Surrender Fee Sample Clauses
Surrender Fee. The Surrender Fee only applies to the Net Purchase Payment portion surrendered and varies according to the elapsed time from the Contract effective date (see Contract Schedule I). No Surrender Fee is deducted from any portion of the Current Value which is paid:
(a) To a Beneficiary due to the Annuitant's death before Annuity payments start (see 3.06);
(b) As a premium for an Annuity option 1, 2 or 3 under this Contract (see 4.04);
(c) As a distribution under the SWO provision (see 3.05);
(d) At least 12 months after the date of the Purchase Payment, in an amount equal to or less than the special withdrawal percentage shown on Contract Schedule l times the current value at the time of the withdrawal. This applies to the first surrender request, partial or full, in a calendar year. The Current Value is calculated as of the date the surrender request is received in good order at Aetna's Home Office. This waiver is not available to the Contract Holder while SWO is in effect;
(e) For a full surrender of the Contract where the Current Value is $2,500 or less and no surrenders have been taken from the Contract within the prior 12 months; or
(f) Upon withdrawal of any Matured Period Value; or
(g) By Aetna under 3.11.
Surrender Fee. The Surrender Fee only applies to the Net Purchase Payment(s) portion surrendered and varies according to the elapsed time since deposit (see Contract Schedule I). Net Purchase Payment amounts are withdrawn in the same order they were applied. No Surrender Fee is deducted from any portion of the Current Value which is paid:
(a) To a Beneficiary due to the Annuitant's death before Xxxxxxx payments start, up to a maximum of the aggregate Net Purchase Payment(s) minus the total of all partial surrenders, amounts applied to an Annuity and deductions made prior to the Annuitant's date of death;
(b) As a premium for an Annuity option (see 4.07);
(c) As a distribution under the SWO provision (see 3.10);
Surrender Fee. Length of Time from Surrender Fee Certificate Effective Date (Percentage of Net (Years) Purchase Payment Withdrawn) Less than 1 year 7% 1 year but less than 2 7% 2 years but less than 3 6% 3 years but less than 4 6% 4 years but less than 5 5% 5 years but less than 6 4% 6 years but less than 7 2% 7 years or more 0% After seven years have elapsed from the certificate effective date, the Surrender Fee will no longer be assessed.
Surrender Fee. For each surrender from an Individual Account, the Surrender Fee will vary according to the number of Purchase Payment Cycles completed for the Individual Account being surrendered. The number and amount of Purchase Payments to be made in a year is chosen by the Participant. A Purchase Payment Cycle is completed when this number and amount of Purchase Payments have been made. The number of Purchase Payment Cycles completed may not be greater than the number of whole years since the Individual Account was established. For each surrender, the Fee will be as follows: Number of Purchase Payment Cycles Completed Surrender Fee Less than 5 5% 5 or more but less than 7 4% 7 or more but less than 9 3% 9 or more 0% No Surrender Fee is deducted from any portion of the Individual Account which is paid:
Surrender Fee. The Surrender Fee only applies to the Net Purchase Payment portion surrendered and varies according to the elapsed time since deposit (see Contract Schedule I). No Surrender Fee is deducted from any portion of the Current Value which is paid:
(a) To a Beneficiary due to the Certificate Xxxxxx's death before Annuity payments start;
Surrender Fee. For each surrender, the Surrender Fee will vary according to the period of time between the effective date of the Contract and the date of surrender. The Surrender Fee will be determined as follows: If Period of Time is Surrender Fee Less than 5 years 5% From 5 to 6 years 4% From 6 to 7 years 3% From 7 to 8 years 2% From 8 to 9 years 1% 9 or more years 0% No Surrender Fee is deducted from any portion of the Current Value which is paid:
Surrender Fee. For each surrender, the Surrender Fee will vary according to the number of Purchase Payment Cycles completed. The number and amount of Purchase Payments to be made in a year is chosen by the Contract Holder. A Purchase Payment Cycle is completed when this number and amount of Purchase Payments have been made. The number of Purchase Payment Cycles completed may not be greater than the number of whole years since the Contract was issued. For each surrender, the Fee will be as follows: Number of Purchase Payment Cycles Completed Surrender Fee Less than 5 5% 5 or more but less than 7 4% 7 or more but less than 9 3% 9 or more 2% No Surrender Fee is deducted from any portion of the Current Value which is paid:
(a) At the death of the Annuitant before Annuity payments start; or
(b) As a premium for an Annuity under this Contract; or
(c) After the Annuitant has reached age 59 1/2and 9 or more Purchase Payment Cycles have been completed.
