INCOME PAYMENT. On or before the Income Date, You may elect payment in a single lump- sum. A single lump-sum payment is considered a total withdrawal and terminates the Contract. The Company will make payment to You or another payee You specify. Alternatively, You may elect an Income Option to begin on the Income Date. The Company will apply the Contract Value, less applicable taxes, to provide You income according to Your selected Income Option. Withdrawal Charges will apply if Income Payments begin within one (1) year of the Issue Date.
Appears in 4 contracts
Samples: Jackson National Life Insurance Co, Jackson National Life Insurance Co, Jackson National Life Insurance Co
INCOME PAYMENT. On or before the Income Date, You may elect payment in a single lump- sum. A single lump-sum payment is considered a total withdrawal and terminates the Contract. The Company will make payment to You or another payee You specify. Alternatively, You may elect an Income Option to begin on the Income Date. The Company will apply the Contract Value, less applicable taxes, adjusted for any applicable MVA, to provide You income according to Your selected Income Option. Withdrawal Charges will apply if Income Payments begin within one (1) year of the Issue Date.
Appears in 4 contracts
Samples: Jackson National Life Insurance Co, Jackson National Life Insurance Co, Jackson National Life Insurance Co