Indiana § 27-1-12.5-6 Paid-up annuity benefit available as nonforfeiture option where no cash
surrender benefits

Indiana Statutes

§ 27-1-12.5-6 — Paid-up annuity benefit available as nonforfeiture option where no cash surrender benefits

Indiana § 27-1-12.5-6

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 12.5Nonforfeiture Provisions of Annuity Contracts

This text of Indiana § 27-1-12.5-6 (Paid-up annuity benefit available as nonforfeiture option where no 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 § 27-1-12.5-6 (2026).

Text

If an annuity contract does not provide cash
surrender benefits, the present value of any paid-up annuity benefit
available as a nonforfeiture option at any time prior to maturity shall
not be less than the present value of that portion of the maturity value
of the paid-up annuity benefit provided under the contract arising from
considerations paid prior to the time the contract is surrendered in
exchange for, or changed to, a deferred paid-up annuity, such present
value being calculated for the period prior to the maturity date on the
basis of the interest rate specified in the contract for accumulating the
net considerations to determine such maturity value, and increased by
any existing additional amounts credited by the company to the
contract. The present values for an annuity contrac

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If an annuity contract does not provide cash
surrender benefits, the present value of any paid-up annuity benefit
available as a nonforfeiture option at any time prior to maturity shall
not be less than the present value of that portion of the maturity value
of the paid-up annuity benefit provided under the contract arising from
considerations paid prior to the time the contract is surrendered in
exchange for, or changed to, a deferred paid-up annuity, such present
value being calculated for the period prior to the maturity date on the
basis of the interest rate specified in the contract for accumulating the
net considerations to determine such maturity value, and increased by
any existing additional amounts credited by the company to the
contract. The present values for an annuity contract, not providing any
death benefits prior to the commencement of any annuity payments,
shall be calculated on the basis of the interest rate and mortality table
specified in the contract for determining the maturity value of the
paid-up annuity benefit. However, in no event shall the present value
of a paid-up annuity benefit be less than the minimum nonforfeiture
amount at that time.
As added by Acts 1977, P.L.286, SEC.1.