Common use of Penalty-free Withdrawal Option Clause in Contracts

Penalty-free Withdrawal Option. Each Contract Year, after the first, You may take one Penalty-free Withdrawal of up to 10% of Your Contract Value. We determine the amount of Penalty-free Withdrawal Proceeds payable at the time of Withdrawal. Penalty-free Withdrawal Proceeds equal the Penalty-free Withdrawal amount You request. No MVA or Surrender Charges apply to Penalty-free Withdrawals. All Withdrawals taken after the end of the Surrender Charge Period are Penalty-free.