PP
● Active
Purchase Payment Accumulation Death Benefit
American General Life Insurance Company
DTCC ID
—
COMPANY
American General Life Insurance Company
TYPE
Variable Annuity
INCEPTION
Jul 09, 2001
Identity
Benefit name
Purchase Payment Accumulation Death Benefit
Internal benefit name
Purchase Payment Accumulation Death Benefit
Product policy type
Variable Annuity
Status
● Active
Sequence
1
Inception date
Jul 09, 2001
Closed date
—
DTCC Rider ID
—
Last modified
Aug 12, 2024
Life & Age
Based on life
Owner
Single life
No
Joint life
No
Min age
—
Max age
—
Rider select rule
Mandatory
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
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
Available during accumulation phase. Upon death of owner, benefit will be greatest of - 1) contract value, 2) net purchase payments accumulated at 4% annually (3% if owner is 70 or older birthday ) until death adjusted for withdrawal, or 3) contract value calculated on seventh contract anniversary adjusted for withdrawals and subsequent payments.
Lifecycle Events
Cancellation
May not be cancelled.
Termination
May not be terminated.