Optional Modes of Settlement Clause Samples

Optional Modes of Settlement. 17 Ownership......................................................................7 Policy Data Page...............................................................3 Premium........................................................................8 Reinstatement..................................................................9 Suicide........................................................................6 Surrender.....................................................................13 Termination....................................................................7 Transfers.....................................................................17

Optional Modes of Settlement. The Annuitant may elect that the whole or any part of any amount that would otherwise be payable to the Annuitant's designated beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the provisions of Section 4.05 and to AXA Equitable's rules in effect at the time of election. A beneficiary may make such an election after the Annuitant's death if no such election made by the Annuitant's is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Annuitant at any time before a payment is made thereunder. Any election, designation, revocation or change shall be effective as of the date written notice thereof is received by AXA Equitable at the office on the Data Pages, or any other address AXA Equitable designates in written notice to the Annuitant.

Optional Modes of Settlement. One or a combination of settlement options may be chosen. A settlement option may be chosen only if the total amount placed under the option is at least $2,000.00, and each payment is at least $20.00. A settlement option election may be changed at any time by a proper written request to our Home Office. Once recorded, it will become effective on the date it was requested. We may require proof of the age of any person to be paid under a settlement option. While this policy is in force, you may choose or change settlement options at any time. If no settlement option has been chosen prior to the Insured's death, the Beneficiary may choose one. A change of Beneficiary automatically revokes any option in effect. Settlement option payments are not assignable. To the extent allowed by law, settlement option payments are not subject to the claims of creditors or to legal process. Under Options 2, 3, 4, and 5, payments will be made at the beginning of each 12, 6, 3, or 1 month interval beginning on the date of the Insured's death, on the Maturity Date, or on the date of surrender, as applicable. Under Option 1 and 6, payments will be made at the end of every 12, 6, 3, or 1 month interval from the date of the Insured's death, on the Maturity Date, or on the date of surrender, as applicable. Under Options 1, 2, and 4, withdrawal of any outstanding balance may be made by written request to our Home Office. No amount left with us under Options 3, 5, or 6 may be withdrawn. Options 1, 2, 4, and the guaranteed period of Option 3, provide for payment of interest at a guaranteed minimum interest rate of 2 1/2% per year, compounded annually. Any interest to be paid in excess of this rate will be determined once a year.

Optional Modes of Settlement. Policy settlement may be made in a lump sum or by other available options listed below upon our receipt of complete instructions and any other information we may reasonably require. More than one settlement option may be chosen. However, settlement options other than lump sum may only be chosen if the total amount to be applied under an option is at least $2,000.00 and each payment is at least $20.00. While this policy is in force and prior to the Maturity Date or the death of the Insured whichever occurs first, you may choose, revoke, or change settlement options at any time (subject to the limits stated above). If the Insured dies while this policy is in force and no settlement option is recorded as having been elected, then the Beneficiary will be permitted to choose a settlement option. If no other settlement option has been chosen, payment will be made in a lump sum. Settlement options must be chosen, revoked, or changed by proper written request. After an election, revocation, or change is recorded at our Home Office listed on the face page of this policy, it will become effective as of the date it was requested; provided, however, that we will not be liable to any person for any action or payment we make prior to recording the change. We may require proof of age of any person to be paid under a settlement option. Any change of Beneficiary prior to the effective date of the settlement contract will automatically revoke any settlement option that is in effect. At the time of policy settlement under any settlement option other than lump sum, we will issue a settlement contract in exchange for the policy. The effective date of the settlement contract will be the date the Insured died, the Maturity Date, or the date the policy is surrendered. Payments will be made at the beginning of the selected 12, 6, 3, or 1 month interval starting with the effective date of the settlement contract. Settlement option payments are not assignable. To the extent allowed by law, settlement option payments are not subject to the claims of creditors or to legal process.

Optional Modes of Settlement. Any Participant may elect that the whole or any part of any amount that would otherwise be payable to the Participant's beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the Equitable's rules in effect at the time of election. The beneficiary may make such an election after the Participant's death if no such election made by the participant is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Participant at any time before a payment is made thereunder. Any election, designation, revocation, or change shall be by written notice filed with the Equitable at its Home Office.

Optional Modes of Settlement. The Participant may elect that the whole or any part of any amount that would otherwise be payable to the Participant's designated beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the provisions of Section 4.05 and to AXA Equitable's rules in effect at the time of election. A beneficiary may make such an election after the Participant's death if no such election made by the Participant is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Participant at any time before a payment is made thereunder. Any election, designation, revocation or change shall be effective as of the date written notice thereof is received by AXA Equitable at the office on Page 3, or any other address AXA Equitable designates in written notice to the Participant.