Total Purchase Payments definition

Total Purchase Payments. Amount Deducted Paid Under the Contract From Purchase Payment First $100,000 4.5% Next $400,000 2.0% Next $500,000 1.0% Balance over $1,000,000 0.5% PREMIUM TAX(See Section 7.1): For the first Contract Year, Premium Taxes are not deducted from Purchase Payments. After the first Contract Year, the Company may deduct Premium Taxes from Purchase Payments received or benefits paid. ANNUAL MORTALITY AND EXPENSE RISK CHARGE (See Section 2.3): 0.50% at Issue; 0.75% Maximum ANNUAL CONTRACT FEE (See Section 7.2): $30 charged on the contract anniversary. The contract fee will be waived if the Accumulation Value of the contract equals or exceeds $25,000 on the contract anniversary. ENHANCED DEATH BENEFIT CHARGE 0.10% of the Enhanced Death Benefit on each contract anniversary. TRANSFER FEE (See Sections 4.4 and 11.5): $25 beginning with the thirteenth transfer in any Contract Year. MINIMUM PURCHASE PAYMENTS, ACCUMULATION VALUE, PAYMENT PLANS MINIMUM PURCHASE PAYMENT (See Section 4.1): $25 MINIMUM ACCUMULATION VALUE (See Sections 5.2 and 9.9): $2,000 MINIMUM PAYMENT UNDER PAYMENT PLAN (See Sections 9.9 and 10.1): $50 Monthly Income.
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Total Purchase Payments. Amount Deducted Paid Under the Contract From Purchase Payment First $100,000 4.5% Next $400,000 2.0% Next $500,000 1.0% Balance over $1,000,000 0.5% PREMIUM TAX(See Section 7.1): For the first Contract Year, Premium Taxes are not deducted from Purchase Payments. After the first Contract Year, the Company may deduct Premium Taxes from Purchase Payments received or benefits paid. ANNUAL MORTALITY AND EXPENSE RISK CHARGE (See Section 2.3): 0.50% at Issue; 0.75% Maximum ANNUAL CONTRACT FEE (See Section 7.2): $30 charged on the contract anniversary. The contract fee will be waived if the Accumulation Value of the contract equals or exceeds $25,000 on the contract anniversary. ENHANCED DEATH BENEFIT CHARGE 0.10% of the Enhanced Death Benefit on each contract anniversary. TRANSFER FEE (See Sections 4.4 and 11.5): $25 beginning with the thirteenth transfer in any Contract Year. MINIMUM PURCHASE PAYMENTS, ACCUMULATION VALUE, PAYMENT PLANS MINIMUM PURCHASE PAYMENT (See Section 4.1): $25 MINIMUM ACCUMULATION VALUE (See Sections 5.2 and 9.9): $2,000 MINIMUM PAYMENT UNDER PAYMENT PLAN (See Sections 9.9 and 10.1): $50 Monthly Income. CONTRACT NUMBER 12 345 678 GUARANTEED INTEREST FUND - TABLE OF GUARANTEED VALUES The table shows minimum guaranteed values and assumes a $10,000 Purchase Payment made at the time of issue followed by subsequent $1,000 Purchase Payments made annually thereafter on each contract anniversary. The values are based on the assumption that 100% of all net Purchase Payments are allocated to, and remain in, the Guaranteed Interest Fund. End of Contract Accumulation Cash Year March 31 Value Value 1 2001 $ 9,836 $ 9,836 2 2002 11,084 11,084 3 2003 12,369 12,369 4 2004 13,693 13,693 5 2005 15,057 15,057 6 2006 16,461 16,461 7 2007 17,908 17,908 8 2008 19,398 19,398 Age 70 2035 82,877 82,877 This table is based on the guaranteed annual effective interest rate of 3%. Higher declared rates of interest will increase values. Values shown at the end of contract years do not reflect any Purchase Payments paid on that contract anniversary. The actual guaranteed values may differ from those shown above, depending on the amount and frequency of Purchase Payments.
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Total Purchase Payments. [$1,000,000.00], without our prior approval. [Purchase Payment Credits: [4%] of each Purchase Payment for cumulative Purchase Payments received during the first Contract Year.
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Examples of Total Purchase Payments in a sentence

  • Total Purchase Payments may not exceed $5,000,000 without the consent of the Company.

  • Total Purchase Payments cannot be greater than the Maximum Total Purchase Payments without our prior approval.

  • Total Purchase Payments cannot be greater than the Maximum Total Purchase Payments.

  • The Initial Purchase Payment cannot be greater than the Maximum Total Purchase Payments shown on the Contract Schedule.

  • The Initial Purchase Payment cannot be greater than the Maximum Total Purchase Payments shown on the Contract Schedule without our prior approval.

  • Total Purchase Payments to the Contract may not be greater than $1,000,000 without prior approval by the Company.

  • We reserve the right to limit total Purchase Payments into this Contract to the Maximum Total Purchase Payments shown on the Contract Specifications.

  • In determining whether You have reached the maximum amount allowed under the Maximum Total Purchase Payments per Owner, We include payments made to all deferred annuity contracts We have issued where You are an Owner.

  • The maximum amount allowed each contract year is based on Your Attained Age at the time of payment, subject to the Maximum Total Purchase Payments per Owner shown under Contract Data, unless We allow otherwise on a non-discriminatory basis.

  • Maximum Total Purchase Payments includes Purchase Payments made to all Our variable annuity contracts, including variable annuity contracts with an affiliated company, for which the Owner, Joint Owner or Annuitant is a measuring life.


More Definitions of Total Purchase Payments

Total Purchase Payments. The maximum total of all purchase payments is $500,000 without our prior consent.]
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