The Accumulation Value. The Step-Up Benefit (as defined below), plus Purchase Payments made, less withdrawals (and charges associated with such withdrawals) since the last Step-Up Anniversary (as defined below). Form 15208-95 The Step-Up Benefit at issue is the initial Purchase Payment. As of each Step-Up Anniversary, the then current Accumulation Value is compared to the prior Step-Up Benefit increased by Purchase Payments made, less withdrawals (and charges associated with such withdrawals) since the last Step-Up Anniversary. The greater of these becomes the new Step-Up Benefit. The Step-Up Anniversaries are every 6th Contract Anniversary for the duration of the Contract (i.e., the 6th, 12th, 18th, etc.). The amount payable to the Beneficiary is the Enhanced Death Benefit as calculated above minus any taxes incurred but not deducted. ANNUITY PAYMENTS ELECTION AND CHANGES OF ANNUITY DATE The Annuity Date may be elected on your application, but may not be earlier than the second Contract Anniversary. If no Annuity Date is elected in the application, the Annuity Date will be the first day of the month following the Annuitant's 85th birthday or on the first day of the month following the tenth Contract Anniversary, whichever occurs later. You may change the Annuity Date at any time prior to 60 days prior to the Annuity Date currently elected by Written Notice. ELECTION AND CHANGES OF ANNUITY PAYMENT OPTION The Owner elects the Annuity Payment Option. Once elected, the Owner may change the Annuity Payment Option at any time prior to the Annuity Date. In selecting an Annuity Payment Option, the Owner must determine whether the payments will be variable or fixed in amount. If variable, the Owner must determine from which Subaccounts variable Annuity Payments are to be made. The Owner may select a combination of fixed and variable payments as described below. If the Owner has not chosen an Annuity Payment Option and if the Annuitant is living on the Annuity Date, then:
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Sources: Insurance Contract (Southland Separate Account A1), Insurance Contract (Southland Separate Account A1)
The Accumulation Value. The Step-Up Benefit (as defined below), plus Purchase Payments made, less withdrawals (and charges associated with such withdrawals) since the last Step-Up Anniversary (as defined below). Form 15208-95 The Step-Up Benefit at issue is the initial Purchase Payment. As of each Step-Up Anniversary, the then current Accumulation Value is compared to the prior Step-Up Benefit increased by Purchase Payments made, less withdrawals (and charges associated with such withdrawals) since the last Step-Up Anniversary. The greater of these becomes the new Step-Up Benefit. The Step-Up Anniversaries are every 6th Contract Anniversary for the duration of the Contract (i.e., the 6th, 12th, 18th, etc.). The amount payable to the Beneficiary is the Enhanced Death Benefit as calculated above minus any taxes incurred but not deducted. ANNUITY PAYMENTS ELECTION AND CHANGES OF ANNUITY DATE The Annuity Date may be elected on your application, but may not be earlier than the second Contract Anniversary. If no Annuity Date is elected in the application, the Annuity Date will be the first day of the month following the Annuitant's 85th birthday or on the first day of the month following the tenth Contract Anniversary, whichever occurs laterlater but not later than the maximum age in the state in which this Contract is delivered. You may change the Annuity Date at any time prior to 60 days prior to the Annuity Date currently elected by Written Notice. ELECTION AND CHANGES OF ANNUITY PAYMENT OPTION The Owner elects the Annuity Payment Option. Once elected, the Owner may change the Annuity Payment Option at any time prior to the Annuity Date. In selecting an Annuity Payment Option, the Owner must determine whether the payments will be variable or fixed in amount. If variable, the Owner must determine from which Subaccounts variable Annuity Payments are to be made. The Owner may select a combination of fixed and variable payments as described below. If the Owner has not chosen an Annuity Payment Option and if the Annuitant is living on the Annuity Date, then:
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