Common use of WITHDRAWAL CHARGE Clause in Contracts

WITHDRAWAL CHARGE. The Company assesses a Withdrawal Charge when the Owner makes a full surrender or partial withdrawals. The Withdrawal Charge is calculated as a percentage of the Contributions being withdrawn. The Withdrawal Charge percentage varies with the number of years that have elapsed since each Contribution being withdrawn was made. Please see the Withdrawal Charges schedule on the Contract Data Page. For purposes of calculating the Withdrawal Charge, the Company will deem the oldest Contributions to be withdrawn first. For purposes of calculating the Withdrawal Charge, the Company will deem Contributions to be withdrawn before any earnings. After the amount of all Contributions has been withdrawn, all remaining withdrawals will be free of the Withdrawal Charge.