Free Withdrawal Amount definition

Free Withdrawal Amount. ’ means an amount equal to the percentage, stated in the Data Pages, of the Annuity Account Value, minus the total of all prior withdrawals (and associated Withdrawal Charges) made as described in Section 5.01 in the current Contract Year that may be withdrawn each Contract Year without incurring a Withdrawal Charge. We have the right to change the Free Withdrawal Amount, but it will always be a percentage between 5% and 30% if so provided in the Data Pages.

Free Withdrawal Amount. Each Contract Year after the first, you can make a withdrawal of a portion of your Account Value free from any Withdrawal Charge. The Free Withdrawal Amount each Contract Year is equal to 10% of total Purchase Payments, less the total Free Withdrawal Amount previously withdrawn in the same Contract Year. This right is non-cumulative.]

Free Withdrawal Amount is the maximum amount that can be withdrawn in the Contract Year without being subject to a surrender charge. This amount is described in the Schedule. This term may not apply to your Contract.

Examples of Free Withdrawal Amount in a sentence

• Withdrawals in excess of the Free Withdrawal Amount are subject to a MVA and the following charges: Withdrawals may also be subject to a 10% IRS penalty on amounts withdrawn before the owner reaches age 59½.Payout OptionsThere is a wide range of annuity settlement options from which you may choose, including: life only, life with 10 years certain, and fixed period payments.

• After the first contract year, you may withdraw up to 10% of the Contract Value as of the prior Contract Anniversary (Free Withdrawal Amount).

• No Surrender Charge or Market Value Adjustment will be assessed on Withdrawals taken after the first contract anniversary that, in total, do not exceed the Free Withdrawal Amount.

• If you do not take a Free Withdrawal Amount during a contract year, the Free Withdrawal Amount does not carry over to the next contract year.

• Any Withdrawals that cause cumulative Withdrawals in that contract year to exceed the Free Withdrawal Amount are subject to the applicable Surrender Charge Percentage referenced above and Market Value Adjustment described below.

More Definitions of Free Withdrawal Amount

Free Withdrawal Amount is the maximum amount that can be withdrawn in the Contract Year without being subject to a surrender charge. This amount is described in the Schedule.

Free Withdrawal Amount is the maximum amount that can be withdrawn in a Certificate Year without being subject to a surrender charge. This amount is described in the Schedule. This term may not apply to all Certificates.

Free Withdrawal Amount. The Free Withdrawal Amount is the greater of:

Free Withdrawal Amount means an amount equal to that stated in the Data Pages, of the Annuity Account Value, minus the total of all prior withdrawals (and associated Withdrawal Charges) made as described in Section 5.01 in the current Contract Year.

Free Withdrawal Amount means the greater of (1) the current Annuity Account Value, less Contributions that have not been deemed withdrawn and (2) the Free Withdrawal Amount as specified in the Data pages.

Free Withdrawal Amount means an amount equal to 10% of the Annuity Account Value minus the total of all prior withdrawals (and associated withdrawal charges) in the current Participation Year minus any amount in the Loan Reserve Account without incurring a withdrawal charge. The free withdrawal amount when applicable may be changed but it will always be a percentage between 0% and 30%.

Free Withdrawal Amount. During the first Contract Year, an amount equal to 10% of the premium payments in the first Contract Year. For all other Contract Years, the Free Withdrawal Amount is a percentage of the Contract Account Value at the start of the year less a Reduction Factor, which reflects the usage of the Free Withdrawal Amount in prior Contract Years. The percentage is 20% in the second Contract Year and increases by 10% per year until it reaches a maximum of 50% in the fifth Contract Year. The Reduction Factor for the second Contract Year equals a fraction expressed as a percentage where the numerator equals the free withdrawals made in the first Contract Year and the denominator is the premium payments in the first Contract year. The Reduction Factor for each subsequent Contract Year equals the Reduction Factor for the prior Contract Year plus a fraction expressed as a percentage where the numerator equals the free withdrawals made in the prior Contract Year and the denominator is the Contract Account Value at the beginning of the prior Contract Year. The Free Withdrawal Amount in any year will not be less than 10% of the Contract Account Value at the start of the Contract Year.