Segment Maturity Date definition
Examples of Segment Maturity Date in a sentence
Amounts withdrawn from a Segment on a date other than the Segment Maturity Date will reflect the Segment’s Segment Interim Value.
However, if Segment Participation Requirements have not been met because the Segment Type has been terminated, or if the Segment Maturity Date of that Segment Type would be later than your Contract Maturity Date, the amount to be invested in that Segment will be transferred to the Guaranteed Interest Option.
Amounts allocated to a Segment may not have a Segment Maturity Date longer than the remaining distribution period.
We determine your Segment Maturity Value on the Segment Maturity Date based on your Segment Rate of Return as shown in the Segment Rate of Return Section in the applicable Segment Option Rider and your Segment Return Amount, as described in Section 2.01(p).
Amounts in Segments must remain in the Segments until the earlier of the Segment Maturity Date or the Transaction Date of a withdrawal.
Your Segment Maturity Value is the sum of your Segment Investment plus your Segment Return Amount on the Segment Maturity Date.
If amounts are allocated to any Segment in the Structured Investment Option at the time of your death, unless required for the payment of a Death Benefit, there will be no withdrawal from a Segment prior to the Segment Maturity Date.
If your Contract is (i) terminated, (ii) amounts are applied to an Annuity Benefit, (iii) a withdrawal is made, (iv) a transfer out of a Segment is taken, or (v) a Death Benefit is paid, on any date other than the Segment Maturity Date, we will deduct a pro rata portion of the Contract Fee from each Segment.
On a Segment Maturity Date, any Segment Maturity Value to be transferred to a new Segment pursuant to your Segment Maturity Date instructions or as otherwise provided in Section 2.05 is transferred to the designated Segment.
For amounts held in the Structured Investment Option, the “Contract Fee” means a fee that is deducted from each Segment on the Segment Maturity Date as part of the Segment Rate of Return calculation, as shown in the Data Pages.