Partial Surrenders. You may surrender a portion of the Contract Value and have the Proceeds paid to you in a lump sum. A partial surrender must occur before the death of the Insured while the contract is in force. The partial surrender amount will be the Proceeds, plus the partial surrender fee shown in Section 1, Contract Data. The minimum amount for a partial surrender is $500. The maximum partial surrender is the Cash Surrender Value, less $300. We will deduct the partial surrender amount from the Contract Value on the day we receive Written Notice for the partial surrender. We will deduct the partial surrender amount from the Subaccounts and/or the Fixed Account according to your instructions. If you provide no instructions, we will deduct the partial surrender amount from the Subaccounts and/or the Fixed Account on a pro-rata basis. In the event that the partial surrender amount exceeds the Subaccount value and/or the Fixed Account Value, we will process the partial surrender for the amount available and contact you for further instructions. Under Options A, B and C, we will reduce the Contract Value by the partial surrender amount. In addition, for Option A, we will reduce the Specified Amount by the partial surrender amount minus the excess, if any, of the death benefit over the Specified Amount at the time the partial surrender is made. However, if the partial surrender amount is less than or equal to the excess of the death benefit over the Specified Amount, we will not reduce the Specified Amount. We have the right to require that the Specified Amount remaining in force after any partial surrender be at least equal to the minimum Specified Amount shown in Section 1, Contract Data. Certain federal income tax consequences may apply to partial surrenders from the contract. You should consult with your tax advisor before requesting any partial surrenders.
Partial Surrenders. You may request, in writing or by other means acceptable to us, a partial Surrender of Contract values at any time prior to Contract Termination. We will deduct any applicable Contingent Deferred Sales Charge. We waive the Contingent Deferred Sales Charge for Benefit Payments and for Payments for Plan Related Expenses. Partial Surrenders may be paid in a single sum or in installment payments for a designated period. The frequency of payments and length of the designated period are determined by mutual agreement. You and we may also agree to other payment options not prohibited by the Plan.
Partial Surrenders. Partial surrenders must be allocated among the subaccounts in the AAP so that the portion of account value attributable to each subaccount immediately after the partial surrender is the same as it was immediately before the partial surrender.
Partial Surrenders. Your Payment Base, Anniversary Payment Base and Deferral Bonus Base may be reduced by Partial Surrenders based on the circumstances described below:
Partial Surrenders. Partial surrenders from the contract may be made before the annuity date. Requests for partial surrenders may be communicated by written direction or, if permitted by the Company, by telephone. No partial surrender will be allowed if it results in the owner's interest in the general account or in any series having a value, after the surrender, of less than $2,000, unless the entire amount in the general account or the series is surrendered. The amount of a partial surrender will be deducted from the series or the general account on a first-in first-out basis by purchase payment. The amount deducted will be determined by dividing (A) the amount received by the owner with respect to each purchase payment by (B) the applicable percentage shown in Section 3.10, provided however that the percentage shall be 100% with respect to the free withdrawal amount (see Section 3.13).
Partial Surrenders. You may partially surrender this Contract while it is In Force by making a Written Request. The amount must be for at least $250 and the total Surrender Value of the Contract remaining after the surrender must be at least $4,000. Also, the remaining Surrender Value in each Index Sub-Account must be at least $1,000. Your Written Request may specify which Sub-Account(s) Your partial surrender is to be taken from. In the event You do not tell Us which Sub-Account(s) to take Your partial surrender from, We will withdraw it from Sub-Accounts, in the following order:
Partial Surrenders. Partial surrenders from the cash value of a participant's account may be made before the annuity date. Requests for partial surrenders must be in writing. No partial surrender will be allowed if it results in any series having a value, after the surrender of less than $500, unless the entire series is being surrendered. When a partial surrender is made from any series the number of accumulation units in that series will be reduced by the number of units equal in value to the amount surrendered.
