PP
● Terminated
Premium Protection Death Benefit
AuguStar Life Insurance Company
DTCC ID
—
COMPANY
AuguStar Life Insurance Company
TYPE
Variable Annuity
INCEPTION
Oct 01, 2012
Identity
Benefit name
Premium Protection Death Benefit
Internal benefit name
Premium Protection Death Benefit
Company
Product policy type
Variable Annuity
Status
● Terminated
Sequence
3
Inception date
Oct 01, 2012
Closed date
Sep 15, 2018
DTCC Rider ID
—
Last modified
Jul 07, 2021
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
—
Partial withdrawals
An excess withdrawal will reduce the GMDB amount by the greater of (a) the same percentage the excess withdrawal reduces Contract Value or (b) the dollar amount of the excess withdrawal.
Required min distributions
Any RMD take will reduce GMDB amount dollar for dollar.
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may elect to continue benefit after death of annuitant.
State Availability
Exception flag
No
Available in states
—
Benefit Description
Benefit is only available in conjunction with GLWB Preferred I.S. and Guaranteed Lifetime Withdrawal Benefit Plus. Upon death of annuitant, benefit will be greater of - 1) contract value; 2) GMDB amount. Initial GMDB amount is equal to initial purchase payment. If Issuer adds rider on a subsequent contract anniversary, initial GMDB amount will be equal to current contract value. If withdrawals are less than or equal to annual benefit payment, death benefit will be reduced by dollar amount; excess withdrawal will reduce benefit base either in same proportion or by dollar-for-dollar amount, whichever results in lower benefit base.
Lifecycle Events
Cancellation
Once elected may not be cancelled.
Termination
Benefit will automatically terminate upon earliest of - 1) annuitization; 2) termination of contract; 3) surrender; 4) death; 5) termination of GLWB Preferred I.S. and GLWB Plus; or 6) contract value and benefit base reduces to zero.
Available when added
No longer available for new purchases.
Effect change ownership
Change in ownership will result in termination of rider.