§ 27-1-12.5-10 — Life insurance; additional benefits

Indiana § 27-1-12.5-10

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 12.5: Nonforfeiture Provisions of Annuity Contracts

Text

If any annuity contract provides, within the
same contract by rider or supplemental contract provision, both annuity
benefits and life insurance benefits that are in excess of the greater of
cash surrender benefits or a return of the gross considerations with
interest, the minimum nonforfeiture benefits shall be equal to the sum
of the minimum nonforfeiture benefits for the annuity portion and the
minimum nonforfeiture benefits, if any, for the life insurance portion
computed as if each portion were a separate contract. Notwithstanding
the provisions of sections 4, 5, 6, 7, and 9, additional benefits payable
(i) in the event of total and permanent disability, (ii) as reversionary
annuity or deferred reversionary annuity benefits, or (iii) as other policy
benefits additional to life insurance, endowment and annuity benefits,
and considerations for all such additional benefits, shall be disregarded
in ascertaining the minimum nonforfeiture amounts, paid-up annuity,
cash surrender and death benefits that may be required by this chapter.
The inclusion of such additional benefits shall not be required in any
paid-up benefits unless such additional benefits separately would
require minimum nonforfeiture amounts, paid-up annuity, cash
surrender and death benefits.
As added by Acts 1977, P.L.286, SEC.1.