Eligible Purchase definition
Examples of Eligible Purchase in a sentence
Any portion of your Eligible Purchase Payments not withdrawn during a Contract Year may not be carried over to the next Contract Year.
Eligible Purchase Payments include 10% of all remaining Purchase Payments at the beginning of a Contract Year that have an “age” of less than the Free Withdrawal Contract Year Age as shown in the Contract Specifications, plus 10% of any Purchase Payments received by us during that Contract Year, plus 100% of all remaining Purchase Payments that have an “age” greater than or equal to the Free Withdrawal Contract Year Age as shown in the Contract Specifications.
Eligible Purchase Payments include the Free Withdrawal Percentage of all remaining Purchase Payments at the beginning of a Contract Year that have an “age” of less than the Free Withdrawal Contract Year Age, plus the Free Withdrawal Percentage of any Purchase Payments received by us during that Contract Year, plus 100% of all remaining Purchase Payments that have an “age” greater than or equal to the Free Withdrawal Contract Year Age.
All deferred amounts related to the Eligible Purchase will then be due and owing as if they were ordinary Purchases on Your Card.
For those contracts issued to a Charitable Remainder Trust (CRT), the amount available for withdrawal free of Withdrawal Charges during a Contract Year includes all Eligible Purchase Payments plus all earnings even if all Purchase Payments have not been deemed withdrawn.