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Variable Annuity
Rider bbes
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Nirmala
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Core Income Benefit
Modified 10 months ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Aug 11, 2013
Details
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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
Rider provides two lifetime income withdrawal options to suit the income needs of the owner- 1) Level Income: which gives predictable, dependable income for life. It can be chose, if owner want the reassurance of knowing exactly how much income is received every month. Under this option - from the second year of lifetime withdrawals accumulation value is multiplied by the lifetime withdrawal percentages and if the result is greater than the previous contract year's annual maximum, this becomes the new annual maximum. 2) Increasing Income: which provides income for life plus an opportunity for payment increases. This offers a small payment upfront but has the potential to increase each year by the interest rate credited to the chosen allocation option in the contract.
BENEFIT BASE — WITHDRAWAL
Owner may choose to take less than maximum withdrawal amount. The left over, called as cumulative withdrawal amount, allows to take any or all of the remainder any time after taking maximum annual withdrawal payment in a contract year. The cumulative withdrawal amount does not earn fixed and indexed return.
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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