Partial Withdrawal. At any time, while this Contract is in force, the Company will, at the request of the Contract Owner, allow partial withdrawals. The maximum withdrawal amounts will be equal to 50% of the encashment value at the date of partial withdrawal or a maximum monetary ceiling determined by the Company at that time. However, such percentage or monetary amount ceiling can be increased / decreased by the Company at its own discretion depending on the financial market situation during the period of withdrawal. The Contract Owner will address to the Company a signed request outlining the required amount to withdraw. Upon reception of the request, the Company will debit the Investment Account with the corresponding amount by redeeming a number of units from the various Unit Linked Funds according to the proportion of distribution of the Investment Account at the time of the transaction (irrespective of the initial Funds’ selection) to match the Contract Owner’s required withdrawal amount. Partial withdrawals from the regular Investment Account will reduce covers A, B, C and D by the proportion of the withdrawn amount over the total benefits (up to the extent of these benefits becoming nil if the withdrawn amount is higher than the total benefits). A revised (T.B. and C.) will be issued showing the new regular Investment Account and benefits. For partial withdrawals from the boosters Investment Account, covers A, B, C and D benefits will not be impacted.
Appears in 2 contracts
Sources: Insurance Contract, Insurance Contract
Partial Withdrawal. At any time, while this Contract is in force, the Company will, at the request of the Contract Owner, allow partial withdrawals. The maximum withdrawal amounts will be equal to 50% of the encashment value at the date of partial withdrawal or a maximum monetary ceiling determined by the Company at that time. However, such percentage or monetary amount ceiling can be increased / decreased by the Company at its own discretion depending on the financial market situation during the period of withdrawal. The Contract Owner will address to the Company a signed request outlining the required amount to withdraw. Upon reception of the request, the Company will debit the Investment Account with the corresponding amount by redeeming selling a number of units from the various Unit Linked Funds according to the proportion of distribution of the Investment Account at the time of the transaction (irrespective of the initial Funds’ selection) to match the Contract Owner’s required withdrawal amount. Partial withdrawals from the regular Investment Account will reduce covers A, B, C and D by the proportion of the withdrawn amount over the total benefits (up to the extent of these benefits becoming nil if the withdrawn amount is higher than the total benefits). A revised (T.B. and C.) will be issued showing the new regular Investment Account and benefits. For partial withdrawals from the boosters Investment Account, covers A, B, C and D benefits will not be impacted.
Appears in 1 contract
Sources: Life Insurance Contract
Partial Withdrawal. At any time, while this Contract contract is in force, the Company will, at the request of the Contract Ownerowner, allow partial withdrawals. The maximum withdrawal amounts will be equal to 50% of the encashment surrender value at the date of partial withdrawal or a maximum monetary ceiling determined by the Company at that time. However, such percentage or monetary amount ceiling can be increased / decreased by the Company at its own discretion depending on the financial market situation during the period of withdrawal. - The Contract Owner owner will address to the Company a signed request outlining the required therequired amount to withdraw. - Upon reception of the request, the Company will debit the Investment Account regular investment account with the corresponding amount by redeeming selling a number of units from of the various Unit Linked Funds according to the proportion of distribution of the Investment Account Funds at the time of the transaction (irrespective of the initial Funds’ Funds selection) to match the Contract Ownerowner’s required withdrawal amount. Partial withdrawals from - When the regular Investment Account will reduce partial surrender is executed, the covers A, B, B and C and D will be reduced by the proportion of the withdrawn amount over the total benefits (up to the extent of these benefits becoming become nil if the withdrawn amount is higher than the total benefits). A revised (T.B. and C.) will be issued issued, showing the new regular Investment Account plan investment account and benefits. For partial withdrawals from the boosters Investment Account, covers A, B, C and D benefits will not be impacted.
Appears in 1 contract
Sources: Life Insurance Contract