Common use of Surrender Charge Clause in Contracts

Surrender Charge. During the Initial Guarantee Period only, a Surrender Charge may be deducted from the Accumulation Value being withdrawn if you Surrender this Contract or take a Withdrawal, subject to the exceptions noted in this Section 5.5. Surrender Charges will be applied as follows: (1) At the time of a Withdrawal, the Surrender Charge Percentage will be applied to the portion of the Accumulation Value equal to the amount being withdrawn as adjusted for any Market Value Adjustment. The Surrender Charge will equal the adjusted Accumulation Value multiplied by the applicable Surrender Charge Percentage. We will waive the amount of the Surrender Charge associated with the Interest Withdrawal Amount, if any. (2) At the time of a Surrender, the Accumulation Value first will be reduced or, if applicable, increased for any Market Value Adjustments and Surrender Charges previously waived on any Interest Withdrawal Amounts taken in the same Contract Year in which the Surrender occurs. The Accumulation Value will be further adjusted for any Market Value Adjustment at the time of Surrender. The Surrender Charge will equal this adjusted Accumulation Value multiplied by the applicable Surrender Charge Percentage. The percentage imposed at the time of Surrender or Withdrawal depends on the number of Contract Years that have elapsed since the Contract Date. Surrender Charge Percentages are shown in the Contract Schedule in Section A. No Surrender Charges are assessed on: (1) any Interest Withdrawal Amount taken; (2) payment of the Death Benefit; (3) application of the Accumulation Value as described in Section 6.4 to Annuity Payments; or (4) any Withdrawal or Surrender after the end of the Initial Guarantee Period. If you Surrender the Contract outside of the thirty day period following the end of a Guarantee Period, any Market Value Adjustments and Surrender Charges previously waived on any Interest Withdrawal Amount taken in the Contract Year in which a Surrender occurs will be deducted from or, if applicable, added to the Accumulation Value prior to the application of the current Market Value Adjustment at the time of Surrender as noted in Section 5.4.

Surrender Charge. During the Initial Guarantee Period only, a The Surrender Charge may was established on the Issue Date and will not change. It is assessed for both surrenders and withdrawals in excess of any free withdrawal amount, but does not apply to amounts paid as a death benefit, applied to an Annuity Option, or taken as a lump sum as of the Annuity Date. It will be deducted from the Accumulation amount withdrawn from the Contract Value being withdrawn if you to satisfy the surrender or withdrawal request. In order to assess the Surrender this Contract or take a WithdrawalCharge, subject to the exceptions noted in this Section 5.5. Surrender Charges will be applied as follows: (we must: 1) At assign each Purchase Payment to a Surrender Charge schedule; 2) associate the time of a Withdrawal, amount withdrawn with one or more Purchase Payments; and 3) determine the Surrender Charge Percentage will be applied based on the Surrender Charge schedule(s) assigned to the portion of associated Purchase Payment(s). Each Purchase Payment is assigned to one specific Surrender Charge schedule that is tiered by cumulative Purchase Payments, as shown in the Accumulation Value equal to the amount being withdrawn as adjusted for any Market Value Adjustmenttable below. The Surrender Charge will equal tier assigned to each Purchase Payment is the adjusted Accumulation Value multiplied by one that includes the applicable Surrender Charge Percentagesum of adding that Purchase Payment to all prior Purchase Payments applied to the Contract. We will waive the amount of Subsequent Purchase Payments do not change the Surrender Charge tier assigned to any prior Purchase Payment, with one exception: All Purchase Payments received on or before the Contract’s initial quarterly assessment date for the Premium Based Fee will be added together for the purpose of determining the Surrender Charge tier assigned to each of them. The entire amount withdrawn (in excess of any free withdrawal amount) is associated with one or more Purchase Payments as follows: We allocate the Interest Withdrawal Amountamount withdrawn (in excess of any free withdrawal amount) to Purchase Payments not previously assessed with a Surrender Charge using a “first-in, if any. first-out” (2FIFO) At basis. We then allocate any remaining amount withdrawn pro rata to these Purchase Payments. If no amount withdrawn was allocated to Purchase Payments as described above, we will deem the time entire amount withdrawn (in excess of a Surrender, any free withdrawal amount) to be allocated to the Accumulation Value first will be reduced or, if applicable, increased for any Market Value Adjustments and Surrender Charges previously waived on any Interest Withdrawal Amounts taken in the same Contract Year in which the Surrender occurs. The Accumulation Value will be further adjusted for any Market Value Adjustment at the time of Surrendermost recent Purchase Payment we accepted. The Surrender Charge will equal this adjusted Accumulation Value percentage applicable to each allocated amount withdrawn is then determined, as shown in the table below, based on: 1) the Surrender Charge tier assigned to the allocated amount’s associated Purchase Payment; and 2) how many complete years have elapsed between the date that Purchase Payment was applied to the Contract and the withdrawal or surrender date. Each allocated amount is multiplied by the its applicable Surrender Charge Percentagepercentage to determine its Surrender Charge. The percentage imposed at the time of Surrender or Withdrawal depends on the number of Contract Years that have elapsed since the Contract Date. total Surrender Charge Percentages are shown in is the Contract Schedule in Section A. No sum of the Surrender Charges are assessed on: (1) any Interest Withdrawal Amount taken; (2) payment of the Death Benefit; (3) application of the Accumulation Value as described in Section 6.4 to Annuity Payments; or (4) any Withdrawal or Surrender after the end of the Initial Guarantee Period. If you Surrender the Contract outside of the thirty day period following the end of a Guarantee Period, any Market Value Adjustments and Surrender Charges previously waived on any Interest Withdrawal Amount taken in the Contract Year in which a Surrender occurs will be deducted from or, if applicable, added to the Accumulation Value prior to the application of the current Market Value Adjustment at the time of Surrender as noted in Section 5.4determined for each allocated amount.