Partial Surrenders. Beginning 30 days after the Certificate date, and before the Annuity Commencement Date, the Certificate Owner may partially surrender Certificate Values and receive a Net Surrender Value. Any partial surrender request must be in writing. If the Certificate Owner does not specify which Sub-Account(s) or Fixed Account from which the partial surrender is to be taken, the surrender will be effected on a pro rata basis according to the value in each Sub-Account or Fixed Account. For any partial surrender, the Certificate Values remaining after the surrender must be at least equal to the Company's minimum amount rules then in effect. If the remaining Certificate Value following such surrender is less than the Company's minimum amount rules, the Certificate will be terminated and the Company will pay the Net Surrender Value as if it were a full surrender. The Company reserves the right to deduct a partial surrender fee of up to $15 per partial surrender in excess of 12 partial surrenders during any Certificate Year. The fee would be deducted on a pro-rata basis from Certificate Values held in the Sub-Accounts and Fixed Account immediately after the partial surrender. CONTINGENT DEFERRED SALES CHARGES "CDSC" Unless specified otherwise, a Contingent Deferred Sales Charge ("charge") is assessed against any premium payments surrendered before the end of the charge period shown in the Contingent Deferred Sales Charge Schedule in the Contract Specifications. In the Schedule, the length of time from the Certificate Date to the time of surrender determines the charge. The charge is a percentage of the Gross Surrender Value attributable to premium payments. For this purpose, premium payments will be deemed to be surrendered before any other Certificate Values. When the total Gross Surrender Value equals all premium payments, a Contingent Deferred Sales Charge will not be assessed against the surrender of the remaining Certificate Value. The Company will not assess a Contingent Deferred Sales Charge against withdrawals that qualify for the Annual Withdrawal Amount shown in the Contract Specifications. Withdrawals of values in excess of the Annual Withdrawal Amount will be subject to Contingent Deferred Sales Charges, according to the Contingent Deferred Sales Charge Schedule, if applicable. No Contingent Deferred Sales Charges will be assessed against Certificate Values: - applied to an Annuity Option (see Section 10, Page 23); - equal to the Annual Withdrawal Amount descr...
Partial Surrenders. Partial surrenders from a participant's account may be made before the annuity date. Requests for partial surrenders must be in writing. if the participant has a nonforfeitable interest in his or her account, such request must be signed by the participant. No partial surrender will be made that would result in any series having a value. after the surrender, of less than $200. When a partial surrender is made from a separate account series, the number of accumulation units in that series will be reduced by the number of units equal in value to the partial surrender, plus $10. When a partial surrender is made from the general account series, the number of accumulation units in that series will be reduced by the number of units equal in value to the amount withdrawn plus $10, both divided by the applicable percentage factor as shown in the cash value provision. Such general account units will be cancelled on a first-in. first-out basis. A proportionate amount will be deducted from the annuity value. DEFERRAL OF PAYMENT Payments of full or partial surrenders from a separate account series may be suspended under the following conditions: - During any period in which the New York Stock Exchange is closed (other than customary weekend or holiday closing) or; - When the Securities and Exchange Commission determines that trading on such exchange is restricted or that an emergency exists: and, as a result, the separate account may not reasonably dispose of its securities or fairly value its assets; or - For such other periods as the Securities and Exchange Commission may by order direct for the protection of variable contractholders and participant'). Payments of full or partial surrenders from the general account series may be deferred for a period of not more than six months from the date written request is received. Interest will continue to be credited during the deferral period. The interest rate's) will be the same as if the surrender had not been requested. PREMIUM TAXES Any tax payable by the company based on any purchase payment or transfer payment may be deducted from that payment before any other calculations are made. Any tax payable by the company based on values applied under an annuity income option may be deducted from the value applied. MINIMUM BENEFITS The value of a paid-up annuity, cash surrender, or settlement on death under this contract will not be less than the minimum required by the state laws where the contract is delivered.
Partial Surrenders. Partial surrenders from the contract may be made before the annuity date. Requests for partial surrenders must be in writing and signed by the owner. No partial surrender will be allowed if it results in any series the owner's account having a value, after the surrender, of less than $500, unless the entire amount in that series is being surrendered. The amount of a partial surrender will be deducted from the series on a first-in first-out basis by purchase payment. The amount deducted will be determined by dividing (A) the amount received by the owner with respect to each purchase payment by (B) the applicable percentage shown in Section 3.09, provided however that the percentage shall be 100% with respect to the free withdrawal amount (see Section 3.10).
