ED
● Active
Enhanced Death Benefit
Penn Mutual Life Insurance Company
DTCC ID
—
COMPANY
Penn Mutual Life Insurance Company
TYPE
Variable Annuity
INCEPTION
May 01, 2017
Identity
Benefit name
Enhanced Death Benefit
Internal benefit name
Enhanced Death Benefit
Product policy type
Variable Annuity
Status
● Active
Sequence
2
Inception date
May 01, 2017
Closed date
—
DTCC Rider ID
—
Last modified
Apr 23, 2025
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
Issuer will recalculate benefit base upon partial withdrawal.
Required min distributions
RMD withdrawals will reduce the benefit base by Greater of ;1) dollar-for-dollar or 2) Proportional basis
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 the accumulation phase. On the rider effective date, death benefit base is equal to the initial purchase payment. After rider effective date, death benefit base will increase with subsequent purchase payments, may step-up to the contract value and will decrease for withdrawals. A step-up is an increase of the enhanced death benefit base to 100% of the contract value, evaluated each contract anniversary until the 80th birthday of the younger covered life.
Lifecycle Events
Cancellation
May be cancelled at any time on or after first contract anniversary.
Termination
Benefit will automatically terminate upon earliest of - 1) change in ownership, 2) death, or 3) annuitization.
Available when added
Only at contract issue.
Effect change ownership
Change in ownership will result in termination of rider except under certain conditions.