BASIS OF ANNUITY CONVERSION FACTORS. Annuity benefits at their time of commencement will not be less than those that would be provided by the application of an amount to purchase any single consideration immediate annuity contract offered by LL&A at the time to the same class of Annuitants. (a) Guaranteed Annuities - The maximum Annuity Conversion Factors which may be used by LL&A under this Contract are based on the 1983 Individual Annuity Mortality Table, set back four (4) years, and an interest rate of three percent (3.0%). From time to time, lower conversion factors may be used by LL&A. (Lowering the conversion factor will increase the amount of the annuity payment.) (b) Variable Annuities - The Annuity Conversion Factors which are used to determine the initial payments are based on the 1983 Individual Annuity Mortality Table, set back four (4) years, and an interest rate in an integral percentage ranging from zero to six percent (0 to 6.00%) as selected by the Annuitant.
Appears in 3 contracts
Sources: Group Variable Annuity Contract (Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii), Group Variable Annuity Contract (Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii), Group Variable Annuity Contract (Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Iii)