Free Withdrawals definition

Free Withdrawals. Each Annuity Year you may withdraw a limited amount of Account Value without application of any Contingent Deferred Sales Charge ("free withdrawal"). The Minimum Withdrawal Amount, the Maximum Free Withdrawal Percentage, and the Minimum Surrender Value After a Partial Withdrawal are shown in the Annuity Schedule. Free withdrawal amounts are not available if you surrender your Annuity. If you do not make a free withdrawal during an Annuity Year, you are not permitted to carry over the free withdrawal amount to a subsequent Annuity Year. The Maximum Free Withdrawal Percentage is applied to the total amount of "new" Purchase Payments to determine the maximum free withdrawal amount. "New" Purchase Payments are those received that are still subject to any applicable Contingent Deferred Sales Charge. The applicable Contingent Deferred Sales Charge may apply to withdrawals exceeding the maximum free withdrawal amount. Amounts withdrawn as free withdrawals are not treated as a withdrawal of Purchase Payments for purposes of calculating future free withdrawal amounts and any applicable Contingent Deferred Sales Charges.
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Free Withdrawals. Each Annuity Year you may withdraw a limited amount of Account Value without application of any applicable contingent deferred sales charge. The minimum withdrawal amount and the minimum Surrender Value after a withdrawal are shown in the Schedule. If you do not make a free withdrawal during an Annuity Year, you are not permitted to carry over the free withdrawal amount to a subsequent Annuity Year. The maximum percentage available each Annuity Year as a free withdrawal is shown in the Schedule. The percentage is applied to the total amount of "New" Purchase Payments to determine the maximum free withdrawal amount. "New" Purchase Payments are those received that are still subject to a contingent deferred sales charge. The contingent deferred sales charge may apply to withdrawals exceeding the maximum free withdrawal amount. Amounts withdrawn as free withdrawals are not treated as a withdrawal of Purchase Payments for purposes of calculating the free withdrawal amount and the calculation of any applicable contingent deferred sales charges. If no contingent deferred sales charge would apply to withdrawal of any Purchase Payments, you may withdraw all or a portion of your Surrender Value without application of any contingent deferred sales charge, subject to the minimum withdrawal amount and subject to the minimum Surrender Value after a withdrawal, as shown in the Schedule. Partial Withdrawals: You may withdraw part of your Surrender Value. The minimum partial withdrawal is as shown in the Schedule. The Surrender Value that must remain in the Annuity as of the date of this transaction is as shown in the Schedule. If the amount of the partial withdrawal request exceeds the maximum amount available, we reserve the right to treat your request as one for a full surrender.
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Free Withdrawals. Each Annuity Year in the Accumulation Period you may withdraw a limited amount of Account Value without application of any applicable contingent deferred sales charge. The minimum withdrawal amount and the minimum Surrender Value after a withdrawal are shown in the Schedule. The maximum amount available as a free withdrawal is an amount equal to 10% of all Purchase Payments each Annuity Year. The contingent deferred sales charge applies to withdrawals exceeding the maximum free withdrawal amount. Amounts withdrawn as free withdrawals are not treated as a withdrawal of Purchase Payments. After the period during which the contingent deferred sales charge would apply to withdrawal of any Purchase Payments, you may withdraw all or a portion of your Surrender Value without application of any contingent deferred sales charge, subject to minimum withdrawal amount and the minimum Surrender Value after a withdrawal. The period during which the contingent deferred sales charge applies is shown in the Schedule.
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Examples of Free Withdrawals in a sentence

  • The amount of Free Withdrawals available in any Contract Year is determined as follows.

  • Free Withdrawals — During a Contract Year, you may withdraw free of withdrawal charges amounts up to the sum of your earnings plus your “Eligible Purchase Payments”.

  • Free Withdrawals are subject to the provisions of Partial Withdrawals and Total Withdrawals.

  • FREE WITHDRAWALS During a Contract Year, you may make Free Withdrawals, which are Withdrawals that are not subject to the Withdrawal Charge.

  • During a Contract Year, you may make Free Withdrawals, which are Withdrawals that are not subject to the Withdrawal Charge.

  • Free Withdrawals do not reduce Purchase Payments for purposes of calculating the Withdrawal Charge on future Withdrawals.

  • In the first Contract Year, the amount is equal to: cumulative purchase payments; times the Free Withdrawal percentage shown on page 3; less any Free Withdrawals made during the Contract Year.

  • The amount of Free Withdrawals in subsequent Contract Years is equal to: Contract Value as of the first day of the current Contract Year; times the Free Withdrawal percentage shown on page 3; less any Free Withdrawals made during the Contract Year.

  • MVA Free Withdrawals are subject to the provisions of Partial Withdrawals and Total Withdrawals.

  • Free Withdrawals – During a Contract Year, you may withdraw free of withdrawal charges amounts up to the sum of your earnings plus your “Eligible Purchase Payments”.