Common use of SURRENDER OPTION Clause in Contracts

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on date on which LNL has receives a written request at its Home Office. The surrender value will be the total Account Value less a Surrender Charge and less the Account Charge. The Surrender Charge is calculated as a percentage of the Purchase Payments surrendered. This percentage is based on the number of completed Contract Years between the Contract Year of Purchase Payment and the Contract Year of surrender/withdrawal as shown in the following schedule. The Surrender Charge is calculated separately for each Contract Year's Purchase Payments. A Contract Year is the period from the Contract effective date (month and Day) to the anniversary of the Contract effective date in the following year. Any payment will be by check and mailed from LNL's Home Office within seven days after receipt of the surrender request: however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received. Interest will be credited to money in the fixed portion of this contract during the deferral period. The Surrender Option is not available atter Annuity Payments have begun. Any Account Value payable as a result of annuitization, total and permanent disability of the Annuitant subsequent to the effective date of this Contract and prior to the 65th birthday of the Annuitant, or death of the Annuitant will not be subject to the Surrender Charges. Total and permanent disability is defined as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve months. LNL must be furnished with proof of the existence thereof by way of a physician's statement.

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on date on which LNL has receives a written request at its Home Office. The surrender value will be the total Account Value less a Surrender Charge and less the Account Charge. The Surrender Charge is calculated as a percentage of the Purchase Payments surrendered. This percentage is based on the number of completed Contract Years between the Contract Year of Purchase Payment and the Contract Year of surrender/withdrawal as shown in the following schedule. The Surrender Charge is calculated separately for each Contract Year's Purchase Payments. A Contract Year is the period from the Contract effective date (month and Day) to the anniversary of the Contract effective date in the following year. Any payment will be by check and mailed from LNL's Home Office within seven days after receipt of the surrender request: however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received. Interest will be credited to money in the fixed portion of this contract during the deferral period. The Surrender Option is not available atter after Annuity Payments have begun. Any Account Value payable as a result of annuitization, total and permanent disability of the Annuitant subsequent to the effective date of this Contract and prior to the 65th birthday of the Annuitant, or death of the Annuitant will not be subject to the Surrender Charges. Total and permanent disability is defined as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve months. LNL must be furnished with proof of the existence thereof by way of a physician's statement.