ED
● Active
Enhanced Death Benefit
Midland National Life Insurance Company
DTCC ID
—
COMPANY
Midland National Life Insurance Company
TYPE
Variable Annuity
INCEPTION
Jun 15, 2020
Identity
Benefit name
Enhanced Death Benefit
Internal benefit name
Enhanced Death Benefit
Product policy type
Variable Annuity
Status
● Active
Sequence
3
Inception date
Jun 15, 2020
Closed date
—
DTCC Rider ID
—
Last modified
Apr 24, 2025
Life & Age
Based on life
Owner (or Annuitant if owner is a non-natural person)
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
Reduces the benefit base proportionally to the reduction in the accumulation value
Required min distributions
Reduces the benefit base proportionally to the reduction in the accumulation value
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
Yes
Spousal continuation detail
Surviving spouse may elect to continue the rider.
State Availability
Exception flag
No
Available in states
—
Benefit Description
Available during accumulation phase only, upon death of participant, benefit will be greater of - 1) contract value; and 2) purchase payments 3)annual step-up value from the most recent prior Contract anniversary, adjusted for any additional premiums and partial withdrawals. The step-up still occurs if partial withdrawals are taken and premiums are added, but both may impact the Enhanced Death Benefit value. The step-up period begins on the contract issue date until the first contract anniversary after the oldest owner’s 85th birthday.
Lifecycle Events
Cancellation
Once elected, the benefit cannot be canceled.
Termination
Benefit will be automatically terminated upon earliest of 1) death; 2) surrender; or 3) annuitization.
Available when added
Only at contract issue
Effect change ownership
Change in ownership will terminate the rider; thereafter account value death benefit will apply to the contract