THE ANNUITY CONTRACT Clause Samples

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THE ANNUITY CONTRACT. ABOUT THE CONTRACT This Contract is an agreement between Safeco Life and you, the Owner, where we promise to pay an income in the form of annuity payments, beginning on the date you select, or a death benefit. When you are investing money, your Contract is in the Accumulation Phase. Once you begin receiving annuity payments, your Contract is in the Income Phase. You purchased this Contract with the initial Purchase Payment you paid, and the Contract became effective on the contract date, shown on your contract data page. The Contract is called a variable annuity because you can allocate money among variable investment Portfolios available within the Separate Account. The investment performance of the Portfolio(s) you select may be positive or negative and affects the value of your Contract and the amount of any variable annuity payments. You may also allocate money to the Fixed Account which credits guaranteed interest rates. OWNER The Owner is shown on the contract application and cannot be changed. On the contract date, the Owner must not have been older than the maximum issue age shown on the contract data page. The Owner may exercise all ownership rights under this Contract. If this Contract is owned by joint Owners, they must jointly exercise their ownership rights, unless we are directed otherwise by both joint Owners in writing. On the contract date, each joint Owner must not have been older than the maximum issue age shown on the contract data page. The joint Owner cannot be changed. An Owner who is a non-natural person (for example, a corporation or a trust) may not name a joint Owner. ANNUITANT The Annuitant is/are the person(s) on whose life/lives annuity payments are based. You are the Annuitant unless you designate someone else before the Annuity Date. If you designate someone else as Annuitant, that person must not be older than the maximum issue age on the contract date and the maximum annuitization age when annuity payments begin. The maximum issue age and the maximum annuitization age are shown on the contract data page. An Owner who is a non-natural person may not change the Annuitant. BENEFICIARY The Beneficiary receives any death benefit payable in accordance with the provisions of this Contract. You initially name your Beneficiaries on the contract application. CHANGE OF BENEFICIARY You may change your Beneficiary designation at any time by sending us a signed and dated request. However, if a Beneficiary designation is irrevocable, tha...
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THE ANNUITY CONTRACT. ABOUT THE CONTRACT This Contract is an agreement between Symetra and the Owner, where we promise to pay the Annuitant an income in the form of annuity payments, beginning on the date the Owner on behalf of the Annuitant selects, or a death benefit to the Annuitant’s Beneficiary(ies). When money is being invested, the Contract is in the Accumulation Phase. Once annuity payments begin, the Contract is in the Income Phase. The Owner purchased this Contract for the exclusive benefit of the Annuitant and the Annuitant’s Beneficiary(ies) with the initial Purchase Payment. The Contract became effective on the contract date, shown on the contract data page. The Contract is called a variable annuity because the Annuitant can allocate money among Sub-accounts available within the Separate Account. The investment performance of the Sub-account(s) selected may be positive or negative and affects the value of the Contract and the amount of any variable annuity payments. OWNER The Owner is the employer or trust named on the application who may exercise all ownership rights under this Contract on behalf of the Annuitant. ANNUITANT The Annuitant is a participant in the Plan whose rights are subject to the Plan and upon whose life annuity payments are payable under this Contract. The Annuitant must not be older than the maximum issue age shown on the contract data page at issue, and must be less than the maximum annuitization age when annuity payments begin. The maximum issue age and the maximum annuitization age are shown on the contract data page. BENEFICIARY The Annuitant’s Beneficiary receives any death benefit payable in accordance with the provisions of this Contract and subject to the provisions of the Plan. The Annuitant initially names the Beneficiary (ies) on the contract application.
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THE ANNUITY CONTRACT. ABOUT THE CONTRACT The Contract is an agreement between Symetra Life and you, the Owner, where we promise to pay the Payee (you or someone you choose) an income in the form of Annuity Payments, beginning on the date you select, or a Death Benefit.
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Related to THE ANNUITY CONTRACT

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Sick Leave Annual Cash Out ‌ Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.

  • 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.

  • 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.