EE
● Terminated
Estate Enhancement Death Benefit
Penn Mutual Life Insurance Company
DTCC ID
—
COMPANY
Penn Mutual Life Insurance Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Estate Enhancement Death Benefit
Internal benefit name
Estate Enhancement Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
4
Inception date
—
Closed date
Dec 01, 2016
DTCC Rider ID
—
Last modified
Sep 29, 2020
Life & Age
Based on life
Annuitant
Single life
No
Joint life
No
Min age
—
Max age
—
Rider select rule
Optional
Waiting period
—
Waiting term
—
Benefit Base
Maximum benefit base
—
Maximum benefit base %
—
With reduce benefit base
—
Subsequent premium
Contact Issuer for details.
Partial withdrawals
Contact Issuer for details.
Required min distributions
Contact Issuer for details.
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may elect to continue benefit after death of owner.
State Availability
Exception flag
No
Available in states
—
Benefit Description
Available during accumulation phase only. Upon death of annuitant, Issuer will add 40% of earnings (35% if annuitant's age is between 61 to 70 and 30% if annuitant's age is between 71 to 80) to any death benefit payable under contract. Earnings are equal to sum of Fixed Account Value, Variable Account Value and all withdrawals from contract, minus total purchase payments. Benefit base can never be more than 100% (60% if annuitant's age is between 61 to 70 and 40% if annuitant's age is between 71 to 80) of total purchase payments net of withdrawals. If purchase payments exceed sum of Fixed Account Value, Variable Account Value and all withdrawals from contract, no estate enhancement death benefit will be paid.
Lifecycle Events
Cancellation
Once elected may not be cancelled.
Termination
Once elected may not be terminated.
Available when added
No longer available for new purchases.
Effect change ownership
Contact Issuer for details.