Surrender of Contract Clause Samples

Surrender of Contract. Any time prior to the Income Date, you may ask in a form acceptable to us to receive the Cash Surrender Value of the Contract. Proceeds payable to you on full surrender of the Contract will be the Cash Surrender Value as defined in Section 5.2. Proceeds payable on a Partial Surrender of the Contract will be as defined in Section 5.6. We may require the Contract to be returned to us when the Proceeds are paid.

Surrender of Contract. Before the Annuity Commencement Date, you may surrender this contract for its Surrender Value as defined below. The contract will then terminate. We must receive your request for such surrender in Good Order at our Customer Service Office. This contract must be sent to our Customer Service Office for cancellation. The Surrender Value is equal to the Accumulation Value as of the Valuation Date on which we receive your written request for surrender in Good Order: less • any applicable Contingent Deferred Sales Charge, as described below; • any applicable Contract Fee; and • any annuity taxes. Before the Annuity Commencement Date, you may withdraw a portion of the Accumulation Value of this contract, subject to the conditions described below. We must receive your request for any withdrawal in Good Order at our Customer Service Office. Each withdrawal payment will be reduced by any Contingent Deferred Sales Charge (described below) and any applicable annuity taxes. Unless otherwise requested, the amount of any withdrawal including any applicable Contingent Deferred Sales Charge and annuity taxes, if any, will be deducted from the Variable Investment Options in proportion to the amount of the Accumulation Value attributable to each Variable Investment Option as of the Valuation Date on which we receive your written request for withdrawal in Good Order. The total Accumulation Value remaining after a withdrawal must be at least $2,000. If a withdrawal results in the Accumulation Value falling below $2,000, then we reserve the right to cancel the contract and pay you the Surrender Value. See the Inactive Contract provision of the General Provisions section for more information. Surrenders and withdrawals may be subject to federal and state income taxes and a 10% federal penalty tax. Withdrawals reduce your Accumulation Value and your death benefit, and may reduce the value of any guarantees provided by additional benefit riders. Your ability to withdraw or surrender may be limited by the terms of a qualified plan. If we receive your surrender or withdrawal request in Good Order at our Customer Service Center before the end of a Valuation Date, we will process your request based on Accumulation Unit values determined at the end of that Valuation Date. If we receive your surrender or withdrawal request in Good Order at our Customer Service Center at or after the end of a Valuation Date or on a non-Valuation Date, we will process your request based on Accumulation Un...

Surrender of Contract. Before the Annuity Commencement Date and while the annuitant is living, the owner may surrender this contract for its surrender value as defined below. The contract will then terminate. The owner’s request for such surrender must be received in Good Order by GIAC at its Customer Service Office. This contract must be sent to GIAC’s Customer Service Office for cancellation. The surrender value is determined by deducting (b), (c) and (d) from (a), where:

Surrender of Contract. 14 Taxes.........................................................................24 Transfers After the Annuity Commencement Date.................................11 Transfers Before the Annuity Commencement Date................................11 IVA-2060 ALPHABETICAL INDEX - Cont'd