EB
● Terminated
Enhanced Beneficiary Benefit
New York Life Insurance and Annuity Corporation
DTCC ID
—
COMPANY
New York Life Insurance and Annuity Corporation
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Enhanced Beneficiary Benefit
Internal benefit name
Enhanced Beneficiary Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
2
Inception date
—
Closed date
Jul 27, 2009
DTCC Rider ID
—
Last modified
Feb 09, 2015
Life & Age
Based on life
Owner (or Annuitant if owner is a natural entity)
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
Subsequent purchase payment will increase benefit base by dollar-for-dollar amount.
Partial withdrawals
Withdrawals will reduce benefit base in same proportion.
Required min distributions
Contact Issuer for details.
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may not 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 owner or annuitant, Issuer will add 50% of earnings (25% if oldest owner or annuitant's age is between 71 and 75) to any death benefit payable under contract. Earnings are equal to contract value less adjusted purchase payments. If total purchase payments adjusted for withdrawals exceed contract value no earnings benefit will be paid. Applicable percentage can never be less than 40% (20% if owner or annuitant's age is 71 to 75) of earnings or greater than 60% (40% if owner or annuitant's age is 71 to 75) of earnings. Benefit base can never be more than 100% (75% if owner or annuitant's age is between 71 and 75) of adjusted purchase payments.
Lifecycle Events
Cancellation
Once elected may not be cancelled.
Termination
Once elected may not be terminated.
Available when added
Only at contract issue.
Effect change ownership
Change in ownership will result in termination of rider.