RO
● Active
Return of Premium GMDB - GMWB Version
Transamerica Life Insurance Company
DTCC ID
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COMPANY
Transamerica Life Insurance Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Return of Premium GMDB - GMWB Version
Internal benefit name
Return of Premium GMDB - GMWB Version
Product policy type
Variable Annuity
Status
● Active
Sequence
5
Inception date
—
Closed date
—
DTCC Rider ID
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Last modified
Nov 03, 2023
Life & Age
Based on life
Owner
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
—
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
Benefit is only available in conjunction with Guaranteed Minimum Withdrawal Benefit. Upon death of owner, benefit will be greater of - 1) contract value, or 2) purchase payments adjusted for withdrawals. Benefit base is reduced dollar-for-dollar for withdrawals in any contract year up to current Guaranteed Lifetime Amount. If a withdrawal causes total withdrawals for that contract year to exceed Guaranteed Lifetime Amount, benefit base equals lesser of - 1) contract value after withdrawal, or 2) benefit base reduced by withdrawal amount. GMDB Base is not permitted to exceed GMWB Base.
Lifecycle Events
Cancellation
Once elected may not be cancelled.
Termination
Once elected may not be terminated.
Effect change ownership
Issuer will recalculate benefit amount upon change in ownership.