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Variable Annuity
Rider bbes
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Nirmala
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LW
● Terminated
Lifetime Withdrawal Guarantee I Benefit
Modified about 2 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Jun 09, 2006
Details
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NAME
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INTERNAL CASE NAME
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GLWB
GMAB
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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
The initial benefit base is equal to the initial purchase payment. Benefit base will increase by additional purchase payments and decrease by excess withdrawals. At any subsequent point in time, the benefit base is the remaining amount of money that is guaranteed to receive through annual withdrawals. Initial Annual Benefit Payment is equal to the initial Benefit Base multiplied by the GWB Withdrawal Rate.
BENEFIT BASE — WITHDRAWAL
The Remaining Guaranteed Withdrawal Amount is the remaining amount guaranteed to be paid over time. It is calculated in the same manner as the benefit base, except that all withdrawals reduce the Remaining Guaranteed Withdrawal Amount, not just withdrawals in excess of the Annual Benefit Payment.
Applicability
Contract Value
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