PREMIUM LIMITATIONS. Premiums may be paid to the Company at any time before the policy anniversary that is nearest the Insured's 95th birthday. The minimum premium the Company will accept is shown on page 3. The Company will not accept any premium that causes this policy not to qualify as a life insurance policy under the Internal Revenue Code, as amended. Further, the Company reserves the right to make distributions from this policy as necessary to continue to qualify the policy as life insurance under the Internal Revenue Code. A premium payment that would increase the policy's death benefit more than it increases the Policy Value will be accepted only if: - the insurance in force, as increased, will be within the Company's issue limits; - the Company's insurability requirements (Section 1.8) are met; and - the premium payment is received prior to the policy anniversary nearest the Insured's 75th birthday.
PREMIUM LIMITATIONS. Premiums may be paid to the Company at any time before the Policy anniversary that is nearest the Insured’s 121st birthday, subject to the limitations in this Policy. After the Policy anniversary nearest the Insured’s 121st birthday, premiums may be paid to the Company to avoid the Policy terminating under Section 4.6. The minimum premium the Company will accept is shown on the Policy Schedule Pages (page 3). The Company will not accept any premium that causes this Policy not to qualify as a life insurance policy under federal tax law. Further, the Company reserves the right to make distributions from this Policy as necessary to continue to qualify this Policy as life insurance under federal tax law. If mandated under applicable law, the Company may reject a premium payment. A premium payment that would increase the Policy’s Death Benefit more than it increases the Policy Value will be accepted only if: • the insurance in force, as increased, will be within the Company’s issue limits; • the Company’s insurability requirements (Section 1.8) are met; and • the premium payment is received prior to the Policy anniversary nearest the Insured’s 85th birthday.
PREMIUM LIMITATIONS. Section 4.5 Premium Allocation and Transfer Limitations • Section 4.6 Grace Period • Section 4.7 Reinstatement
PREMIUM LIMITATIONS. The premiums paid with respect to the contract on a date do not exceed the lesser of the amounts in subparagraphs (a) and (b), determined in accordance with the provisions of paragraph (b) of A-17 of Treas. Reg. 1.401(a)(9)-6, subject to the rules of application in paragraphs (c) and (d).
(a) Dollar limit. An amount equal to the excess of $125,000 (as adjusted under paragraph (d)(2) of A–17 of Treas. Reg. 1.401(a)(9)-6), over the sum of the premiums paid before that date with respect to the contract, and the premiums paid on or before that date with respect to any other contract that is intended to be a QLAC and that is purchased for the Participant under the Plan, or any other plan, annuity, or account described in Code §401(a), 403(a), 403(b), or 408 or eligible governmental plan under §457(b).
