SUBSEQUENT PURCHASE PAYMENTS definition

SUBSEQUENT PURCHASE PAYMENTS. Subject to the minimum and maximum shown on the Contract Schedule, the Owner may make subsequent Purchase Payments and may increase or decrease or change the frequency of such payments. GENERAL ACCOUNT PROVISIONS
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SUBSEQUENT PURCHASE PAYMENTS. Cumulative Purchase Payments after the first Contract Year are limited to the Maximum Additional Purchase Payments shown in the Rider Specifications, without our consent. Purchase Payments are allocated to the Guaranteed Interest Options and/or the Sub-Accounts as you direct, subject to the provisions in the Contract Value Allocation Options section. ICC14-70271 Minnesota Life 2 Minimum Contract Value Any provision in your contract requiring there be a minimum Contract Value as of the date of any withdrawal is waived while this rider is in effect. Impact of Divorce If a Designated Life is removed from the contract due to a divorce and no withdrawals have been taken, the benefits provided by this rider will be adjusted, as necessary, based on the age of the remaining Designated Life. The rider charge and all terms of this rider will continue to be based on a joint rider even though benefits are provided for only one Designated Life. Spousal Continuation If a Designated Life dies and the surviving spouse continues the contract, this rider may be continued provided the spouse is also a Designated Life. Recovery of Excess Payments We may recover from you or your estate any payments made after the death of both Designated Lives. Calculation of Benefit Values Benefit Base The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b) divided by (c) where:
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SUBSEQUENT PURCHASE PAYMENTS. Subject to the maximum and minimum shown on the Contract Data Page, the Owner may make subsequent Purchase Payments and may increase or decrease or change the frequency of such payments.
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Examples of SUBSEQUENT PURCHASE PAYMENTS in a sentence

  • SUBSEQUENT PURCHASE PAYMENTS Purchase Payments made after the initial Purchase Payment.

  • SUBSEQUENT PURCHASE PAYMENTS Purchase Payments made after the first Purchase Payment.

  • SUBSEQUENT PURCHASE PAYMENTS Purchase Payments made subsequent to the Initial Purchase Payment.

  • SUBSEQUENT PURCHASE PAYMENTS Purchase Payments made after the Initial Purchase Payment.

  • MINIMUM VALUE REQUIRED IF SUBSEQUENT PURCHASE PAYMENTS NOT MADE The Company reserves the right to terminate a Contract if the Contract Value on any Business Day falls below $1,000 and no Purchase Payments were received by the Company during the then current Contract Year and the two (2) immediately preceding Contract Years.

  • WE RESERVE THE RIGHT TO LIMIT SUBSEQUENT PURCHASE PAYMENTS ON A NON-DISCRIMINATORY BASIS AS DESCRIBED IN THE PAYMENT LIMITS PROVISION.

  • SUBSEQUENT PURCHASE PAYMENTS Purchase Payments made subsequent to the first Purchase Payment.

  • MINIMUM INITIAL PURCHASE PAYMENT: [$50,000] MINIMUM SUBSEQUENT PURCHASE PAYMENTS: [$250].


More Definitions of SUBSEQUENT PURCHASE PAYMENTS

SUBSEQUENT PURCHASE PAYMENTS. Purchase Payments, after the first, may be made at any time without prior notice to Penn Mutual. The minimum subsequent Purchase Payment is $50 for Qualified Plans and $300 for Nonqualified Plans. Total Purchase payments in any calendar year may not exceed $1,000,000 without the consent of Penn Mutual.
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