Fixed Annuity Payment Clause Samples

Fixed Annuity Payment. The minimum payment amounts and the age adjustments that will be used to determine the monthly payments for a Fixed Annuity Payment are shown on the Contract Specifications under the PAYMENT OPTION TABLES. The Payment Option Tables show the dollar amount of the guaranteed monthly payments which can be purchased with each $1,000 of Contract Value, after deduction of any applicable premium taxes. Determination of the first Annuity Payment Date is shown on the Contract Specifications under Annuity Payment Requirements.
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Fixed Annuity Payment. The minimum payment amounts and the age adjustments that will be used to determine the monthly payments for a Fixed Annuity Payment are shown on the Contract Specifications under the PAYMENT OPTION TABLES. The Payment Option Tables show the dollar amount of the guaranteed monthly payments which can be purchased with each $1,000 of Contract Value, after deduction of any applicable premium taxes. Determination of the first Annuity Payment Date is shown on the Contract Specifications under Annuity Payment Requirements. DETERMINATION OF THE AMOUNT OF VARIABLE ANNUITY PAYMENTS AFTER THE FIRST PAYMENT. The first Variable Annuity Payment is sub-divided into components, each of which represents the product of A and B, where:
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Fixed Annuity Payment. Emergency Cash Benefit Schedule Owner: [▇▇▇▇ ▇▇▇▇▇] Date of Illustration: [July 15,1997] Annuitants: [▇▇▇▇ ▇▇▇▇▇, date of birth June 21, 1933] [▇▇▇▇ ▇▇▇▇▇, date of birth July 21, 1930] IRS Age Limitation Date: [June 1, 2020] (i) Premium Allocated to Life with Emergency Cash: [$100,000] First Payment Date: [January 1, 1998] Annuity Payment Frequency: [Monthly] Surrender Surrender Date of Payment Factor Date of Payment Factor --------------- ------ --------------- ------ [January 1998 148 July 2011 48 February 1998 147 July 2012 48 March 1998 146 July 2013 48 April 1998 145 July 2014 36 May 1998 144 July 2015 36 June 1998 143 July 2016 36 July 1998 142 July 2017 36 August 1998 141 July 2018 36 September 1998 140 July 2019 24 October 1998 139 July 2020 24 November 1998 138 July 2021 24 December 1998 137 July 2022 24 July 2023 24 July 1999 130 July 2024 12 July 2000 118 July 2025 12 July 2001 106 July 2026 12 July 2002 94 July 2027 12 July 2003 82 July 2028 12 July 2004 70 July 2029 12 July 2005 58 July 2030 12 July 2006 48 July 2031 12 July 2007 48 July 2032 12 July 2008 48 July 2033 12 July 2009 48 June 2034 12 July 2010 48 July 2034 0]
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Fixed Annuity Payment. An Annuity Payment or any portion thereof for which SBL guarantees the dollar amount. Withdrawals you may make each Contract Year that are not subject to a Surrender Charge.
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Related to Fixed Annuity Payment

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

  • ANNUITY PAYMENTS GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 401(a)(9) and 408(b)(3). If guaranteed payments are to be made, the period over which the guaranteed payments are made may not exceed the period permitted under Section 1.401(a)(9)-6 of the Income Tax Regulations. Once Annuity Payments commence, the Annuity Option may not be changed. We will send you information about Annuity Options before the Annuity Commencement Date. If by the Maturity Date, you do not choose an Annuity Option, make a total withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown on the Specifications Page and the Annuity Commencement Date is considered to be the Maturity Date. You can change the Annuity Option at any time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is described below. If the monthly income is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in one lump sum on the Maturity Date, or the Annuity Commencement Date if earlier. VARIABLE ANNUITY PAYMENTS We will determine the amount of the first variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and assumed interest rate shown on the Specifications Page. We will provide a table of the annuity factors upon request. If the current rates in use by us on the Annuity Commencement Date are more favorable to you, we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be measured as of a date not more than 10 business days prior to the Annuity Commencement Date. Subsequent payments will be based on the investment performance of the Investment Options you elected. The amount of each subsequent variable Annuity Payment is determined by multiplying the number of Annuity Units credited for each Investment Option you elect by the appropriate Annuity Unit value on each subsequent determination date, which is a uniformly applied date not more than 10 business days before the payment is due. The number of Annuity Units is determined by dividing the portion of the first payment allocated to an Investment Option by the Annuity Unit value for that Investment Option determined as of the same date that the Contract Value used to effect Annuity Payments was determined. The portion of the first payment allocated to an investment Option will be determined in the same proportion that the Investment Account Value of each Investment Option bears to the Contract Value used to effect the Variable Annuity, unless you elect a different allocation. MORTALITY AND EXPENSE We guarantee that the dollar amount of each GUARANTEE variable Annuity Payment will not be affected by changes in mortality and expense experience. 12.1 ANNUITY UNIT VALUE The value of an Annuity Unit for each Investment Option for any Valuation Period is determined as follows: (a) The net investment factor for the corresponding Sub-Account for the Valuation Period for which the Annuity Unit value is being calculated is multiplied by the value of the Annuity Unit for the preceding Valuation Period; and (b) The result is adjusted to compensate for the interest rate used to determine the first variable Annuity Payment. The dollar value of Annuity Units may increase, decrease or remain the same from one Valuation Period to the next. FIXED ANNUITY PAYMENTS We will determine the amount of each fixed Annuity Payment by applying the portion of the Contract Value used to effect a Fixed Annuity measured as of a date not more than 10 business days prior to the Annuity Commencement Date (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and interest rate shown on the Specifications Page. The fixed Annuity Payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity then offered to the same class of annuitants by us or a company affiliated with us. We guarantee the dollar amount of fixed Annuity Payments.

  • 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.

  • 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.

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