Common use of Free Withdrawals Clause in Contracts

Free Withdrawals. During each year, beginning on the Effective Date and renewing on each anniversary of the Effective Date, the Owner is allowed a percentage of withdrawals that are free of a Withdrawal Charge. The annual amount of free withdrawals is 10% of the sum of Contributions that are less than the surrender charge period and that were made as of the most recent Effective Date anniversary. For purposes of calculating subsequent Withdrawal Charges, free withdrawals reduce the amount of the oldest remaining Contribution(s).

Free Withdrawals. During each year, beginning on the Effective Date and renewing on each anniversary of the Effective Date, the Owner is allowed a percentage of withdrawals that are free of a Withdrawal Charge. The annual amount of free withdrawals is 10% of the sum of Contributions that are less than the surrender charge period seven years old and that were made as of the most recent Effective Date anniversary. For purposes of calculating subsequent Withdrawal Charges, free withdrawals reduce the amount of the oldest remaining Contribution(s).

Free Withdrawals. During each year, beginning on the Effective Date and renewing on each anniversary of the Effective Date, the Owner is allowed a percentage of withdrawals that are free of a Withdrawal Charge. The annual amount of free withdrawals is 10% of the sum of Contributions that are less than the surrender charge period seven years old and that were made as of the most recent Effective Date anniversary. For purposes of calculating subsequent Withdrawal Charges, each free withdrawals reduce withdrawal reduces the amount of each Contribution that was included in the oldest remaining Contribution(s)free withdrawal calculation on a dollar-for-dollar basis, with each Contribution reduced proportionally to the amount of all other included Contributions.