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Variable Annuity
Rider bbes
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Nirmala
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Lifetime Income Builder
Modified over 3 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Jun 01, 2004
Details
BBE
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NAME
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INTERNAL CASE NAME
RIDER TYPE
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GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
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Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
At contract issue benefit base is equal to contract value. Thereafter, it is guaranteed to grow at 6% compounded annually guaranteed growth on income base used to create guaranteed lifetime income withdrawals. The roll up is credited to the income base until the earliest of 1) 20th contract anniversary, begins income withdrawal phase, or 2) owner's 90th birthday. Each anniversary (during growth and income withdrawal phases), if contract value is greater than benefit base, the benefit base is stepped up to equal the contract value.
BENEFIT BASE — WITHDRAWAL
Lifetime incomes withdrawals are guaranteed to remain at the same level or increase if do not make any excess withdrawals. In general, lifetime withdrawal amounts are based on attained age on lifetime withdrawal start date, income base each year and whether single life or joint life payments.
Applicability
Contract Value
Fixed Account Value
Variable Account Value
Indexed Account Value
Accumulation Value
Purchase Payments
Earnings
Rollup Case Applicable
EEB Case Applicable
Floor Case Applicable
Reset Applicable
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