Surrender charges During the surrender charge period, a surrender charge is assessed on any amount withdrawn, as partial or full surrender, that exceeds the available penalty-free amount. A surrender charge may result in a loss of premium. Electing an annuity payout option before the end of the surrender charge period may cause you to incur a surrender charge. Accumulation value The accumulation value is equal to 100% of premium plus any fixed and index account interest you are credited, less withdrawals and applicable rider charges. The accumulation value is used to determine your surrender value, death benefit, any nursing home confinement waiver benefit and withdrawals. You can learn more in the “How your annuity can grow” section.
Surrender charge schedule Surrender charges vary by state.
Approved states other than those specifically listed in the next columns
AK, CT, DE, HI, ID, IL, LA, MA, MD, MN, MO, MT, NV, NH, NJ, OH, OK, OR, PA, SC, TX, UT, VA, WA, WY
CA
Contract year
Percentage
Percentage
Percentage
1
10%
8%
9.50%
2
10% 10% 10% 10%
7.45%
8.50%
3
6.50%
7.50%
4
5.50%
6.50%
5
4.55%
5.50%
6
9%
3.55%
5%
7
8%
2.50%
4%
8
6%
1.50%
3%
9
4%
0.50%
2%
10
2%
0.44%*
1%
11+
0%
0%
0%
* In California , the Surrender Charge percentage in the 10th contract year will decrease 0.04% monthly until the surrender charge equals 0.00%. The decrease will occur on the same day in each month as the date of the contract anniversary; if the date does not exist for a given month, the date for that month will be the last calendar day of the month.
28832Y
13
REV 1-24
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