PARTIAL WITHDRAWAL OPTION Sample Clauses
PARTIAL WITHDRAWAL OPTION. You may make Partial Withdrawals at any time subject to Surrender Charges, MVA, and Minimum Values. We apply MVA and applicable Surrender Charges to:
a. Amounts withdrawn in the first Contract Year;
b. Amounts withdrawn in excess of the Penalty-free Withdrawal Option amount during the Surrender Charge Period; and
c. Any Withdrawals taken after taking a Penalty-free Withdrawal in any Contract Year during the Surrender Charge Period. We calculate MVAs and Surrender Charges as described on Page 7, pay You the Withdrawal Proceeds, and adjust Your Values as described in Contract Values Provisions. We deduct Withdrawals first from Your Fixed Value Option, then proportionally from Your Indexed Value Option(s) until We reach the amount You requested. We process Penalty-free Withdrawals before Partial Withdrawals. For example, if You request a Withdrawal in excess of the Penalty-free Withdrawal amount, the Penalty-free Withdrawal Option provision applies to the Penalty-free Withdrawal amount with no Surrender Charge or MVA, and the remaining amount falls under the Partial Withdrawal Option provision, and is affected by any applicable Surrender Charges and MVA. Some Limitations may apply, see Limitations section below.
PARTIAL WITHDRAWAL OPTION. After the first Contract Anniversary, you may make a Partial Withdrawal once in each Contract Year without incurring a Partial Withdrawal Charge. Any additional Partial Withdrawals in a Contract Year are subject to a Partial Withdrawal Charge. The minimum amount that may be withdrawn is shown in the Schedule. The maximum amount that may be withdrawn is shown in the Schedule. Any withdrawal you make will not be treated as premium only for the purposes of calculating the Surrender Charge. To take a Partial Withdrawal, you must provide us with satisfactory notice at our Customer Service Center. GA-IA-1007-04/95 DEATH BENEFIT PROCEEDS - ----------------------------------------------------------------------------- PROCEEDS PAYABLE TO THE BENEFICIARY Prior to the Annuity Commencement Date If the sole Owner dies prior to the Annuity Commencement Date, we will pay the Beneficiary the death benefit. If there are joint Owners and any Owner dies, we will pay the surviving Owners the death benefit. We will pay the amount on receipt of due proof of the Owner's death at our Customer Service Center. Such amount may be received in a single lump sum or applied to any of the Annuity Options (see Choosing an Income Plan). When the Owner (or all Owners where there are joint Owners) is not an individual, the death benefit will become payable on the death of the Annuitant prior to the Annuity Commencement Date (unless a Contingent Annuitant survived the Annuitant). Only one death benefit is payable under this Contract. In all events, distributions under the Contract must be made as required by applicable law. How to Claim Payments to Beneficiary We must receive proof of the Owner's (or Annuitant's) death before we will make any payments to the Beneficiary. We will calculate the death benefit as of the date we receive due proof of death. The Beneficiary should contact our Customer Service Center for instructions.
PARTIAL WITHDRAWAL OPTION. To take a Partial Withdrawal, you must provide us satisfactory written notice at our Customer Service Center. The maximum amount that can be withdrawn each Contract Year without being considered an Excess Partial Withdrawal is described below. We will collect a Surrender Charge for Excess Partial Withdrawals and any unrecovered Premium Taxes. We will treat as a request to surrender the Contract any request for a Partial Withdrawal which (a) exceeds 90% of the Cash Surrender Value; and (b) reduces the Cash Surrender Value after such withdrawal to less than $2,500. Minimum Withdrawal Amount The Minimum Withdrawal Amount that can be taken is $100. Conventional Partial Withdrawals The maximum amount that can be taken as a Conventional Partial Withdrawal each Contract Year without being considered an Excess Partial Withdrawal is the Free Amount, equal to 10% of the Contract's Accumulation Value, determined as of the date of withdrawal. Any Conventional Partial Withdrawal from Fixed Allocations is subject to a Market Value Adjustment unless withdrawn within 30 days prior to the Maturity Date. Systematic Partial Withdrawals Systematic Partial Withdrawals may be elected to commence after 28 days from the Contract Issue Date and may be taken on a monthly, quarterly or annual basis. You select the day withdrawals will be made, but no later than the 28th day of the month. If you do not elect a day, the same day of the month as the Contract Date will be used. Maximum Systematic Partial Withdrawal Amounts: Variable Separate Account Divisions: .833% of Accumulation Value monthly, 2.5% of Accumulation Value quarterly or 10% of Accumulation Value annually, not previously withdrawn. Fixed Allocations and Interest earned on a Fixed Allocation or Guaranteed Interest Division for the Guaranteed Interest Divisions prior month, quarter or year (depending on the frequency selected). Systematic Partial Withdrawals which do not exceed the Maximum Systematic Partial Withdrawal Amounts are not subject to Surrender Charges. Systematic Partial Withdrawals of interest from Fixed Allocations are not subject to a Market Value Adjustment. Systematic Partial Withdrawals and Conventional Partial Withdrawals may not be taken in the same Contract Year. IU-IA-3014 16 YOUR CONTRACT BENEFITS -------------------------------------------------------------------------------- ▇▇▇ Partial Withdrawals for Qualified Plans Only Partial Withdrawals may be taken from a Contract issued as an ▇▇▇ on a monthl...
PARTIAL WITHDRAWAL OPTION. You may make a Partial Withdrawal at any time by giving written notice to us. Unless otherwise specified by you, any withdrawals will be taken first from the Interest Division, then the Annual Interest Division and then the Term Index Division. The maximum amount that can be withdrawn each Contract Year without being considered an Excess Partial Withdrawal is described below. Excess Partial Withdrawals taken at any time other than during the 30-day period immediately prior to a Guarantee Period Maturity Date are subject to a Surrender Charge and Market Value Adjustment, as well as a deduction of any Premium Taxes not previously paid. The minimum Partial Withdrawal amount is $100. In no event may a Partial Withdrawal be greater than 90% of the Contract's Cash Surrender Value. After a Partial Withdrawal, the remaining Cash Surrender Value must be at least $1000 to keep the Contract in force.
PARTIAL WITHDRAWAL OPTION. A Certificate Owner may make a Partial Withdrawal at any time by giving written notice to us. Unless otherwise specified, any withdrawals will be taken first from the Interest Division, then the Annual Interest Division and then the Term Index Division. The maximum amount that can be withdrawn each Certificate Year without being considered an Excess Partial Withdrawal is described below. Excess Partial Withdrawals taken at any time other than during the 30-day period immediately prior to a Guarantee Period Maturity Date are subject to a Surrender Charge and Market Value Adjustment, as well as a deduction of any Premium Taxes not previously paid. The minimum Partial Withdrawal amount is $100. In no event may a Partial Withdrawal be greater than 90% of the Certificate's Cash Surrender Value. After a Partial Withdrawal, the remaining Cash Surrender Value must be at least $1000 to keep the Certificate in force. To determine the Surrender Charge on Excess Partial Withdrawals, the withdrawals will occur in the following order: