Common use of SURRENDERING OR WITHDRAWING PART OF YOUR ACCOUNT VALUE Clause in Contracts

SURRENDERING OR WITHDRAWING PART OF YOUR ACCOUNT VALUE. Prior to the Income Date and while the Annuitant is living, you may withdraw all or part of your Account Value by giving us Satisfactory Notice. The minimum withdrawal is shown in the Schedule. If you request a surrender, we will terminate this Contract and pay you the Surrender Value. Unless specified otherwise, we will make partial withdrawals as described in the Schedule. Surrender and withdrawals generally take effect on the date we receive Satisfactory Notice. If you make a withdrawal from this Contract in excess of the Free Withdrawal Amount described in the Schedule, a surrender charge may be assessed. Surrender charges are described in the Schedule. A withdrawal from the Interest Account may also be subject to a Market Value Adjustment. Excess Withdrawals - If a partial withdrawal is made for an amount greater than the Free Withdrawal Amount, a surrender charge may be applicable. In a partial withdrawal, the surrender charge is deducted from the Account Value remaining after you are paid the amount requested. The amount requested from a Sub-Account may not exceed the value of that Sub-Account less any applicable surrender charge. In a complete withdrawal (or surrender of this Contract), it is deducted from the amount otherwise payable. CHARGES -------------------------------------------------------------------------------- The types and amounts of charges and when and how they are deducted are described in the Schedule. OWNER, ANNUITANT AND BENEFICIARY -------------------------------------------------------------------------------- The Owner - You are the Owner of this Contract. You have the rights and options described in this Contract, including but not limited to the right to receive the income payments beginning on the Income Date. One or more people may own this Contract. The Annuitant - Unless another Annuitant is shown in the Schedule, you are also the Annuitant. You may name a Contingent Annuitant. You will be the Contingent Annuitant unless you name someone else. If there are joint Owners, we will treat the youngest Owner as the Contingent Annuitant, unless you elect otherwise. If you are not the Annuitant and the Annuitant dies before the Income Date, the Contingent Annuitant becomes the Annuitant. If the Annuitant dies and no Contingent Annuitant has been named, we will allow you sixty days to designate someone other than yourself as Annuitant. The Beneficiary - Upon the death of an Owner, we pay the death benefit to the person named as primary Beneficiary in the application. If the primary Beneficiary dies before the Owner, the death benefit is paid to the Contingent Beneficiary, if any. If there is no surviving Beneficiary, we pay the death benefit to the Owner's estate. Until such time as the death benefit is paid, we consider the Beneficiary or estate, as the case may be, to be the Owner. If there are joint Owners, the surviving Owner is treated as the primary Beneficiary, and any other Beneficiary is treated as a contingent Beneficiary, unless otherwise indicated. One or more persons may be named as primary Beneficiary or Contingent Beneficiary. We will assume any death benefit is to be paid in equal shares to the multiple surviving Beneficiaries unless you specify otherwise. You have the right to change Beneficiaries. However, if you designate the primary Beneficiary as irrevocable, you may need the consent of that irrevocable Beneficiary to exercise the rights and options under this Contract.