GM
● Terminated
Guaranteed Minimum Death Benefit
Fortitude Life Insurance & Annuity Company
DTCC ID
—
COMPANY
Fortitude Life Insurance & Annuity Company
TYPE
Variable Annuity
INCEPTION
May 15, 1999
Identity
Benefit name
Guaranteed Minimum Death Benefit
Internal benefit name
Guaranteed Minimum Death Benefit
Product policy type
Variable Annuity
Status
● Terminated
Sequence
4
Inception date
May 15, 1999
Closed date
Jan 22, 2001
DTCC Rider ID
—
Last modified
Jun 12, 2024
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
Withdrawals will reduce benefit base in same proportion.
Required min distributions
—
Coverage Flags
Exclude premium bonus
No
Spousal continuation option
No
State Availability
Exception flag
No
Available in states
—
Benefit Description
Available during accumulation phase, GMDB provides an enhanced level of protection, GMDB provides amounts in addition to Basic Death benefit. If owner dies prior to age 80, benefit will be greatest of -1)contract value 2)total purchase payments adjusted for withdrawals, increases daily until owners death by 5% 3) Highest Daily Value. Thereafter, if owner dies after age 80,benefit will be greatest of 1)contract value 2)greatest of a)total purchase payments adjusted for withdrawals b)Highest Daily Value. Not available in New York.
Lifecycle Events
Cancellation
May be cancelled any time after election.
Termination
May be terminated any time after election.
Available when added
No longer available for new purchases.
Effect change ownership
Contact Issuer for details.