Settlement Options
You may choose, after the fifth contract year or at death, when you start to receive annuity payments and the duration in which they are paid. The accumulation value and the settlement option you select will determine the payment amount.
Period Certain Only Equal monthly payments are guaranteed for a specified period, not less than 10 years and not more than 20 years. After the fifth contract year, you may request a period certain of not less than 5 years and not more than 20 years.
Lifetime Income Only Equal monthly payments for the annuitant’s remaining lifetime. Payments will end with the payment due just before the annuitant’s death. No death benefit is payable with this option. Lifetime Income with Guaranteed Period Certain Equal monthly payments for the greater of the annuitant’s remaining lifetime or a specified period of time. If the annuitant dies after payments have been made for the specified period, payments end with the payment due just before the annuitant’s death.
Death Benefit A death benefit is payable to the annuity’s beneficiary if the owner, or the annuitant, if the owner is not a natural person, dies before the annuity payments begin. The amount payable is equal to the accumulation value or the minimum guaranteed surrender value determined as of the date of death, whichever is greater. If any of the accumulation value is allocated to an indexed account with a 3-year crediting period and the owner passes away during the crediting period, the accumulation value will receive interest credited to the date of death.
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