Common use of SURRENDER OPTION Clause in Contracts

SURRENDER OPTION. The Owner may surrender this Contract for its Contract Value at any time prior to the earlier of: a. the Annuity Commencement Date; b. termination of the Contract upon payment of any Death Benefit; or c. the Maturity Date. LNY reserves the right to surrender this Contract if any withdrawal reduces the total Contract Value to less than $2,000, and Purchase Payments have stopped for a period of three full years. By payment of the Contract Value, LNY shall be relieved of any further obligation under this Contract. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNY receives a written request for surrender at its Servicing Office. Any payment from the Variable Account will be mailed from LNY's Servicing Office within seven days after the date of surrender; however, LNY may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received in its Servicing Office. Any payment from the DCA Fixed Account may be deferred for a period not to exceed six months after receipt of the surrender request. The Surrender Option is not available after the Annuity Commencement Date.

SURRENDER OPTION. The Owner may surrender this Contract for its Contract Value at any time prior to the earlier of: a. the Annuity Commencement Date; b. termination of the Contract upon payment of any Death Benefit; or c. the Maturity Date. LNY LNL reserves the right to surrender this Contract if any withdrawal (see Section 5.02) reduces the total Contract Value to less than $2,000, and Purchase Payments have stopped a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law for a period of three full yearsindividual deferred annuities applicable in the state in which this Contract was purchased. By payment of LNL may surrender the Contract Value, LNY shall be relieved of any further obligation under this Contractfor its surrender value. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNY LNL receives a written request for surrender at its Servicing Home Office. Any payment from the Variable Account will be mailed from LNYLNL's Servicing Home Office within seven days after the date of surrender; however, LNY LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received in its Servicing Home Office. Any payment from the DCA Fixed Account may be deferred for a period not to exceed six months after receipt of the surrender request. The Surrender Option is not available after the Annuity Commencement Date.