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Surrender Charges
If, before the Surrender Charge period ends, you surrender your annuity or take withdrawals in excess of the Free Partial Withdrawal amount, a Surrender Charge may apply and reduce the amount you receive.
Surrender Charge Schedule
Policy Year
1
2
3
4
5
6
7
9% 8% 7%
3-year term
9% 8% 7% 6% 5%
5-year term
9% 8% 7% 6% 5% 4%
3%
7-year term
State variations may apply. Surrender Charges reset with the renewal of the policy. There are no Surrender Charges during the first 30 days beginning immediately at the end of the Initial Guarantee Period or any subsequent Guarantee Periods.
Market Value Adjustment (MVA)
The Excelera MYGA comes with a MVA. The MVA applies only when the Surrender Charge applies. The MVA could increase or decrease the amount you receive from Surrender or a withdrawal in excess of the free amount, depending on certain market interest rates. (Please review your contract for complete details.) If certain interest rates decrease, the MVA will be positive. A positive MVA generally increases the withdrawal amount or Cash Surrender Value. If certain interest rates increase, the MVA will be negative. A negative MVA generally decreases the withdrawal amount or Cash Surrender Value. The Cash Surrender Value will never be less than the Guaranteed Minimum Cash Surrender Value.
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