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Summit Premium Bonus Rider (Continued)

  • The Summit Premium Bonus Rider amends the Surrender Charge section of the annuity contract to include a recapture of a percentage of the Premium Bonus should a withdrawal that is subject to Surrender Charges and MVA be applied.
  • Once the Surrender Charge Period is completed, and no Surrender Charges and MVA are applicable, the recapture of the percentage of the Premium Bonus will also expire.
  • The Premium Bonus Recapture Percentages during the duration of the contract are as follows:
  • There will be no Recapture of the Premium Bonus for any free partial withdrawals or for withdrawals available with the Health Waiver Endorsement. Recapture only applies to withdrawals that are subject to Surrender Charges and MVA.
  • Like Surrender Charges and MVAs, recapture of the Premium Bonus will be waived when proceeds of the contract are paid as a Death Benefit on the death of an Owner who is also an Annuitant or if the contract is annuitized after the fifth anniversary.
  • Contracts on which the Premium Bonus Rider is selected may have a lower Cap or Participation Rate than contracts that do not include the rider.
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