Surrender Fee. The Surrender Fee only applies to the Net Purchase Payment(s) portion surrendered and varies according to the elapsed time since deposit (see Contract Schedule I). Net Purchase Payment amounts are withdrawn in the same order they were applied. No Surrender Fee is deducted from any portion of the Net Purchase Payment which is paid:
(a) To a Beneficiary due to the Annuitant's death before Xxxxxxx payments start, up to a maximum of the aggregate Net Purchase Payment(s) minus the total of all partial surrenders, amounts applied to an Annuity and deductions made prior to the Annuitant's date of death;
(b) As a premium for an Annuity option 2, 3 or 4 under this Contract (see 4.07);
(c) As a distribution under the SWO provision (see 3.10);
(d) At least 12 months after the date of the first Purchase Payment to the Account, in an amount equal to or less than 15% of the Current Value. This applies to the first surrender request, partial or full, in a calendar year. The Current Value is calculated as of the date the surrender request is received in good order at Aetna's Home Office. This waiver is not available to the Contract Holder while SWO is in effect; or
(e) For a full surrender where the Account's Current Value is $2,500 or less and no surrenders have been taken from the Contract within the prior 12 months.
Surrender Fee. For each surrender from an Individual Account, the Surrender Fee will vary according to the number of Purchase Payment Cycles completed for the Individual Account being surrendered. The number and amount of Purchase Payments to be made in a year is chosen by the Contract Holder. A Purchase Payment Cycle is completed when this number and amount of Purchase Payments have been made. The number of Purchase Payment Cycles completed may not be greater than the number of whole years since the Individual Account was established. For each surrender, the Fee will be as follows: Number of Purchase Payment Cycles Completed Surrender Fee Less than 5 years 5% 5 or more but less than 7 4% 7 or more but less than 9 3% 9 or more 2% No Surrender Fee is deducted from any portion of the Individual Account which is paid:
(1) At the death of a Participant before Annuity payments start; or
(2) As a premium for an Annuity for a Participant under this Contract.
(3) After a Participant has reached age 59 1/2 and 9 or more Purchase Payment Cycles have been completed for the Individual Account being surrendered; or
Surrender Fee. The Surrender Fee only applies to the Net Purchase Payment(s) portion surrendered and varies according to the elapsed time since deposit (see Contract Schedule I). Net Purchase Payment amounts are withdrawn in the same order they were applied. No Surrender Fee is deducted from any portion of the Net Purchase Payment which is paid:
(a) To a Beneficiary due to the Annuitant's death before Annuity payments start, up to a maximum of the aggregate Net Purchase Payment(s) minus the total of all partial surrenders, amounts applied to an Annuity and deductions made prior to the Annuitant's date of death;
(b) As a premium for an Annuity option 2, 3 or 4 under this Contract (see 4.07);
(c) As a distribution under the SWO provision (see 3.09);
(d) At least 12 months after the date of the first Purchase Payment to the Contract, in an amount equal to or less than 10% of the Current Value. This applies to the first surrender request, partial or full, in a calendar year. The Current Value is calculated as of the date the surrender request is received in good order at Aetna's Home Office. This waiver is not available to the Contract Holder while SWO is in effect;
(e) For a full surrender where the Contract's Current Value is $2,500 or less and no surrenders have been taken from the Contract within the prior 12 months;
(f) By Aetna under 3.16; or
(g) If the Annuitant has spent at least 45 consecutive days in a licensed nursing care facility and each of the following conditions are met:
(1) more than one calendar year has elapsed since the date the Contract was issued; and
(2) the surrender is requested within 3 years of admission to a licensed nursing care facility. This waiver does not apply if the Annuitant was in a nursing care facility at the time the Contract was issued.