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Beacon
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Variable Annuity
Rider resets
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Nirmala
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5N
● Terminated
5% Nationwide Lifetime Income Rider
Modified over 4 years ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
—
Details
BBE
Reset
EEB
Multiplier
Bonus
Vesting
Rollup
Floor
Charge
ABP
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Identity
NAME
*
INTERNAL RESET NAME
RIDER TYPE
*
GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
RESET TYPE
*
Select reset type
Automatic
Both
Manual
Dates
INCEPTION DATE
*
CLOSED DATE
Reset Details
HAV APPLIES YEARS
NO. OF YEARS
HAV TERM
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Age
Contract Year
Daily
Days
Monthly
Months
Quarterly
Semi-Annually
Years
STEP UP %
STEP UP % BASIS
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Account Value
Accumulation Value
Benefit Base
Earnings
Fixed Account Value
Indexed Account Value
Interest Bonus
Others
Purchase Payments
Variable Account Value
SIMPLE / COMPOUND
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Compound
Simple
NO. OF RESET
RESET TERM
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Age
Contract year
Days
Months
Years
FORMULA
— None —
Notes
DESCRIPTION
If no withdrawals have been taken from the contract, the benefit base will equal the greater of: (1) the highest contract value on any rider anniversary plus purchase payments submitted and credits applied after that anniversary; or (2) the sum of - (a) the original benefit base plus 5% of the original benefit base for each rider anniversary up to and including the 10th anniversary; plus (b) any purchase payments submitted after contract issuance and before the 10th rider anniversary increased by 5% simple interest through the 10th rider anniversary; plus (c) any purchase payments submitted after the 10th rider anniversary.
RESET NOTE
On each rider anniversary after the first surrender from the contract, if the contract value exceeds the income benefit base, the owner will have the opportunity to instruct Nationwide to reset the income benefit base to equal the current contract value. If the owner elects to reset the income benefit base, it will be at the then current terms and conditions of the option.
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