CONTRACT MAINTENANCE definition

CONTRACT MAINTENANCE. CHARGE On or prior to the Payout Start Date, a Contract Maintenance Charge will be deducted from your Contract Value on each Contract anniversary. The annual charge will be $30 per Contract Year. The Contract Maintenance Charge will be waived (i) for the remaining term of the Contract after the total amount of purchase payments you have made to this Contract reaches $50,000 or more; or (ii) for a Contract anniversary, if on that date your entire Contract Value is allocated to the Fixed Account Options. The charge is deducted only from the Sub-accounts of the Variable Account. The Contract Maintenance Charge will be deducted from the money market Variable Sub-account first; if the money market Variable Sub-account has insufficient funds to cover the Contract Maintenance Charge, the balance will be deducted on a pro-rata basis from each of the other Sub-accounts of the Variable Account in the proportion that your value in each Sub-account bears to your total value in all Sub-accounts of the Variable Account, excluding the money market Variable Sub-account. If the Contract is terminated on any date other than on the Contract anniversary, the full Contract Maintenance Charge will be deducted for the partial Contract Year. After the Payout Start Date the Contract Maintenance Charge will be deducted in equal parts from each income payment. The Contract Maintenance Charge will be waived if the total amount of purchase payments you have made to this Contract on or prior to the Payout Start Date reaches $50,000 or more, or if, after the Payout Start Date, all income payments are Fixed Amount Income Payments. TAXES Any premium tax relating to this Contract may be deducted from purchase payments or the Contract Value when the tax is incurred or at a later time. WITHDRAWAL You have the right, subject to the restrictions and charges described in this Contract, to withdraw part or all of your Contract Value at any time during the Accumulation Phase. A withdrawal must be at least $50. If any withdrawal reduces the Contract Value to less than $1,000, we will treat the request as a withdrawal of the entire Contract Value. If you withdraw the entire Contract Value, the Contract will terminate. You must specify the Investment Alternative(s) from which you wish to make a withdrawal. When you make a withdrawal, your Contract Value will be reduced by a withdrawal amount equal to the amount paid to you and any applicable Withdrawal Charge, Market Value Adjustment, Contract Maint...

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CONTRACT MAINTENANCE. CHARGE: If your Contract Value is less than $50,000, we will charge a Contract Maintenance Charge of the lesser of $30 or 2% of the Contract Value. This charge is deducted on the Contract Anniversary and when a surrender of the Contract occurs, if the Contract Value at the time is then less than $50,000. The Contract Maintenance Charge will be deducted on a pro-rata basis from all Allocation Options to which your Contract Value is allocated. During the Annuity Period, we reserve the right to assess an annual Contract Maintenance Charge of $30. The decision to assess this charge may depend on the Annuity or Settlement Option selected. We reserve the right to increase the Contract Maintenance Charge, but it will not exceed $60 per Contract Year, and to raise the Contract Value amount over which we will waive the Contract Maintenance Charge.

CONTRACT MAINTENANCE. CHARGE: [$30.00] ea▇▇ ▇▇▇▇▇act Year. [Before the Annuity Date, this charge may be waived for each year that the Contract Value exceeds $50,000 on the Contract Anniversary.]

Examples of CONTRACT MAINTENANCE in a sentence

• THE ANNUAL INVESTMENT RETURN REQUIRED TO MAINTAIN LEVEL VARIABLE ANNUITY PAYMENTS IS 5.65% (AFTER ANY APPLICABLE TAXES, BUT BEFORE ASSET CHARGES TOTALING 1.4% FOR MORTALITY RISKS, EXPENSE RISKS AND CONTRACT MAINTENANCE CHARGES AND MANAGEMENT FEES WHICH WILL NOT EXCEED .75% OF NET ASSETS OF MUTUAL FUND IN WHICH SEPARATE ACCOUNT ASSETS ARE INVESTED).

• ANNUAL CONTRACT MAINTENANCE FEE: $0 IF THE CONTRACT VALUE IS $50,000 OR MORE ON THE CONTRACT ANNIVERSARY.

• DEDUCTION FOR CONTRACT MAINTENANCE CHARGE -- The Company deducts an annual Contract Maintenance Charge from the Contract Value by cancelling Accumulation Units from each applicable Subaccount or reducing the General Account Value to reimburse it for expenses relating to maintenance of this Contract.

• CONTRACT MAINTENANCE FEE During each year that this contract is in force prior to the Annuity Commencement Date, a fee will be deducted from the contract at the end of the Contract Year or on the date of surrender of this contract, if earlier.

• DEDUCTION FOR CONTRACT MAINTENANCE CHARGE - The Company deducts an annual Contract Maintenance Charge shown on the Contract Data Page, from the Contract Value by cancelling Accumulation Units to reimburse it for administration expenses relating to maintenance of this Contract.

• AFTER THE ANNUITY DATE, THE CONTRACT MAINTENANCE CHARGE WILL BE COLLECTED ON A MONTHLY BASIS.

• DEDUCTION FOR A CONTRACT MAINTENANCE CHARGE - The Contract Maintenance Charge is shown on the Data Page.

• CONTRACT MAINTENANCE FEE -- An amount which is deducted from the value of the contract at the end of the Contract Year or on the date of surrender of this contract, if earlier.

• AFTER THE INCOME DATE, THE CONTRACT MAINTENANCE CHARGE WILL BE COLLECTED ON A MONTHLY BASIS.

• AFTER THE INCOME DATE, THE AMOUNT OF THE CONTRACT MAINTENANCE CHARGE WILL NOT BE CHANGED FROM THE AMOUNT OF THE ANNUAL MAINTENANCE CHARGE IN EFFECT DURING THE CONTRACT YEAR IMMEDIATELY PRECEDING THE INCOME DATE.

More Definitions of CONTRACT MAINTENANCE

CONTRACT MAINTENANCE. FEE: ($30) The contract maintenance fee is deducted prior to the Annuity Commencement Date on each Contract Anniversary, and on any day that the Contract is surrendered other than the Contract Anniversary. The contract maintenance fee will be deducted from the Allocation Options in the same proportion as their values are to the Contract Value. The contract maintenance fee will be waived by the Company in the event the Contract Value or the aggregate Purchase Payments reduced by surrenders equals or exceeds $50,000 on the date the contract maintenance fee is to be deducted. MORTALITY AND EXPENSE RISK CHARGE: (0.60%) per annum prior to the Annuity Commencement Date, and (0.60%) per annum on or after the Annuity Commencement Date. ADMINISTRATION CHARGE: (0.10%) per annum. TRANSFER FEE: ($25) per transfer in excess of 12 in any Contract Year. ALLOCATION OPTIONS AVAILABLE ON THE EFFECTIVE DATE (PROTECTIVE LIFE GUARANTEED ACCOUNT) (Fixed Account) (DCA Fixed Account 1) (DCA Fixed Account 2) (▇▇▇▇▇▇▇ ▇▇▇▇▇/PIC) (International Equity) (Small Cap Value) (Capital Growth) (CORE U.S. Equity) (Growth and Income) (Global Income) (MASSACHUSETTS FINANCIAL SERVICES (MFS)) (New Discovery) (Emerging Growth) (Research) (Growth With Income) (Utilities) (Total Return) (OPPENHEIMERFUNDS) (Aggressive Growth) (Global Securities) (Growth) (Growth & Income) (High Income) (Strategic Bond) (Money Fund) (▇▇▇▇▇▇▇) (Social Small Cap Growth) (Social Balanced) (▇▇▇ ▇▇▇) (Worldwide Hard Assets) (Worldwide Real Estate) TABLE OF CONTENTS DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

CONTRACT MAINTENANCE. CHARGE We deduct an annual Contract Maintenance Charge during both the Accumulation and Annuity Phases. This charge is shown on the Contract Schedule. CONTRACT VALUE The Contract Value in the Variable Account is determined by multiplying the number of Accumulation Units in each subaccount by the subaccount Accumulation Unit value and then adding these results together.