Golden American Life Insurance Company Section 72 Rider for Annuity Contracts
Summary
This agreement is a Section 72 Rider issued by Golden American Life Insurance Company, attached to an annuity contract or certificate. It ensures the contract complies with IRS tax rules for annuities, specifically regarding how proceeds are distributed after the certificate owner's death. If the owner dies before or after annuity payments begin, the contract outlines how and when the remaining funds must be paid to beneficiaries, with special provisions for surviving spouses. The Rider takes precedence over conflicting contract terms to maintain tax compliance.
EX-4.E 7 rider72.txt FORM OF SECTION 72 RIDER ||||GOLDEN ||||||AMERICAN Section 72 Rider |||||||LIFE INSURANCE |||||COMPANY Golden American is a stock company domiciled in Delaware. - -------------------------------------------------------------------------------- Required Distribution of Proceeds on Death of Certificateowner This Rider is required to qualify the Contract or Certificate to which it is attached as an annuity Contract or Certificate under Section 72 of the Internal Revenue Code of 1986, as amended (the "Code"). Where the terms of this Rider are in conflict with the terms of the Contract or Certificate, the Rider will control. Golden American Life Insurance Company reserves the right to amend or administer the Contract, Certificate and Rider as necessary to comply with applicable tax requirements. This Rider and the Contract or Certificate should be construed so that they comply with applicable tax requirements. Death of Certificateowner On Or After Annuity Commencement Date IF ANY CERTIFICATEOWNER DIES ON OR AFTER the Annuity Commencement Date but prior to the time the entire interest in the Certificate has been distributed, the remaining portion will be distributed at least as rapidly as under the method of distribution being used as of the date of the Certificateowner's death. Death of Certificateowner Prior to Annuity Commencement Date IF ANY CERTIFICATEOWNER DIE PRIOR TO the Annuity Commencement Date, the entire interest in the Certificate will be distributed within five years of the Certificateowner's death. However, this distribution requirement will be considered satisfied as to any portion of the Certificateowner's interest in the Certificate which is payable to or for the benefit of a Designated Beneficiary and which will be distributed over the life of such Designated Beneficiary or over a period not extending beyond the life expectancy of that Designated Beneficiary, provided such distributions begin within one year of the Certificateowner's death. If the Designated Beneficiary is the surviving spouse of the decedent, the Certificate may be continued in the name of the spouse as Certificateowner and these distribution rules are applied by treating the spouse as the Certificateowner. However, on the death of the surviving spouse, this provision regarding spouses may not be used again. If any Certificateowner is not an individual, the death or change (where permitted) of the Annuitant will be treated as the death of an Certificateowner. The Designated Beneficiary is the person entitled to ownership rights under the Certificate. Thus, where no death benefit has become payable, the Designated Beneficiary, for the purposes of applying this Rider, will be the Certificateowner(s). Where a death benefit has become payable, the Designated Beneficiary, for the purposes of applying this Rider, is the person(s) entitled to the death benefit, generally the Beneficiary or surviving Certificateowners, as appropriate. Upon the death of any Certificateowner, the Designated Beneficiary will become the Certificateowner and, if an individual, will become the Annuitant. * * * A Certificateowner may notify Golden American as to the manner of payment under this Rider. If such Certificateowner has not so notified Golden American prior to his or her death, the Designated Beneficiary under the Certificate may so notify Golden American. GOLDEN AMERICAN LIFE INSURANCE COMPANY President: /s/Chris Schreier Secretary: /s/Paula Cludray-Engelke GA-RA-1002-12/94
