Common use of Period Certain Annuity Clause in Contracts

Period Certain Annuity. An annuity payable for a Period Certain of from 5 to 20 years, as elected. If the Annuitant dies before payments have been made for the Period Certain elected, payments will continue to the beneficiary during the remainder of such Period Certain. The beneficiary may elect to receive the commuted value of the remaining guaranteed payments in a lump sum. The value will be based on the then current dollar amount of one payment and the same interest rate which served as a basis for the annuity. Payments under any of these Annuity Payment Options will be determined in accordance with Section 7.07 for a Fixed Annuity and with Section 7.08 for a Variable Annuity. If, when Annuity Payments are elected, Minnesota Mutual is using annuity purchase rates for this class of contract which would result in larger Annuity Payments, they will be used instead of those guaranteed in this contract. Minnesota Mutual reserves the right to require proof satisfactory to it of the age of a Annuitant and any joint annuitant prior to making the first payment under any Annuity Payment Option. Once Annuity Payments begin, the Annuity Payment Option may not be changed.