MINIMUM GUARANTEED DEATH BENEFIT Sample Clauses

MINIMUM GUARANTEED DEATH BENEFIT. (MGDB) RISK CHARGES ----------------------------------------------------

MINIMUM GUARANTEED DEATH BENEFIT. The minimum guaranteed death benefit is initially equal to the first Purchase Payment. It is immediately increased by additional Purchase Payments and adjusted for withdrawals. After such withdrawals, the minimum guaranteed death benefit will be recalculated by multiplying the prior minimum guaranteed death benefit by the ratio of the contract value after the withdrawal to the contract value before the withdrawal. MINIMUM GUARANTEED DEATH BENEFIT RESET: The minimum guaranteed death benefit will be reset on each 5-year contract anniversary until the older Owner attains age 75. The reset benefit is equal to the immediately preceding minimum guaranteed death benefit or the contract value on that date, if higher. LIMITATION ON DEATH At most, one minimum guaranteed death benefit will BENEFIT be paid during the life of the Contract. In addition, the maximum amount that we will add to the contract value is limited to $1 million. This limitation applies to any amount added to the contract value so that the contract value equals the minimum guaranteed death benefit. All subsequently issued contracts will be aggregated for this limitation if your death triggers payment of a death benefit under such contracts. PAYMENT OF DEATH To pay the death benefit, we need proof of death BENEFIT acceptable to us, such as a certified copy of a death certificate, plus written direction regarding how to pay the death benefit payment. If the death benefit is payable to an Owner's estate, we will pay it in a single payment. The death benefit may be paid as: - a lump sum payment or series of withdrawals that are completed within five years from the date of death; or - annuity payments made over life or life expectancy. To receive annuity payments, this election must be made within 60 days from our receipt of proof of death. Annuity payments must begin within one year from the date of death. Once annuity payments begin, they cannot be changed. If a person entitled to receive a death benefit dies before the death benefit is distributed, we will pay the death benefit to that person's named beneficiary or, if none, to that person's estate. DEATH OF ANNUITANT If the Annuitant is not the Owner and dies after the ON OR AFTER THE ANNUITY Annuity Date, then we will continue paying any DATE remaining annuity payments to the payee designated by the Owner.