Period Certain Annuity means an annuity not involving life contingencies issued by us which does not permit any prepayment of the unpaid principal (that is, you cannot elect to receive part of the payments as a single sum payment with the remainder paid in monthly annuity payments). Any installment payments shall be made over a period which does not exceed your remaining life expectancy.
Period Certain Annuity means, in respect of a Covered Life, the Annuity Form having such payment terms as are specified in Section 2.3 for such Annuity Form. No Riders or Options apply to this Annuity Form.
Period Certain Annuity means an annuity where the annuitant is guaranteed a specific payment amount for a set period of time. If the annuitant dies before the end of the period, the annuitant’s beneficiary or estate receives the remaining payments for the guaranteed period. For policies that offer a return of premium death benefit (e.g., cash refund or installment refund options), the income benefit payments made prior to the death benefit shall be considered period certain income.
Examples of Period Certain Annuity in a sentence
You cannot Surrender your Contract once Annuity Payouts begin, unless you have selected Life Annuity with Payments for a Period Certain, Joint and Last Survivor Life Annuity with Payments For a Period Certain, or Payments For a Period Certain Annuity Payout Option.
Automatic Annuity Payouts - If you do not elect an Annuity Payout Option, monthly Annuity Payouts will automatically begin on the Annuity Commencement Date under the Life Annuity with Payments for a Period Certain Annuity Payout Option with a ten-year period certain.
Partial Surrenders - Partial Surrenders are permitted after the Annuity Commencement Date if you select the Life Annuity With Payments for a Period Certain, Joint and Last Survivor Life Annuity With Payments for a Period Certain or the Payment for a Period Certain Annuity Payout Options.
After the Annuity Commencement Date: Full Surrenders - You may Surrender your Contract on or after the Annuity Commencement Date only if you selected the Payment for a Period Certain Annuity Payout Option.
The Beneficiary(ies) may instead elect to receive the present value of the remaining Period Certain Annuity Payments in a lump sum.
More Definitions of Period Certain Annuity
Period Certain Annuity means an annuity payable as follows. Equal monthly payments are made to a Participant’s beneficiary for a certain number of months (for purposes of this Subsection 10.5.4, the “period certain”) and end with the payment for the last month in such period certain. If the beneficiary dies before the end of the period certain, then the monthly payments due for the remaining months in the period certain after the month of the beneficiary’s death shall be paid to a contingent beneficiary. The beneficiary shall specify the period certain to be used and name the contingent beneficiary in his or her election of this form. The period certain may be any number of months, provided it is not less than 36 months and not more than 180 months.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain Only” Annuity Form. “You” and “your” refers to each such Covered Life.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain Only” Annuity Form. “You” and “your” refers to each such Covered Life. We will make monthly payments to you equal to your Covered Life Amount. We owe the first monthly payment on the Annuity Commencement Date. We will pay subsequent monthly on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments specified for you in the Annuity Exhibits. Once such Guaranteed Number of Payments has been paid, no further payments are due. If you die after the Annuity Commencement Date, we will determine the number of monthly payments we made to you after the Annuity Commencement Date. If the number payment made is less than such Guaranteed Number of Payments, then we will pay the Covered Life Amount to the designated Beneficiary for your Annuity Form. These payments to such Beneficiary will stop when the total number of payments to you, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain Only” Annuity Form. “You” and “your” refers to each such Covered Life. We will make monthly payments to you equal to your Covered Life Amount. We owe the first monthly payment on the Annuity Commencement Date. We will make subsequent monthly payments on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments specified for you in the Annuity Exhibits. Once such Guaranteed Number of Payments has been paid, no further payments are due. If you die after the Annuity Commencement Date, we will determine the number of monthly payments we made to you after the Annuity Commencement Date. If the number payment made is less than such Guaranteed Number of Payments, then we will pay the Covered Life Amount to the designated Beneficiary for your Annuity Form. These payments to such Beneficiary will stop when the total number of payments to you, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain” Annuity Form. Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. Once such Guaranteed Number of Payments has been paid, no further payments are due. If the Covered Life dies after the Annuity Commencement Date, Prudential will determine the number of monthly payments Prudential made to the Covered Life after the Annuity Commencement Date. If the number of monthly payments made is less than such Guaranteed Number of Payments, then Prudential will pay the present value of the remaining guaranteed payments payable to the Covered Life's executors or administrators. The “present value” of remaining Annuity Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of October preceding the calendar year in which the lump sum payment is made.
Period Certain Annuity means the following for [(A)] each Immediate Covered Life identified in the Annuity Exhibits under Part 1, Form G as receiving a “Period Certain Annuity” Annuity Form [and (B) each Deferred Covered Life who has the right to receive, and elects to receive, a “Period Certain Annuity” Annuity Form pursuant to Section 2.3]. The Company will make monthly payments to the Covered Life equal to the Covered Life Amount. The Company owes the first monthly payment on the Annuity Commencement Date. The Company will make subsequent monthly payments on the first day of each month. The Company will make the final monthly payment on the Date of Last Certain Payment specified for the Covered Life on the relevant Annuity Exhibit. If the Covered Life dies prior to the Date of Last Certain Payment, the present value of such Remaining Guaranteed Payments as are unpaid after the Covered Life’s death will be paid to the Covered Life’s Beneficiary. If neither the Covered Life nor the Beneficiary is living at the time any Remaining Guaranteed Payments are payable, the present value of such Remaining Guaranteed Payments as are unpaid after the second-to-die of the Covered Life and the Beneficiary will be paid to (i) the Covered Life's executors or administrators in case the Covered Life died after the Beneficiary or (ii) the Beneficiary's executors or administrators in case the Beneficiary died after the Covered Life. For purposes of this Section 2.2(a)(vi), “Remaining Guaranteed Payments” has the meaning set forth in Section 2.2(a)(ii). The “present value” of Remaining Guaranteed Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using [the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) forthe month of [November] preceding the calendar year in which the lump sumpayment is made] [an interest rate of [●]% per annum].]
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain” Annuity Form. Athene will make monthly payments to the Covered Life equal to the Covered Life Amount. Athene owes the first monthly payment on the Annuity Commencement Date. Athene will pay subsequent monthly payments on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments specified for the Covered Life in theAnnuity Exhibits. Once such Guaranteed Number of Payments has been paid, no further payments are due. Upon the death of the Covered Life, Athene will determine the number of monthly payments Athene made to the Covered Life on or after the Annuity Commencement Date. If the number of monthly payments made is less than such Guaranteed Number of Payments, then Athene will pay the present value of the remaining guaranteed payments payable to the Covered Life's executors or administrators. The “present value” of remaining Annuity Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of October preceding the calendar year in which the lump sum payment is made.