Common use of Death Provision Clause in Contracts

Death Provision. When an Annuitant dies under options 3 and 4, the present value of any remaining guaranteed payments will be paid in one sum or payments will continue at the direction of the Contract Holder, in accordance with the Plan. If a Plan beneficiary dies while receiving Annuity payments, the present value of any remaining payments will be paid in one lump sum as directed by the Contract Holder. The interest rate used to determine the present value for a lump sum payment will be the rate used to determine the first Annuity payment. In no event may any payments to the Plan beneficiary under an Annuity Option extend beyond: a) The life of the payee determined as of the date payments are to commence; or b) Any certain period greater than the payee's life expectancy as determined by regulations under Code Section 401(a)(9) as of the date payments are to begin. However, if a Plan beneficiary dies while under Option 1 or while receiving Annuity payments, the present value of any remaining payments will be paid in one lump sum to the estate of the Plan beneficiary. The interest rate used to determine the first payment will be used to calculate the present value.

Death Provision. When an Annuitant dies under options 3 and 4, the present value of any remaining guaranteed payments will be paid in one sum to the Beneficiary or upon election of the Beneficiary, any remaining payments will continue at to the direction of the Contract Holder, in accordance with the PlanBeneficiary. If a Plan beneficiary Beneficiary dies while receiving Annuity payments, the present value of any remaining payments will be paid in one lump sum as directed by to the Contract HolderBeneficiary's estate. The interest rate used to determine the present value for a lump sum payment will be the rate used to determine the first Annuity payment. In no event may any payments to the Plan beneficiary Beneficiary under an Annuity Option option extend beyond: : a) The life of the payee Beneficiary determined as of the date payments are to commence; or b) Any certain period greater than the payeeBeneficiary's life expectancy as determined by regulations under Code Section 401(a)(9) as of the date payments are to begin. However, if a Plan beneficiary Beneficiary dies while under Option option 1 or while receiving Annuity payments, the present value of any remaining payments will be paid in one lump sum to the estate of the Plan beneficiaryBeneficiary. The interest rate used to determine the first payment will be used to calculate the present value.