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Variable Annuity
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Nirmala
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Income Maximizer Rider
Modified 10 months ago
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FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
At the end of each contract year, protected income value is credited with a guaranteed interest credits and also have an opportunity to receive an earned interest credit, where initial protected income value at the contract issue, equals 100% of the initial premium paid into the annuity plus any premium bonus from the annuity. During lifetime income withdrawals the three different options are - 1) Predictable payments - guaranteed predictable income, or 2)Increase - opportunity for income increases every year based on interest earned and 3)Inflation - opportunity for income increases of up to 10% each year based on changes in CPI-U during the first 20 years after income payment begins. Options 2 & 3 don't have the potential to increase until the annual maximum withdrawal was taken the previous year.
BENEFIT BASE — WITHDRAWAL
If the owner elects to take less than the maximum income withdrawal amount available, the amount not taken will be added to the cumulative withdrawal account, which can be accessed as a lump-sum withdrawal in any contract year after the full annual maximum withdrawal has been taken.
Applicability
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Fixed Account Value
Variable Account Value
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Accumulation Value
Purchase Payments
Earnings
Rollup Case Applicable
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Reset Applicable
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