Surrender Charge. During the Initial Guarantee Period only, a A Surrender Charge may apply to a withdrawal or surrender, depending on the date and amount of such withdrawal or surrender. Each premium payment has its own surrender schedule. In order to determine the premium payments subject to a Surrender Charge, withdrawals or surrender will be deducted from determined on a first-in, first-out ("FIFO") basis, based on the Accumulation Value effective date of each premium payment. The charge is calculated by multiplying the amount of the premium payment being withdrawn if you Surrender this Contract or take a Withdrawal, still subject to Surrender Charges by the exceptions noted appropriate Surrender Charge Percentage shown in this Section 5.5the Surrender Charge Schedule in the schedule pages, based on the date of receipt of each premium payment. Surrender Charges will be applied as follows: (1) At the time of a Withdrawal, the Surrender Charge Percentage will be applied to the portion of the Accumulation Contract Value equal surrendered or withdrawn in excess of the free withdrawal amount, up to the amount being withdrawn as adjusted total of all premium payments received less prior withdrawals for any Market Value Adjustment. The which a Surrender Charge will equal the adjusted Accumulation Value multiplied by the applicable Surrender Charge Percentagewas applied. We will waive You may elect to apply the amount of the Surrender Charge associated with the Interest Withdrawal Amount, if any. (2) At the time of a Surrender, the Accumulation Value first will be reduced or, if applicable, increased for any Market Value Adjustments and Surrender Charges previously waived on any Interest Withdrawal Amounts taken in the same Contract Year in which the Surrender occurs. The Accumulation Value will be further adjusted for any Market Value Adjustment at the time of Surrender. The Surrender Charge will equal this adjusted Accumulation Value multiplied by the applicable Surrender Charge Percentage. The percentage imposed at the time of Surrender withdrawn or Withdrawal depends on the number of Contract Years that have elapsed since the Contract Date. Surrender Charge Percentages are shown in the Contract Schedule in Section A. No Surrender Charges are assessed on: (1) any Interest Withdrawal Amount taken; (2) payment of the Death Benefit; (3) application of the Accumulation Value as surrendered to an Annuity Payment Option described in Section 6.4 23. Systematic Withdrawal Program Prior to Annuity Payments; or (4) the Maturity Date, you may withdraw amounts automatically on a monthly, quarterly, semi-annual or annual basis under the Systematic Withdrawal Program. You may elect to participate in the Systematic Withdrawal Program at any time by sending a written notice to us. The minimum initial and subsequent withdrawal amounts must be at least $100. Withdrawals made under the Systematic Withdrawal or Program will be processed on each Monthly Processing Date and will deduct any applicable tax and Surrender after Charge. You may terminate your participation in the end Systematic Withdrawal Program at any time upon written notice. Upon completion of the Initial Guarantee PeriodSystematic Withdrawal Program, you must send a written request if you desire to start another Systematic Withdrawal Program. If you Surrender The Systematic Withdrawal Program cannot continue beyond the Contract outside of Maturity Date. The Company has the thirty day period following right to discontinue the end of a Guarantee Period, Systematic Withdrawal Program at any Market Value Adjustments and Surrender Charges previously waived on any Interest Withdrawal Amount taken in the Contract Year in which a Surrender occurs will be deducted from or, if applicable, added to the Accumulation Value prior to the application of the current Market Value Adjustment at the time of Surrender as noted in Section 5.4time.