ELECTION OF AN ANNUITY OPTION Sample Clauses

The 'Election of an Annuity Option' clause defines the policyholder's right to choose how they will receive annuity payments from an insurance or retirement contract. Typically, this clause outlines the available payout options, such as receiving fixed monthly payments for life, for a set period, or in joint-and-survivor formats, and specifies the process and timing for making this election. Its core practical function is to provide flexibility and control to the policyholder, ensuring that the payout structure aligns with their financial needs and retirement planning goals.
ELECTION OF AN ANNUITY OPTION. If you elect an annuity option and have an outstanding loan balance, you may repay this balance, or your contract value will be adjusted as described in your annuity contract.
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ELECTION OF AN ANNUITY OPTION. If you elect an annuity option and have an outstanding loan balance, you may repay this balance or your individual account will be adjusted as described in the Withdrawal of Your Account section.
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ELECTION OF AN ANNUITY OPTION. We will waive the Withdrawal Charge if you apply your entire Account Value (i) to one of the Guaranteed Annuity Options, (ii) to a nonguaranteed Annuity Option with a life contingency or at least a ten-year period certain; or (iii) if necessary to provide income payments not less than what would be provided by applying your Surrender Value (or in NY the greater of your Surrender Value or 95% of your Account Value] to purchase a single premium immediate annuity contract at then-current purchase rates offered by the Company at the same time to the same class of Annuitants. · Increase in Separate Account Charge - We will waive the Withdrawal Charge if you surrender your Contract within 60 days after we send Prior Written Notice of our intent to increase the Separate Account Charge. · Payment under Minimum Account Value Provision - We will waive the Withdrawal Charge if we cancel your Contract and pay your Account Value under the Minimum Account Value Provision.
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ELECTION OF AN ANNUITY OPTION. If you elect an annuity option and have an outstanding loan balance, you may repay this balance, or your contract value will be adjusted as described in your annuity contract. In the event of a bankruptcy, the outstanding loan remains an obligation of the Participant. In the event of a divorce, the outstanding loan remains an obligation of the Participant unless it is assumed by the alternate payee through completion of the appropriate QDRO certification form. Loan payments will be allocated to the person responsible for the repayment and, in the event of default, the defaulted amount will be tax reported to such person. This section must be signed and dated by the participant This section must be completed by the Employer or its designee if required by a contract between the Company and the Employer. This section must be completed if required by the Employer. ReliaStar Life Insurance Company (the “Company”) A member of the Voya® family of companies Home Office: Minneapolis, MN Customer Service: ▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ Phone: ▇▇▇-▇▇▇-▇▇▇▇ Fax: ▇▇▇-▇▇▇-▇▇▇▇ regular Mail:Customer Service overnight delivery: Customer Service Fax: Customer Service ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇. ▇▇ ▇▇▇▇-▇▇▇▇ Fax: ▇▇▇-▇▇▇-▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
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Related to ELECTION OF AN ANNUITY OPTION

  • INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND EXERCISING REPAYMENT OPTION Capitalized terms used and not defined herein have the meanings defined in the accompanying Repayment Election Form.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Death of Annuitant If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

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

  • 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.