any applicable premium taxes, to provide fixed annuity payments under the Annuity Option selected. This Contract does not provide for a variable annuity payments option. Annuity benefits will not be less than those that would have been provided by the application of an amount to purchase any single consideration immediate annuity offered by us at the time annuity payments commence to the same class of annuitants. Minimum Amount — The minimum amount that may be applied to provide annuity payments is $5,000. You may elect to have annuity payments made monthly, quarterly, semiannually, or annually. Regardless of the frequency of payments, the minimum annuity payment that you may elect to receive is $240. We reserve the right to reduce the frequency of payments or the period certain if the initial annuity payment is less than $240. Conversion to Current Rates — Annuity payments will be based on the greater of: * our current income factors in effect for this Contract; 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.
Application of Contract Value. Upon receipt of your written request for an annuity payout, we apply all or a portion of the Contract Value to provide a Fixed Annuity Payout, or a Variable Annuity Payout, or both. The portion of the Contract Value we apply will be considered a partial withdrawal for the purpose of calculating the death benefit covered in Section 10. If the amount to be annuitized on the date the annuity payout is scheduled to begin is less than $5,000, we may pay the withdrawal value in a lump sum. We reserve the right to deduct applicable premium taxes and other state or federal taxes from the Contract Value on any Annuity Payout Date as required by law.
Application of Contract Value. On the Annuity Date, unless directed otherwise, we will apply the Contract Value plus pro-rata Index-Linked Interest, less any applicable premium taxes, to provide fixed annuity payments under the Annuity Option selected. This Contract does not provide for a variable annuity payments option. Annuity benefits will not be less than those that would have been provided by the application of an amount to purchase any single consideration immediate annuity offered by us at the time annuity payments commence to the same class of annuitants. Minimum Amount – The minimum amount that may be applied to provide annuity payments is $5,000. You may elect to have annuity payments made monthly, quarterly, semiannually, or annually. Regardless of the frequency of payments, the minimum annuity payment that you may elect to receive is $240. We reserve the right to reduce the frequency of payments or the period certain if the initial annuity payment is less than $240. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract; 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. ICC09:10-1169
Application of Contract Value. Prior to the Annuity Date, you may elect to convert all or part of the Contract Value less any charge for premium taxes and/or other taxes, to any currently offered Annuity Option. The aggregate amount you convert must be at least $10,000; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the withdrawal proceeds as determined under the Full Withdrawal provision. You may elect to have annuity payments made monthly, quarterly, semiannually, or annually. Regardless of the frequency of payments, the minimum annuity payment that you may elect to receive is $250. We reserve the right to reduce the frequency of payments or the period certain if the initial annuity payment is less than $250. We reserve the right to pay the amount in a lump sum withdrawal if no annuity benefit equals or exceeds the minimum annuity payment. Subject to the Withdrawal Provisions, you may also elect a full withdrawal in lieu of annuity payments under an Annuity Option. If you convert only a portion of the Contract Value on the Annuity Date, you may, at that time, elect not to have the remainder of the Contract Value distributed, but instead to continue the Contract with that remaining Contract Value. This option may or may not be available, or may be available only for certain types of Contracts. If this option is available and you elect it, you would choose a second Annuity Date for such Contract Value. All references in this Contract to the Annuity Start Date (or Annuity Date) would, with regard to such Contract Value, be deemed to refer to that second Annuity Date. The second Annuity Date may not be after the Annuitant’s 95th birthday. You should consult with your tax adviser for more information if you desire this option.
Application of Contract Value. Prior to the Annuity Date, you may elect to convert all or part of the Net Contract Value, less any charge for premium taxes and/or other taxes, to any currently offered Annuity Option. The aggregate net amount you convert must be at least $2,000; otherwise, we reserve the right to terminate this Contract and pay a single amount equal to the withdrawal proceeds as determined under the Amount Available for Withdrawal provision. Subject to the Withdrawal Provisions, you may also elect a full withdrawal in lieu of annuity payments under an Annuity Option. If you convert only a portion of the Net Contract Value on the Annuity Date, you may, at that time, elect not to have the remainder of the Net Contract Value distributed, but instead to continue the Contract with that remaining Contract Value. This option may or may not be available, or may be available only for certain types of Contracts. If this option is available and you elect it, you would choose a second Annuity Date for such Contract Value. All references in this Contract to the Annuity Start Date (or Annuity Date) would, with regard to such Contract Value, be deemed to refer to that second Annuity Date. The second Annuity Date may not be after the Annuitant’s 90th birthday or the tenth (10th) Contract Anniversary. You should consult with your tax adviser for more information if you desire this option.
Application of Contract Value. Unless directed otherwise, We will apply the fixed account value adjusted by the Market Value Adjustment, to provide a Fixed Annuity, and the Variable Account value to provide a Variable Annuity. You must tell Us In Writing at least 30 days prior to the annuity commencement date if You want Us to apply Fixed and Variable Account values in different proportions. ANNUITY COMMENCEMENT DATE The annuity commencement date is selected by You and stated in the Application. The date must be before the Annuitant's 75th birthday unless We agree to it. You may change the annuity commencement date at any time if We receive Written notice at least 30 days before both the current annuity commencement date and the new annuity commencement date. The Annuity Commencement Date cannot be later than the Annuitant's 85th birthday. If the annuity commencement date does not occur on a Valuation Date that is at least 2 years after the Issue Date, We reserve the right to change the annuity commencement date to the first Valuation Date that is at least 2 years after the Issue Date.
