Surrender Charge means a charge made by us when Units under the Contract are cancelled for the purpose of withdrawal or full surrender of the Contract, in accordance with the provisions of Clause 12.
Surrender Charge. The Surrender Charge is equal to the percentage of each premium payment surrendered or withdrawn as specified in the table on the Contract Schedule. The Surrender Charge is separately calculated and applied to each premium payment at any time that the payment is surrendered or withdrawn. No Surrender Charge applies to the portion of the Contract Account Value equal to the Free Withdrawal Amount or to Contract Account Value in excess of aggregate premium payments (less prior withdrawals of premium payments). The Surrender Charge is calculated using the assumption that Contract Account Value is withdrawn in the following order: (1) the Free Withdrawal Amount for the Contract Year; (2) premium payments; and (3) any remaining Contract Account Value. In addition, the Surrender Charge is calculated using the assumption that premium payments are withdrawn on a first-in, first-out basis. The Surrender Charge applicable to each premium payment diminishes as the payment ages. A premium payment ages by Contract Year, such that it is in "year" 1 (on the table in the Contract Schedule) during the Contract Year in which it is received and in "year" 2 throughout the subsequent Contract Year and in "year" 3 throughout the Contract Year after that, etc. In addition, there is no Surrender Charge on or after the Maturity Date.
Examples of Surrender Charge in a sentence
Withdrawals or surrenders made during a Surrender Charge period will be subject to surrender charges and may reduce the ultimate death benefit and cash value.
The Cash Value of this policy will be equal to the Accumulation Value less the Surrender Charge, if any.
The Surrender Charge and Surrender Charge Period are shown in Section 1.
The Surrender Charge will be determined by us at our sole discretion from time to time with prior approval from the Insurance Regulatory and Development Authority, subject to the maximum as stated in the Schedule of Charges.
Any premiums paid later will be subject to any applicable Surrender Charge.
More Definitions of Surrender Charge
Surrender Charge means the charge incurred when the Policy Owner decides to surrender his/her policy.
Surrender Charge. When this policy lapses or is surrendered, a surrender charge is deducted from the Cash Value. Surrender charges are calculated separately for the initial Specified Amount and each increase in Specified Amount. The amount and duration of the surrender charges for each segment of coverage are shown in the Table of Surrender Charges on the Policy Data Page. COMPLETE SURRENDER: Your policy may be surrendered for its Cash Surrender Value at any time while it is in force. You must submit a written request on a form acceptable to us. We may also require the return of your policy. The date of surrender will be the date we receive your written request at our Home Office. The Cash Surrender Value will be determined as of the end of the Valuation Period during which your request is received. All coverage will end on the date of surrender.
Surrender Charge. When this Policy lapses or is surrendered, a surrender charge is deducted from the Cash Value. Surrender charges are calculated separately for the Initial Specified Amount and each increase in Specified Amount. The amount and duration of the surrender charges for each segment of coverage are shown in the Table of Surrender Charges on the Policy Data Page. If the Specified Amount is decreased at the request of the Owner, a fractional surrender charge is deducted from the Cash Value. This fraction is equal to the decrease in Specified Amount divided by the Specified Amount prior to the decrease. In the case of a policy with prior increases, these fractional surrender charges will be calculated separately for the initial Specified Amount and each increase in Specified Amount. The surrender charge for decreases in Specified Amount will be deducted proportionately from the Cash Value in each Subaccount and the Fixed Account. Surrender charges will not be deducted for decreases in Specified Amount caused by death benefit option changes and partial withdrawals. COMPLETE SURRENDER: Your Policy may be surrendered for its Cash Surrender Value at any time while it is in force. You must submit a written request on a form acceptable to us. We may also require the return of your Policy. The date of surrender will be the date we receive your written request at our Home Office. The Cash Surrender Value will be determined as of the end of the Valuation Period during which your request is received. All coverage will end on the date of surrender.
Surrender Charge. ’ means a charge levied by Us on the Surrender of the Policy by cancelling an appropriate number of Units in the Unit Account at the prevailing NAV and is specified in Part E.
Surrender Charge. If you surrender this policy, there may be a Surrender Charge deducted from the Accumulated Value. During the Level Period, the Surrender Charge is equal to the Initial Amount. After the Level Period, the Surrender Charge decreases on each Monthly Payment Date by one-twelfth of the Reduction Factor until it becomes zero after the End Year. The Initial Amount, Level Period, Reduction Factor and End Year are shown in the Table of Surrender Charge Factors in the Policy Specifications. Withdrawal — Upon Written Request on or after the first policy anniversary, you may withdraw a portion of the Net Cash Surrender Value of this policy. Such withdrawal will be deducted from the Accumulated Value. We reserve the right to charge a fee not to exceed $25 for each withdrawal. There is no Surrender Charge imposed for a withdrawal, even if the Face Amount is reduced as a result of the withdrawal. Withdrawals will be subject to the following conditions: • the amount of each withdrawal must be at least $200; • the Net Cash Surrender Value remaining after a withdrawal must be at least $500; and • we reserve the right to disallow any withdrawal that would result in a Face Amount of less than $1,000 after the withdrawal. The amount of each withdrawal and any withdrawal fee will be deducted proportionately from the Investment Options unless you request otherwise. If Death Benefit Option A is in effect at the time of a withdrawal, and if a requested withdrawal would increase the Net Amount at Risk, we will decrease the Total Face Amount by the minimum amount necessary to prevent the Net Amount at Risk from increasing as a result of the withdrawal, except:
Surrender Charge. If you lapse or surrender this policy, we deduct a Surrender Charge from the Cash Value. The Surrender Charge varies by policy year as shown in the Table of Surrender Charges on the policy data page.
Surrender Charge means a reduction to a requested withdrawal from this Contract equal to [5%] [30] of the amount requested. In the event that a Surrender Charge is applied to a requested withdrawal from this Contract, the Contract Balance shall be reduced by the requested withdrawal amount.