Common use of WITHDRAWAL OPTION Clause in Contracts

WITHDRAWAL OPTION. The Owner may withdraw a part of the surrender value of this Contract, subject to the charges outlined under Surrender Option. The first partial withdrawal in any Contract Year will be free of withdrawal charges up to 15% of the surrender value. Withdrawals will be made first from any amount subject to the lowest charge until those amounts are gone. Withdrawal will be effective on the valuation date on which or next following the date LNL receives a written request at its Home Office. The minimum withdrawal is $100. If any withdrawal reduces the total Account Value to less than $600, LNL may surrender the Contract for its value. The remaining value will be subject to the charges as provided under Surrender Option. The request should specify from which sub-account the withdrawal will be made. If no sub-account is specified, LNL will withdraw, on a prorata basis from each sub-account, the amount requested. Any cash payment will be mailed from LNL's Home Office within seven days after the dateof withdrawal; however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time such request for withdrawal is received. The Withdrawal Option is not available after Annuity Payments have begun. For purposes of this Section, the fixed portion of the Contract is considered a sub-account.

Appears in 1 contract

Samples: Annuity Contract (Lincoln National Variable Annuity Account C)

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WITHDRAWAL OPTION. The Owner may withdraw a part of the surrender value of this Contract, subject to the charges outlined under Surrender Option. The first partial withdrawal in any Contract Year will be free of withdrawal charges up to 1510% of the surrender valuePurchase Payments. Withdrawals will be made treated as first from any amount subject to in-first out for purposes of calculating the lowest charge until those amounts are gonewithdrawal charge. Withdrawal will be effective on the valuation Valuation date on which or next following the date LNL receives a written request at its Home Office. The minimum withdrawal is $100300. If any withdrawal reduces the total Account Value account value to less than $600300, LNL may surrender the Contract for its surrender value. The remaining value will be subject to the charges as provided under Surrender Option. The request should specify from which sub-account the withdrawal will be made. If no sub-account is specified, LNL will withdraw, on a prorata pro rata basis from each sub-sub- account, the amount requested. Any cash payment will be mailed from LNL's Home Office within seven days after the dateof date of withdrawal; however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time such request for withdrawal is received. The Withdrawal Option is not available after Annuity Payments have begun. For purposes of this Section, the fixed portion of the Contract is considered a sub-account. The Withdrawal Option is not available after Annuity Payments have begun.

Appears in 1 contract

Samples: Annuity Contract (Lincoln National Variable Annuity Account H)

WITHDRAWAL OPTION. The Owner may withdraw a part of the surrender value of this Contract, subject to the charges outlined under Surrender Option. The first partial withdrawal in any Contract Year will be free of withdrawal charges up to 15% of the surrender value. Withdrawals will be made first from any amount amounts subject to the lowest charge until those amounts are gone. Withdrawal will be effective on the valuation date Valuation Date on which or next following the date LNL receives a written request at its Home Office. The minimum withdrawal is $100100.00. If any withdrawal reduces the total Account Value account value to less than $600300, LNL may surrender the Contract for its value. The remaining value will be subject to the charges as provided under Surrender Option. The request should specify from which sub-account the withdrawal will be made. If no sub-sub- account is specified, LNL will withdraw, on a prorata pro-rata basis from each sub-account, the amount requested. Any cash payment will be mailed from LNL's Home Office within seven days after the dateof xxxx of withdrawal; however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time such request for withdrawal is received. The Withdrawal Option is not available after Annuity Payments have begun. For purposes of this Section, the fixed portion of the Contract is considered a sub-account.

Appears in 1 contract

Samples: Annuity Contract (Lincoln National Variable Annuity Account C)

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WITHDRAWAL OPTION. The Owner may withdraw a part of the surrender value of this Contract, subject to the charges outlined under Surrender Option. The first partial withdrawal in any Contract Year will be free of withdrawal charges up to 1510% of the surrender valuePurchase Payments. Withdrawals will be made treated as first from any amount subject to in-first out for purposes of calculating the lowest charge until those amounts are gonewith drawal charge. Withdrawal will be effective on the valuation Valuation date on which or next following the date LNL receives a written request at its Home Office. The minimum withdrawal is $100300.00. If any withdrawal reduces the total Account Value account value to less than $600300, LNL may surrender the Contract for its value. The remaining value will be subject to the charges as provided under Surrender Option. The request should specify from which sub-account the withdrawal will be made. If no sub-account is specified, LNL will withdraw, on a prorata basis from each sub-sub- account, the amount requested. Any cash payment will be mailed from LNL's LNLs Home Office within seven days after the dateof date of withdrawal; however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time such request for withdrawal is received. The Withdrawal Option is not available after Annuity Payments have begun. For purposes of this Section, the fixed portion of the Contract is considered a sub-account.

Appears in 1 contract

Samples: Annuity Contract (Lincoln National Variable Annuity Account E)

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