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 The Surrender Charge is equal to the percentage of each premium payment surrendered or withdrawn as specified in the table on the Contract Schedule.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Charge is separately calculated and applied to each premium payment at any time that the payment is surrendered or withdrawn.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 The Surrender Charge is calculated using the assumption that Contract Account Value is withdrawn in the following order: (1) the Free Withdrawal Amount for the Contract Year; (2) premium payments; and (3) any remaining Contract Account Value. In addition, the Surrender Charge is calculated using the assumption that premium payments are withdrawn on a first-in, first-out basis.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
The Surrender Charge schedule is specified on the Schedule Pages.
The charge is calculated by multiplying the Accumulation Value being withdrawn in excess of the Free Withdrawal Amount or surrendered by the appropriate Surrender Charge Percentage shown on the Schedule Pages.
However, for any Free Withdrawals, including a RMD, taken during the Recovery Period, we will assess a Surrender Charge at the time of the surrender.
SAMPLE A Surrender Charge may apply to a withdrawal in excess of the Free Withdrawal Amount or a surrender, depending on the date and amount of such withdrawal or surrender.
No Surrender Charge or Market Value Adjustment will be included in the death benefit calculation.
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. 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. ’ 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 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.
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 the surrender charge as set out in Clause C.3 and is specified in Policy Schedule 2; “transaction” means any of the following:– A Surrender; – A Currency Switch; – A Policy Loan; – The allocation of your premium in accordance with Clause B.1; – The deduction of Charges in accordance with Clause B.2; – The addition of No-Lapse Guarantee Benefit option in accordance with Clause D.1; – A change in Sum Insured in accordance with Clause D.3; JUGG-E03/0221(0221)D– The payment of Accelerated Death Benefit in accordance with Clause D.4; – The payment of benefits pursuant to the terms of any Supplementary Benefits;Except to the extent that the context otherwise requires: