Common use of Benefit Base Clause in Contracts

Benefit Base. The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b), divided by (c), where:

Benefit Base. The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b), ) divided by (c), ) where: