Common use of MINIMUM SURRENDER VALUE Clause in Contracts

MINIMUM SURRENDER VALUE. A $1,000 minimum Surrender Value is necessary to elect a Life Distribution Option. For the TSA I, IRA I and GALIC® 2000 (when issued as a qualified annuity), to enroll in the ESP Program, the Annuity Value must equal at least one-half of the flexible premiums paid into the annuity contract. ESP payments under a TSA I, IRA I, or GALIC 2000 will stop if at any time the sum of the current Surrender Value plus payments from your current participation in the ESP Life Distribution Option do not at least equal one-half of the flexible premiums. RESTRICTIONS ON ESP PROGRAM 4. Restrictions on Entry. You may not enter the ESP Program during the first contract year. You may not enter the ESP Program after payments are made under a settlement option. You may enroll in only one ESP Program option, per annuity contract, at any one time. If you discontinue payments when permitted, you may not re-enter the ESP Life Distribution Program for 12 months. 5.