Free Withdrawal definition
Free Withdrawal. AMOUNT The Free Withdrawal Amount available in a Contract Year is equal to 15% of the purchase payments that are subject to a Withdrawal Charge as of the beginning of the Contract Year, plus 15% of the purchase payments added to the Contract during the Contract Year. Purchase payments that are no longer subject to a Withdrawal Charge will not be used to determine the Free Withdrawal Amount for a Contract Year, nor will they be assessed a Withdrawal Charge, if withdrawn. During each Contract Year you may withdraw the Free Withdrawal Amount without incurring a Withdrawal Charge; however, the amount withdrawn may be subject to any applicable taxes. If you do not withdraw the entire Free Withdrawal Amount during a Contract Year, any remainder is not carried forward to increase the Free Withdrawal Amount in a subsequent Contract Year. The Free Withdrawal Amount is only available during the Accumulation Phase of the Contract.
Free Withdrawal. Amount Each Contract Year the Free Withdrawal Amount is equal to the greater of 15% of the amount of purchase payments, or 15% of the Contract Value as of the beginning of that Contract Year. Each Contract Year you may withdraw the Free Withdrawal Amount without any Withdrawal Charge; however, the amount withdrawn, may be subject to a Market Value Adjustment. Each Contract Year begins on the anniversary of the date the Contract was established. Any Free Withdrawal Amount which is not withdrawn in a year may not be carried over to increase the Free Withdrawal Amount in a subsequent year. The Free Withdrawal Amount is only applicable during the Accumulation Phase of the Contract. Withdrawal Charge To determine the Withdrawal Charge, we assume that purchase payments are withdrawn first, beginning with the oldest payment. When all purchase payments have been withdrawn, additional withdrawals will not be assessed a Withdrawal Charge. Withdrawals in excess of the Free Withdrawal Amount will be subject to a Withdrawal Charge as follows:
Free Withdrawal. Amount Each Contract Year the Free Withdrawal Amount is equal to 15% of the amount of purchase payments. Each Contract Year you may withdraw the Free Withdrawal Amount without Market Value Adjustment. Each Contract Year begins on the anniversary of the date the Contract was established. Any Free Withdrawal Amount which is not withdrawn in a year may not be carried over to increase the Free Withdrawal Amount in a subsequent year. Market Value Adjustment Activities in a Guarantee Period of the Guaranteed Maturity Fixed Account that may be subject to a Market Value Adjustment are withdrawals in excess of the Free Withdrawal Amount, transfers, death benefits, and amounts applied to an income plan. An activity will be subject to a Market Value Adjustment unless: o it occurs during the 30 day period after a Guarantee Period expires; or o it is a transfer that is part of a Dollar Cost Averaging program.
Examples of Free Withdrawal in a sentence
If you take a Full Withdrawal, we assess a Withdrawal Charge with no reductions for the Free Withdrawal Privilege.
Any unused Free Withdrawal Privilege in one Contract Year is not added to the Free Withdrawal Amount available in the next year.
Each Contract Year you can take multiple Withdrawals without incurring a Withdrawal Charge if, when added together, they do not exceed the Free Withdrawal Amount shown on the Contract Schedule.
Any amount withdrawn to satisfy an RMD may reduce the amount of Your Free Withdrawal available.
The Free Withdrawal can be taken as a single withdrawal or multiple withdrawals throughout the Contract Year.
Automatic withdrawals in excess of the Free Withdrawal amount may be subject to Withdrawal Charges.
In the event of a total withdrawal, the applicable Withdrawal Charge Percentage is applied to the full value of Remaining Premium immediately prior to the withdrawal, less any Free Withdrawal available at the time of the total withdrawal.
The amount of Your Free Withdrawal available will vary throughout the Contract Year depending on previous withdrawals of Your Free Withdrawal amount, previous withdrawals of earnings, and the amount of earnings present at the time of the withdrawal.
Automatic withdrawals are treated as partial withdrawals and will be counted in determining the amount taken as a Free Withdrawal in any Contract Year.
Penalty-free Withdrawals include Withdrawals under the Free Withdrawal Privilege and waiver of Withdrawal Charge benefit, and payments under our minimum distribution program, if applicable.
More Definitions of Free Withdrawal
Free Withdrawal. On each Certificate Anniversary, the Free Withdrawal Amount is equal to the greater of: (a) the earnings in the Certificate Holder's Account or (b) 10% of Purchase Payments as of the beginning of the current Certificate Year. On other than Certificate Anniversaries, the Free Withdrawal Amount is equal to the Free Withdrawal Amount at the beginning of the Certificate Year less amount withdrawn without deduction of Contingent Deferred Sales Charges during the current Certificate Year.
Free Withdrawal. AMOUNT: The following amounts may be withdrawn without incurring a surrender charge:
Free Withdrawal. Amount Each Contract Year, the Free Withdrawal Amount is equal to the greater of 10% of the total amount of purchase payments as of the beginning of that Contract Year, or 10% of the Contract Value as of the beginning of that Contract Year. During each Contract Year, you may withdraw the Free Withdrawal Amount without incurring any Withdrawal Charge. Each Contract Year begins on the anniversary of the date the Contract was established. Any Free Withdrawal Amount which is not withdrawn during a Contract Year is not carried forward to increase the Free Withdrawal Amount in any subsequent Contract Year. The Free Withdrawal Amount only applies during the Accumulation Phase of the Contract. Withdrawal Charge Withdrawals in excess of the Free Withdrawal Amount will be subject to a Withdrawal Charge as follows:
Free Withdrawal. The Free Withdrawal means a percentage of your Contract Account Value that is available for withdrawal without incurring a Transaction Charge or Market Value Adjustment (Free Withdrawal Percentage). The Free Withdrawal Percentage and method of calculation are shown on your Schedule Page. Excess Withdrawal: Partial Withdrawals from the Contract Account Value, in excess of Free Withdrawal, adjusted for associated Market Value Adjustment, Transaction Charges and Taxes, if applicable. Partial Withdrawal: The total amount requested from the Contract Account Value adjusted for associated Market Value Adjustment, Transaction Charges and Taxes, if applicable. As a result, the amount received is the amount requested. All Partial Withdrawals are processed on a first-in first-out basis, with the oldest Contribution withdrawn first. The minimum Partial Withdrawal is $300 and may be changed from time to time at our discretion. Partial Withdrawals will also reduce any Death Benefit payable under the terms of your Contract.
Free Withdrawal. Amount The Free Withdrawal Amount in a Contract Year is equal to 10% of the Contract Value immediately before you make the first withdrawal from the Contract in that Contract Year. During each Contract Year you may withdraw the Free Withdrawal Amount without incurring a Withdrawal Charge; however, the amount withdrawn may be subject to any applicable taxes. If you do not withdraw the entire Free Withdrawal Amount during a Contract Year, any remainder is not carried forward to increase the Free Withdrawal Amount in a subsequent Contract Year nor is it carried forward to increase the Free Withdrawal Amount of any other Contract Year. The Free Withdrawal Amount is only available during the Accumulation Phase of the Contract. The Free Withdrawal Amount will be reduced by the Withdrawal Request Amount for each Gross Withdrawal; and by the Adjusted Withdrawal Request Amount for each Net Withdrawal. Withdrawal Charge A Withdrawal Charge may be assessed on certain withdrawals from a Guarantee Period Account and may apply upon death. Withdrawals during the Accumulation Phase that exceed the Free Withdrawal Amount will be subject to a Withdrawal Charge as follows:
Free Withdrawal. The Free Withdrawal means a percentage as shown below and applied to your Contract Account Value as the greater of (i) or (ii) below: