Common use of SURRENDER OPTION Clause in Contracts

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value at any time prior to the earlier of: a. the Annuity Commencement Date; b. termination of this Contract upon payment of any Death Benefit; or c. the Maturity Date. LNL reserves the right to surrender this Contract if any withdrawal (see Section 5.02) reduces the total Contract Value to a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law, for individual deferred annuities applicable in the state in which this Contract was purchased. LNL may surrender the Contract for its surrender value. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNL receives a written request for surrender at its Home Office. The surrender value on the Valuation Date of surrender will be the sum of "a." and "b.", where: a. is the greater of the Minimum Value of the Fixed Account (see Section 4.08) or the portion of the Contract Value in the Fixed Account after any Market Value Adjustment(s) (see Section 4.06) and; b. is the portion of the Contract Value in the Variable Account. Any payment from the Variable Account will be mailed from LNL's Home Office within seven days after the date of surrender, however, 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 Home Office. Any payment from the 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 surrender value at any time prior to the earlier of: a. the Annuity Commencement Date; b. termination of this Contract upon payment of any Death Benefit; or c. the Maturity Date. LNL reserves the right to surrender this Contract if any withdrawal (see Section 5.02) reduces the total Contract Value to a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law, for individual deferred annuities applicable in the state in which this Contract was purchased. , LNL may surrender the Contract for its surrender value. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNL receives a written request for surrender at its Home Office. The surrender value on the Valuation Date of surrender will be the sum of "a." and "b.", minus the CDSC (see Section 5.04), where: a. is the greater of the Minimum Value of the Fixed Account (see Section 4.08) or the portion of the Contract Value in the Fixed Account after any Market Value Adjustment(s) (see Section 4.06) and; b. is the portion of the Contract Value in the Variable Account. Any payment from the Variable Account will be mailed from LNL's Home Office within seven days after the date of surrender, however, 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 Home Office. Any payment from the 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 surrender value at any time prior to the earlier of: a. the Annuity Commencement Date; b. termination of this Contract upon payment of any Death Benefit; or c. the Maturity Date. LNL reserves the right to surrender this Contract if any withdrawal (see Section 5.02) reduces the total Contract Value to a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law, for individual deferred annuities applicable in the state in which this Contract was purchased. LNL may surrender the Contract for its surrender value. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNL receives a written request for surrender at its Home Office. The surrender value on the Valuation Date of surrender will be the sum of "a." and "b.", minus the CDSC (see Section 5.04), where: a. is the greater of the Minimum Value of the Fixed Account (see Section 4.08) or the portion of the Contract Value in the Fixed Account after any Market Value Adjustment(s) (see Section 4.06) and; b. is the portion of the Contract Value in the Variable Account. Any payment from the Variable Account will be mailed from LNL's Home Office within seven days after the date of surrender, however, 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 Home Office. Any payment from the 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.