Commuted Value of Life Income with Period Ascertained

[AfterdarkMilan]

I am a little bit confused as to what should be the commuted value under a settlement option of life income with period ascertained. Can anybody clarify it for me?

During the months ascertained, the commuted value is just the present values of the future payments ascertained + the PV of the life income at the time of the election. Upon death, an equal amount of commuted value is also payable. Is this correct?

After the ascretained months, the commuted value is payable when elected equal to the PV of all the future life annuity payments. Upon death, is the NSP or PV of all the future life annuity payments also payable? I am assuming this is not the case, but the present tables of the contracts of my current company shows that the beneficiary will not recoup the maturity value supposed to be paid in lump sum if death occurs 1-3 years after the ascertained periods and the NSP is not paid as commuted value. There something awry in the way the factors were computed.

I hope somebody could clarify this for me. I could not find any literature that is crystal clear on this matter.