Common use of Guarantee Periods Clause in Contracts

Guarantee Periods. You select the Initial Guarantee Period from among those offered by us. The Initial Guarantee Period to which the Single Premium is applied is shown on the first page of this Contract. The Initial Guarantee Period may not extend beyond the latest Annuity Commencement Date allowed under the Contract as described in Section 6.4. At the end of the Initial Guarantee Period, and any subsequent Guarantee Period, we will automatically apply the Accumulation Value to a new Guarantee Period, unless we receive alternate instructions from you. Each Guarantee Period after the expiration of the Initial Guarantee Period will be one year. After the Initial Guarantee Period ends, Withdrawals or a Surrender may be made without incurring any Surrender Charges. Such Withdrawals or a Surrender may be subject to the Market Value Adjustment. IU-IA-3096 9