Surrender Privilege Sample Clauses

Surrender Privilege. At any time prior to the Annuity Date, the Owner may, by Written Request, surrender his IRA Account for its Surrender Value. The Surrender Value will be based on the Accumulated Value of the IRA Account on the Valuation Date coincident with or next following the date the Company receives the Written Request. When surrendered, the IRA Account is terminated. After termination, the Company will have no further liability for the IRA Account. The Surrender Value for the portion of the IRA Account allocated to a Separate Account shall be paid within 7 days (plus any period of extension under applicable laws, rules and regulations governing the redemption of variable annuities) from the date of receipt of such Written Request. The Surrender Value for the portion of the IRA Account allocated to the General Account shall normally be paid within 7 days from the date of receipt of such Written Request; however, the Company may defer payment for up to 6 months from the date when the Written Request is received. If payment of amounts allocated to the General Account is deferred for 30 days or more, the amount payable will draw interest at a rate of not less than 3 1/2% per year.