DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE Clause Samples

The "Death Benefit Before the Annuity Commencement Date" clause defines the payout or benefits provided to a beneficiary if the annuitant dies before the scheduled start of annuity payments. Typically, this clause outlines how the insurer will calculate the death benefit, which may be based on the premiums paid, the account value, or a guaranteed minimum amount. Its core practical function is to ensure that the policyholder’s beneficiaries receive a financial benefit if the annuitant passes away before the annuity begins, thereby protecting the value of the investment and providing peace of mind.
DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE. The Death Benefit payable is equal to the greater of:
View SourceView Similar (15)
DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE. If you or the Annuitant die prior to the annuity commencement date, We will pay the death benefit to the Beneficiary. In the event that there are multiple owners, the death benefit will be payable upon the first death of an owner. Where a contract owner dies before the annuity commencement date and there one or more surviving owners, the beneficiary of the death benefit will be the surviving owner or owners in equal shares, rather than the beneficiary designated by the contract owners. <Page> The amount of the death benefit is the greatest of:
View SourceView Similar (3)
DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE. The Death Benefit payable is equal to the greater of: a) Surrender Value, or b) the greatest Death Benefit payable under any rider or endorsement made part of this contract. LIMITATIONS ON THE DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE The Death Benefit before the Annuity Commencement Date under this contract and any riders or endorsements is limited if the death of one person results in death benefits payable under one or more deferred variable annuity contracts that are issued by Us or Our affiliates, have aggregate premium payments of $5,000,000 or more, and have a provision that limits the amount of payable death benefits. DEATH BENEFITS (CONTINUED) If You purchase one or more contracts with an initial premium payment of $5,000,000 or more, the aggregate death benefits cannot exceed: a) the aggregate premium payments, modified by adjustments for partial surrenders under all applicable contracts and associated riders; or b) the aggregate Contract Value plus $1 million. If You purchase one or more contracts with an initial premium payment of less than $5,000,000, but You add premium payments or purchase additional contracts such that premium payments under the contracts aggregate to $5,000,000 or more, the aggregate death benefits cannot exceed: c) the aggregate premium payments, modified by adjustments for partial surrenders under all applicable contracts and associated riders; or d) the aggregate Contract Value plus $1 million; or e) the aggregate Contract Value plus the sum of the death benefits in excess of the aggregate Contract Value payable at the time aggregate premium payments first exceeded $5,000,000. These limitations are applied to multiple contracts in proportion to the death benefit payable on each contract. Any death benefits limited under Section (e) above are applied to multiple contracts so that the death benefit under each contract does not exceed the death benefit otherwise payable without any limitation under this provision. For the purposes of this provision, contracts purchased on the same day are considered one contract. SETTLEMENT OF THE DEATH BENEFIT The Death Benefit may be taken in one sum or under any of the settlement options then being offered by Us subject, however, to the Distribution Requirements below. The Beneficiary may elect any available settlement option unless the Contract Owner has designated the settlement option for that Beneficiary. The available settlement options include any of the annuity options u...
View Source
DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE. A death benefit will be paid to the Beneficiary if, prior to the annuity commencement date:
View Source

Related to DEATH BENEFIT BEFORE THE ANNUITY COMMENCEMENT DATE

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

  • Fixed Annuity An Annuity with payments which do not vary in amount.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.