Common use of PAYMENT PLAN ELECTIONS Clause in Contracts

PAYMENT PLAN ELECTIONS. FOR DEATH BENEFITS BY OWNER. The Owner may elect payment plans for death benefits: - while the Annuitant is living; or - during the first 60 days after the date of death of the Annuitant, if the Annuitant was not the Owner immediately prior to the Annuitant's death. An election made during the 60 days cannot be changed. FOR DEATH BENEFITS BY DIRECT OR CONTINGENT BENEFICIARY. A direct or contingent beneficiary may elect payment plans for death benefits payable to the direct or contingent beneficiary if no payment plan that has been elected is in effect. This right is subject to the Owner's rights during the above 60 days. FOR MATURITY BENEFITS OR WITHDRAWAL AMOUNTS. The Owner may elect payment plans for maturity benefits or withdrawal amounts. TRANSFER BETWEEN PAYMENT PLANS. A beneficiary who is receiving payment under a payment plan which includes the right to withdraw may transfer the amount withdrawable to any other payment plan that is available.