RO
● Active
Return of Premium GMDB - GMIB Version
Transamerica Life Insurance Company
DTCC ID
—
COMPANY
Transamerica Life Insurance Company
TYPE
Variable Annuity
INCEPTION
—
Identity
Benefit name
Return of Premium GMDB - GMIB Version
Internal benefit name
Return of Premium GMDB - GMIB Version
Product policy type
Variable Annuity
Status
● Active
Sequence
6
Inception date
—
Closed date
—
DTCC Rider ID
—
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 Income Benefit EXTRA. Upon death of owner, benefit will be greater of - 1) contract value, or 2) purchase payments adjusted for withdrawals. GMDB Base is reduced dollar-for-dollar for withdrawals up to the dollar-for-dollar limit, if requested withdrawal during the year causes total withdrawals to exceed the dollar-for-dollar limit GMDB Base then equal the current GMDB Base reduced in same proportion.
Lifecycle Events
Cancellation
Benefit may automatically terminate under certain conditions.
Termination
Benefit will automatically terminate upon termination of Guaranteed Minimum Income Benefit EXTRA.
Effect change ownership
Issuer will recalculate benefit amount upon change in ownership.