Basic Death Benefit
The death benefit will be the greater of (1) the Account Value or (2) the Purchase Payment, reduced proportionately by the percentage reduction in Account Value attributable to each partial withdrawal (including any applicable withdrawal charge). f a portion of the Account Value has been applied to an Annuity Option, (2) will not apply, and the Death Benefit will be equal to the Account Value. will pay the PGR Amount to the Beneficiary instead of the death benefit if (a) the PGR has not been terminated,(b) the Owner dies prior to the PGR End Date, and (c) as of the end of the Business Day on which we receive both due proof of death and an election for the payment method the PGR Amount is greater than the death benefit determined as described a