Common use of CHOICE OF ANNUITY PAYMENT OPTION Clause in Contracts

CHOICE OF ANNUITY PAYMENT OPTION. An Election to receive payments under an Annuity Payment Option must be made by the Maturity Date shown on the Contract Specifications. However, the Owner may elect to receive payments under an Annuity Payment Option any time after the 12-month anniversary of the Contract Date but prior to the Maturity Date upon Request. If an Annuity Payment Option is not chosen prior to the Maturity Date, payments will commence to the Owner on the Maturity Date under the Annuity Payment Option providing a Life Annuity with annuity payments guaranteed for 10 years (on a fixed, variable or combination fixed and variable basis, in proportion to the investment allocations on file at the time of annuitization). Upon Request by the Owner and any Irrevocable Beneficiary, the Maturity Date may be deferred.