Common use of SURRENDER OPTION Clause in Contracts

SURRENDER OPTION. You may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on the Valuation Date We receive a Surrender request that You have signed and mailed or faxed to Our Service Office. The Contract Surrender Value will be the total Contract Value on the Valuation Date, less any applicable taxes. Payment will be made within seven days after the date of surrender, subject to the Suspension or Deferral of Payments Provision (see Section 4.10). The surrender option is not available after the Income Date.

SURRENDER OPTION. You may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on the Valuation Date on which We receive a Surrender request that You have signed and mailed or faxed to Written Request at Our Service Servicing Office. The Contract Surrender Value will be the total Contract Value on the Valuation Date, less any applicable taxes. Payment will be made within seven days after the date of surrender, subject to the Suspension or Deferral of Payments Provision (see Section 4.10). The surrender option is not available after the Income Date.