GM
● Terminated
Guaranteed Minimum Death Benefit Plus
Midland National Life Insurance Company
DTCC ID
—
COMPANY
Midland National Life Insurance Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Guaranteed Minimum Death Benefit Plus
Internal benefit name
Guaranteed Minimum Death Benefit Plus
Product policy type
Variable Annuity
Status
● Terminated
Sequence
2
Inception date
—
Closed date
—
DTCC Rider ID
—
Last modified
Feb 13, 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
Mandatory
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 elect to continue benefit after death of owner.
State Availability
Exception flag
No
Available in states
—
Benefit Description
Available during accumulation phase. Upon death of owner or annuitant, benefit will be greatest of - 1) contract value, or 2) total purchase payments adjusted for withdrawals, thereafter, increased by GMDB Plus roll-up and GMDB Plus step-up. GMDB Plus roll-up will accumulate benefit base at 3% or 6% annually prior to owner or annuitant's 85th birthday. Issuer will provide GMDB Plus step-up on each contract anniversary prior to owner or annuitant's 85th birthday. Calculation of benefit base depends upon the option elected by the owner at the time of contract issue.
Lifecycle Events
Cancellation
May be cancelled any time after election.
Termination
May be terminated any time after election.
Available when added
Only at contract issue.
Effect change ownership
Contact Issuer for details.