Common use of Payment Limits Clause in Contracts

Payment Limits. Maximum Purchase Payments - The maximum purchase payments in the first or later years may not exceed the amounts shown under Contract Data, based on the contract year and Your Attained Age at the time of payment unless We allow otherwise on a non-discriminatory basis. The Maximum Purchase Payments Permitted includes payments to all deferred annuity contracts We have issued where You are an Owner. We reserve the right to increase the maximums. Additional Purchase Payments - Additional purchase payments You make must be at least the minimum amount shown under Contract Data. You cannot allocate purchase payments to the Fixed Account for six months following: (1) a partial surrender from the Fixed Account; (2) a lump sum transfer from the Regular Fixed Account to another account; or (3) termination of automated transfers from the Special DCA Fixed Account prior to the end of the elected Special DCA time period. We reserve the right to cancel this contract if both of the following conditions exist at the same time: (1) no purchase payments have been paid for a continuous period of 24 months; and (2) less than $500 in purchase payments have been paid under this contract. In this event, We will give You notice of Our intent to cancel this contract. Upon such cancellation We will pay You the Contract Value, after any rider charges have been deducted, in one sum. This contract will then terminate.