RO
● Active
Return of Premium Death Benefit
Midland National Life Insurance Company
DTCC ID
—
COMPANY
Midland National Life Insurance Company
TYPE
RILA
INCEPTION
May 07, 2024
Identity
Benefit name
Return of Premium Death Benefit
Internal benefit name
Return of Premium Death Benefit
Product policy type
RILA
Status
● Active
Sequence
2
Inception date
May 07, 2024
Closed date
—
DTCC Rider ID
—
Last modified
Nov 13, 2024
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
Withdrawals will reduce the Benefit Base in the same proportion as the reduction to the Contract Value, but they will not impact the Benefit Base of the death benefit.
Required min distributions
None.
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
Upon death of owner, benefit will be greater of (1) Contract Value and (2) the total premium payments you've made, adjusted for Gross Partial Withdrawals.
Lifecycle Events
Cancellation
Once elected may not be cancelled.
Termination
Once elected may not be terminated.
Available when added
Only Available at Contract issue.
Effect change ownership
Terminates the contract due to a change in ownership.