RI
● Terminated
Retirement Income Choice 1.6 Benefit - Death Benefit
Transamerica Life Insurance Company
DTCC ID
—
COMPANY
Transamerica Life Insurance Company
TYPE
Variable Annuity
INCEPTION
May 01, 2013
Identity
Benefit name
Retirement Income Choice 1.6 Benefit - Death Benefit
Internal benefit name
Retirement Income Choice 1.6 Benefit - Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
6
Inception date
May 01, 2013
Closed date
May 01, 2020
DTCC Rider ID
—
Last modified
Aug 12, 2020
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
Gross partial withdrawals up to withdrawal benefit base in a rider year will reduce death benefit by dollar-for-dollar amount; excess withdrawal in a rider year will reduce death benefit either in same proportion or by dollar-for-dollar amount, whichever results in lower death benefit.
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 under joint life option.
State Availability
Exception flag
No
Available in states
—
Benefit Description
Benefit is only available in conjunction with Retirement Income Choice 1.6. Upon death of annuitant, benefit is equal to contract value at issue thereafter, increased by purchase payments made less adjustments for withdrawals. No additional death benefit is payable if a death benefit payable under contract exceeds Retirement Income Choice 1.6. Manual resets to the withdrawal base will result in a recalculation of the rider death benefit and not the automatic step-ups.
Lifecycle Events
Cancellation
May not be cancelled.
Termination
Benefit terminates with termination of Retirement Income Choice 1.6 GMWB Rider.
Available when added
No longer available for new purchases.