Contract Surrender. On or at any time prior to the Maturity Date you may Surrender the Contract in full for its Cash Surrender Value. To do so you must provide Notice to Us, as defined in Section 2, which we must receive no later than the Maturity Date. If we receive your Notice to Us before the close of business on any Business Day, the Cash Surrender Value will be determined at the close of business on such Business Day; otherwise, the Cash Surrender Value will be determined as of the close of the next Business Day. We may require that this Contract be returned to us before we pay you the Cash Surrender Value. If you have lost the Contract, we may require that you complete and return to our Customer Service Center a lost contract form. Upon payment of the Cash Surrender Value, this Contract shall cease to have any further value. At any time prior to the Maturity Date, you may also Surrender a portion of the Contract's Accumulation Value. The minimum amount that may be Surrendered at any one time is the lesser of: (i) $1,000; or (2) the Surrender Charge Free Amount. A partial Surrender will be deemed to be a full Surrender and the Cash Surrender Value will be paid if, at the time of the Surrender, the Cash Surrender Value is reduced to less than $2,500. Partial Surrenders will be taken on a last in first out basis and on a pro rata basis from the Strategy and Index.
Contract Surrender. On or at any time prior to the Annuity Commencement Date, you may Surrender this Contract for its Cash Surrender Value. To do so, you must provide Notice to Us as defined in Section 2. If we receive your Notice to Us before the close of business on any Business Day, the Cash Surrender Value will be determined at the close of business on such Business Day; otherwise, the Cash Surrender Value will be determined as of the close of the next Business Day. We may require that this Contract be returned to us before we pay you the Cash Surrender Value. If you have lost the Contract, we may require that you complete and return to our Customer Service Center a lost contract form. Upon payment of the Cash Surrender Value, this Contract shall cease to have any further value. To calculate the Cash Surrender Value, we start with the Accumulation Value at the time of the Surrender. We subtract or, if applicable, add to the Accumulation Value any previously waived Market Value Adjustment and Surrender Charge on Interest Withdrawal Amounts taken in the Contract Year of the Surrender. Next, we calculate and apply the current Market Value Adjustment at the time of Surrender pursuant to Section 5.4. Finally, we subtract any Surrender Charge calculated at the time of Surrender pursuant to Section 5.5.
Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office.
Contract Surrender. At any time prior to the Annuity Commencement Date, you may Surrender this Contract for its Cash Surrender Value. You may also Surrender this Contract for its Cash Surrender Value on or after the Annuity Commencement Date but only if you elected Payments for Life with Surrender Right and Death
Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office. The Surrender Value will be paid in a single sum if the contract is surrendered for its full Surrender Value. After making written request and receiving written approval from the Insurance Commissioner, where required, we reserve the right to delay payments or transfers from the DCA Fixed Account or Fixed Account for up to six months after we receive your Written Request. If such delay occurs, we will notify you of the specific date the transaction will occur, the reason for the delay, and the value of the transaction as of the date we receive your request. HOSPITAL, MEDICAL CARE AND TERMINAL CONDITION WAIVERS (ONE YEAR WAITING PERIOD REQUIRED) Deferred sales charge will not apply when:
Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office. ANNUITY PAYMENT BENEFITS ("Annuity Payment Benefits") ANNUITY COMMENCEMENT DATE Annuity Payments begin on the Maturity Date shown on page one of this contract, or on the Annuity Commencement Date, if earlier. If you wish to change the Annuity Commencement Date, you must notify us in writing at least 30 days before Annuity Payments are to begin. ELECTION OF ANNUITY PAYMENT OPTION ("Annuity Payment Options") You may elect, by Written Request, any one of the Annuity Payment options described below or any Annuity Payment option offered by us at the time of your election. Annuity Payments will be payable on a monthly basis unless otherwise agreed to by us. The Annuity Payment option may not be changed on or after the Annuity Commencement Date. If no election is provided, Annuity Payments will be made on the basis of option 2A, a life annuity with a period certain of 120 months. The following Annuity Payment options are available:
Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office. The Surrender Value will be paid in a single sum if the contract is surrendered for its full Surrender Value. After making written request and receiving written approval from the Insurance Commissioner, where required, we reserve the right to delay payments or transfers from the DCA Fixed Account, Fixed Account, or Guaranteed Term Account for up to six months after we receive your Written Request.
Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office. The Surrender Value will be paid in a single sum if the contract is surrendered for its full Surrender Value. After making written request and receiving written approval from the Insurance Commissioner, where required, we reserve the right to delay payments or transfers from the Guaranteed Interest Accounts and any Indexed Accounts for up to six months after we receive your Written Request. If such delay occurs, we will notify you of the specific date the transaction will occur, the reason for the delay, and the value of the transaction as of the date we receive your request. Annuity Payment Benefits
Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office. The Surrender Value will be paid in a single sum if the contract is surrendered for its full Surrender Value. After making written request and receiving written approval from the Insurance Commissioner, where required, we reserve the right to delay payments or transfers from the Guaranteed Interest Accounts and any Indexed Accounts for up to six months after we receive your Written Request. If such delay occurs, we will notify you of the specific date the transaction will occur, the reason for the delay, and the value of the transaction as of the date we receive your request. Annuity Payment Benefits {XE “Annuity Payment Benefits”} Annuity Commencement Date Annuity Payments begin on the Maturity Date shown on page one of this contract, or on the Annuity Commencement Date, if earlier. You may request an Xxxxxxx Commencement Date at any time after the first Contract Anniversary by providing us the Written Request at least 30 days before Annuity Payments are to begin. If you wish to change the Annuity Commencement Date, you must notify us in writing at least 30 days before Annuity Payments are to begin. Unless otherwise designated by you, the Owner will be the payee. ICC20-70632 [A123456] Minnesota Life 11 Election of Annuity Payment Option You may elect, by Written Request, any one of the Annuity Payment options described below or any Annuity Payment option offered by us at the time of your election. Annuity Payments will be payable on a monthly basis unless otherwise agreed to by us. The Annuity Payment option may not be changed on or after the Annuity Commencement Date. If no election is provided, Annuity Payments will be made on the basis of option 2A, a life annuity with a period certain of 120 months. The following Annuity Payment options are available:
Contract Surrender. On or at any time prior to the Annuity Commencement Date, you may Surrender this Contract for its Cash Surrender Value. To do so, you must provide Notice to Us. The Cash Surrender Value varies daily and will be determined as of the close of business on the Business Day on or following the date we receive your notice. We may require the Contract to be returned to us before the Cash Surrender Value is paid. If the Contract has been lost, we may require that you complete and return to our Customer Service Center the applicable lost contract form. Upon Surrender, the Contract will cease to have any further value.
