Common use of FULL SURRENDER Clause in Contracts

FULL SURRENDER. You may request to surrender Your Policy for its account value at any time after the free look period. A surrender charge will be imposed on the Regular Premium Account value when you surrender the Policy during the premium payment term. Please refer to the Fees and Charges section for the full surrender charge. There is no surrender charge on the Top-up Account. The surrender value consists of the following: a) Account value(s) less surrender charge (if any); and b) any Premium and/or Top-up(s) Premium you have paid but have yet to be invested in any ILP Sub- Fund, c) less any amounts owing to Us. We will pay You an amount equivalent to the value of the cancelled units at the unit prices of the respective ILP Sub-Fund(s) on the next Valuation day after We receive your request, less any applicable charges. Your coverage will be terminated once You have surrendered Your Policy.

Appears in 2 contracts

Sources: Policy Contract, Policy Contract