Fixed Maturity Option definition
Examples of Fixed Maturity Option in a sentence
For each such Fixed Maturity Option, we guarantee to credit interest at the Rate to Maturity.
During the 30 days following the Expiration Date, the amount in the Fixed Maturity Option (less any withdrawals or transfers made or charges deducted during such 30 day period) may be transferred into a new Fixed Maturity Option or other Investment Option.
Contributions or transfers into a Fixed Maturity Option will receive the Rate to Maturity applicable to the elected Fixed Maturity Option on the Transaction Date.
The Fixed Maturity Amount of a Fixed Maturity Option is equal to the amount allocated to that Fixed Maturity Option, plus interest at the Rate to Maturity, minus withdrawals, transfers and charges, if any, deducted from the Fixed Maturity Option and adjusted for any market value adjustment previously applied.
In no event may the Participant elect a Fixed Maturity Option that extends beyond the Annuity Commencement Date.
We will notify the Participant at least 15 days but not more than 45 days before the Expiration Date of each Fixed Maturity Option.
If no election is made with respect to amounts in a Fixed Maturity Option as of the Expiration Date, such amounts will be transferred into a Fixed Maturity Option with the earliest available Expiration Date that occurs after the then current calendar year.
The duration of each Fixed Maturity Option offered under the Participant's account under this Contract and the Rate to Maturity, which applies to each Fixed Maturity Option, will be furnished by us upon request.
The Fixed Maturity Option duration(s) and the Rate to Maturity for each Fixed Maturity Option elected by the Participant upon issuance of the Participant's Certificate will be shown in the Certificate.
The percentage is determined by dividing (i) the amount of the withdrawal or transfer from the Fixed Maturity Option by (ii) the Fixed Maturity Amount in such Fixed Maturity Option prior to the withdrawal or transfer.