Encashment value. No encashment value is due for surrender during the first year. If the Contract is surrendered after the payment of at least one annual contribution and within the first 2 years from its effective date, the encashment value of the Contract will be equal to 80% of the value of the Investment Accounts at that time, less any deductions and indebtedness to the Company on that Contract at the date of surrender. If the Contract is surrendered between the 3rd and the 20th year from its effective date, the encashment value will be equal to 97% of the value of the Investment Accounts at that time, less any deductions and indebtedness to the Company on that Contract at the date of surrender. If the Contract is surrendered after 20 years from its effective date, the encashment value will be equal to 100% of the value of the Investment Accounts at that time, less any deductions and indebtedness to the Company on that Contract at the date of surrender. However, such percentage can be increased / decreased by the Company at its own discretion depending on the financial market situation during the period of surrender.
