GM
● Terminated
Guaranteed Minimum Death Benefit
The Guardian Insurance & Annuity Company
DTCC ID
—
COMPANY
The Guardian Insurance & Annuity Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Guaranteed Minimum Death Benefit
Internal benefit name
Guaranteed Minimum Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
6
Inception date
—
Closed date
Nov 01, 2009
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
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
—
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 annuitant, benefit will be greatest of - 1) contract value, 2) total purchase payments adjusted for withdrawals, or 3) 3% simple interest death benefit. 3% simple interest death benefit is equal to total purchase payments accumulated at 3% annually until earlier of - i) annuitant's 80th birthday, or ii) death, thereafter increased by purchase payments and reduced for withdrawals until annuitant's 85th birthday. 3% simple interest death benefit can never be more than 200% of total purchase payments adjusted for withdrawals.
Lifecycle Events
Cancellation
May be cancelled any time after election.
Termination
May be terminated any time after election.
Available when added
No longer available for new purchases.