We guarantee to provide ongoing payments for the Annuitants life if a Covered Event occurs. That happens if and when the value of Your Account goes to zero for reasons other than an Excess Withdrawal. We will provide such payments if this Contract is then in effect, if there is no legal impediment at such time for Our providing the payments, and You have provided Us with the information We need to make such payments.
We may require proof that the Annuitant is alive from time-to-time. We may pursue recovery of any amounts paid after the Annuitants death from You or the Annuitants estate.
We make these payments to an account for the benefit of the Annuitant.
We do not guarantee the investment performance of Your Account.
Benefit if the Covered Event Occurs
As of the date of the Covered Event, We begin payments of the Benefit Amount each Income Year for the Annuitants lifetime. In the Income Year the Covered Event occurs the Benefit Amount is the Income Amount at the time of the Covered Event minus any withdrawals in that Income Year. In subsequent Income Years, the Benefit Amount We pay each Income Year for the Annuitants lifetime equals the Income Amount in effect when the Covered Event happens.
The annual Benefit Amount equals the Income Amount as of the date of the Covered Event. We may make payments periodically, but not less frequently than annually.
The Income Amount is determined by applying the guaranteed income percentage shown in the Schedule to the then current Income Base.
You are not required to take the Income Amount in any Income Year. Any portion of the Income Amount You do not take in an Income Year remains in Your Account and does not increase the Income Amount in subsequent Income Years.
The Income Amount is the guaranteed amount You may withdraw in each Income Year without reducing future benefits. We determine the initial Income Amount on the Exercise Date.
We determine the Income Base. It is the higher of (a) or (b), where:
(a) is the value of Your Account on this Contracts Issue Date plus any Eligible Contributions and less the proportional impact of Excess Withdrawals; or
(b) is the value of Your Account on the Exercise Date reduced by the value of any contributions to Your Account that have not yet vested and less the impact of any Excess Withdrawals.
Any withdrawal during the Vesting Period is an Excess Withdrawal.
Any amount withdrawn on or after the end of the Vesting Period that exceeds the Income Amount for the Income Year in which that withdrawal occurs is an Excess Withdrawal.