PRIME BENEFIT (Traditional GMIB)

Including a GMIB automatically provides a GPWB at no additional cost. Traditional Guaranteed Minimum Income Benefit (GMIB) ensures that the value before death or exercising the Guaranteed Pension Withdrawal Benefit (GPWB) is the total of your Purchase Payments, minus the percentage of any contract value withdrawn. Before exercising the GPWB, the GPWB value is the same as the GMIB value. Once exercised, annual payments of 10% of the GPWB value will be received, with each payment and any additional withdrawals reducing the remaining GPWB value. Once GPWB payments start, they can only be stopped by choosing annuity payments. Payments are made annually, starting on the 30th day after each contract anniversary, and continue until the GPWB value drops below the annual payment, at which point the remaining balance is paid out. If no partial withdrawals are made, the full GPWB value will be paid within 10 years. If no instructions are given by the payment date, the remaining value will be paid as a lump sum. Once GPWB payments begin, the values of GMIB, GMDB, and EP GMDB freeze, though they may decrease due to GPWB payments or extra withdrawals.