LOAN VALUE. The loan value is 90% of the sum of the cash value and any existing policy debt on the date of the loan.
LOAN VALUE. The loan value in the first two policy years is 75% of the sum of the cash value and any existing policy debt on the date of the loan. The loan value after that is 90% of the sum of the cash value and any existing policy debt on the date of the loan.
LOAN VALUE. During the Accumulation Period, a Participant may request a loan from his or her Individual Account Value in place of a partial withdrawal by submitting a loan request form accompanied by the appropriate waiver and spousal consent forms to Aetna's Home Office. A loan may not be requested within 12 months of any prior loan request. If the loan meets the requirements described below, it will not be taxable:
LOAN VALUE. If at any time the Total Outstandings exceed the Loan Value (as determined by reference to the Valuations delivered for the first fiscal quarter and third fiscal quarter, as applicable, of each fiscal year). In the event that Total Outstandings at any time exceed the Loan Value, the Borrowers may, at their option, cure the resulting Default within 5 Business Days of the occurrence of such Default by prepaying the Loans in an amount sufficient to reduce the Total Outstandings to an amount equal to or less than the Loan Value.
LOAN VALUE. During the first contract year the loan value is zero. After the first contract year, it is 75% of the sum of the net cash value and any existing contract debt. If the difference between the loan value and any existing contract debt is $500 or more, you may borrow any amount from $500 up to that difference. If the difference is less than $500, you may not borrow any amount unless it is to pay premiums on this contract.
LOAN VALUE. The loan value is 90% of the policy's cash value. LOAN INTEREST. Interest on a loan accrues daily, at an annual rate of 5%. Interest is due on each policy anniversary. If the interest is not paid when due, it will be added to the loan and bear interest at the loan rate. When a loan plus loan interest first exceeds the cash value, we will mail to you and any assignee of record at last known addresses a notice that the policy will terminate if such excess amount is not repaid within 31 days after we mailed such notice.
LOAN VALUE. After the first Policy Year, the Loan Value is the Net Cash Surrender Value on the date of the request, less interest on the amount of the loan to the end of the Policy Year, and less the amount We calculate as the value of the remaining monthly deductions to the end of the Policy Year. The amount of the loan may not be more than the Loan Value. If You request an increase to an existing loan, the amount requested will be added to the Outstanding Loan. Loan Interest. Interest on a loan accrues daily at an interest rate not greater than the Policy Loan interest rate shown in POLICY INFORMATION section. Loan interest is due on each Policy Anniversary. If the interest is not paid when due, it will be added to the Policy Loan and will bear interest at the loan interest rate. The unpaid interest will be allocated based on the proportion that Your unloaned value in the Guaranteed Account and Your values in each of the Subaccounts bear to the total unloaned value in Your Account Value. Loan Repayment. You may repay all or part of an Outstanding Loan at any time while this Policy is in force. However, since We normally treat all payments as a payment of Premium, if You wish all or any portion of a payment to be applied as an Outstanding Loan payment, You must include a Written Notice to this effect. An Outstanding Loan payment will be allocated on the basis of the Premium allocation percentages then in effect, and will reduce the loaned portion of the Guaranteed Account. Failure to repay an Outstanding Loan will not cause this Policy to lapse unless, on a Monthly Anniversary, the Net Cash Surrender Value is less than the total monthly deduction then due, and the No Lapse feature is not in effect. In that case, this Policy will lapse and the Grace Period provision will apply. A Policy Loan will have a permanent effect on Your Benefits under this Policy even if it is repaid. Depending on the investment results of the Subaccounts and the interest rates credited to the Guaranteed Account while a Policy Loan is outstanding, such effect could be favorable or unfavorable.
LOAN VALUE. You may borrow any amount up to the difference between the loan value and any existing contract debt. At any time the loan value is 90% of the net cash value. There is one exception. If the contract is I default, the loan value during the days of grace is what it was on the date of default.
