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Variable Annuity
Death benefits
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Nirmala
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New York Life Insurance and Annuity Corporation
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Annual Death Benefit Reset
Edit Death Benefit
Death Benefit
Benefit Name
Internal Benefit Name
Inception Date
Closed Date
Rider Select Rule
Default
Mandatory
Optional
Based On Life
Annuitant
Owner
Owner (or Annuitant if owner is a natural entity)
Owner (or Annuitant if owner is a non-natural person)
Owner and Annuitant
Min Age
Max Age
Waiting Period
Waiting Term
Select
Age
Contract year
Days
Months
Years
Version Begin Date
Maximum Benefit Base
Maximum Benefit Base %
With Reduce Benefit Base
Select
Dollar for Dollar
Proportionally
DTCC Rider ID
Notes
Version Note
Benefit Description
Available during the accumulation phase. Upon owner's demise, the greatest benefit among these options will be provided to the beneficiary: 1) standard death benefit, 2) ADBR Reset Value (increases with additional purchase payments and adjusted by withdrawals), or 3) any other death benefit value outlined in the contract. The ADBR reset value is recalculated on every reset anniversary, until the owner's 85th birthday. On the first contract anniversary, the ADBR reset value is determined as the greatest of 1) the Accumulation Value on that anniversary or 2) the return of premium death benefit value. On subsequent anniversaries, it's the greatest of 1) the Accumulation Value on the current anniversary or 2) the ADBR reset value from the prior year, adjusted by any additional purchase payments and withdrawals. An ADBR Reset Value Proportional Reduction is an amount equals to the withdrawals made after the first contract anniversary, divided by contract's accumulation value preceding the withdrawal and multiplied by the ADBR Reset Value immediately preceding the withdrawal. This rider is not applicable to Inherited Non-Qualified policies. Furthermore, the contract has specific variations for certain states such as: 1) for the state of CO, an ownership change will then terminate the contract, 2) for the state of NY the rider is marketed with the name of Guaranteed Minimum Death Benefit Rider.
Other Info
Cancellation
Once elected may not be cancelled.
Termination
Benefit will terminate upon earliest of 1) annuitization, 2) surrender, 3) change in ownership or 4) contract termination.
Available When Added
Only at contract issue.
Effect Change Ownership
Change in ownership will result in termination of rider.
Exclude Premium Bonus
Terminated
Single Life
Joint Life
Spousal Continuation Option
Spousal Continuation Option
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