Partial Redemption Privilege Clause Samples

Partial Redemption Privilege. The Owner may, by Written Request, redeem a part of the Accumulated Value of the IRA Account, subject to the terms of this provision. This privilege may be exercised before the Annuity Date and before the Owner's death. The amount of each Partial Redemption must be at least $500. No Partial Redemption will be permitted if less than $1,000 would remain credited to the IRA Account after payment of the amount requested to be redeemed and deduction of any applicable charge. The Written Request must indicate the dollar amount to be paid and, in the case of a redemption from a Separate Account, the type of Accumulation Units to be canceled. Partial Redemptions from the General Account will be on a LIFO (Last-In-First-Out) basis (i.e., redemptions shall first be made from the most recently established General Account Sub-Account). If a Partial Redemption is requested, the dollar amount of the request will be paid to the Owner. In addition, the amount of any applicable Redemption Charge will be deducted from the Accumulated Value. The time limits of the Surrender Privilege Provision will apply to Partial Redemptions.