Indiana § 27-1-12.5-5 Cash surrender benefits

Indiana Statutes

§ 27-1-12.5-5 — Cash surrender benefits

Indiana § 27-1-12.5-5

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 12.5Nonforfeiture Provisions of Annuity Contracts

This text of Indiana § 27-1-12.5-5 (Cash surrender benefits) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-12.5-5 (2026).

Text

If an annuity contract provides cash surrender
benefits, the amount of these benefits available prior to maturity shall
not be less than the present value as of the date of surrender of that
portion of the maturity value of the paid-up annuity benefit which
would be provided under the contract at maturity arising from
considerations paid prior to the time of cash surrender reduced by the
amount appropriate to reflect any prior withdrawals from or partial
surrenders of the contract, such present value being calculated on the
basis of an interest rate not more than one percent (1%) higher than the
interest rate specified in the contract for accumulating the net
considerations to determine such maturity value, decreased by the
amount of any indebtedness to the company on the contract, includi

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If an annuity contract provides cash surrender
benefits, the amount of these benefits available prior to maturity shall
not be less than the present value as of the date of surrender of that
portion of the maturity value of the paid-up annuity benefit which
would be provided under the contract at maturity arising from
considerations paid prior to the time of cash surrender reduced by the
amount appropriate to reflect any prior withdrawals from or partial
surrenders of the contract, such present value being calculated on the
basis of an interest rate not more than one percent (1%) higher than the
interest rate specified in the contract for accumulating the net
considerations to determine such maturity value, decreased by the
amount of any indebtedness to the company on the contract, including
interest due and accrued, and increased by any existing additional
amounts credited by the company to the contract. In no event shall any
cash surrender benefit be less than the minimum nonforfeiture amount
at that time. The death benefit under such an annuity contract shall be
at least equal to the cash surrender benefit.
As added by Acts 1977, P.L.286, SEC.1.