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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 (5-1-2016)
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 accumulation phase. Upon death of owner or annuitant, benefit will be greatest of - 1) contract value, 2) total purchase payments adjusted for withdrawals, or 3) reset value plus subsequent purchase payments since last reset anniversary less withdrawals. Reset value is equal to highest contract value calculated on first and subsequent reset anniversary, prior to annuitant's 80th birthday, increased by purchase payments and reduced for withdrawals made since that date. In state CT, NY, ND & FL, change in ownership will not terminate the rider. In state NY, name of the rider is 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
No longer available for new purchases.
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
Exception
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