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Variable Annuity
Rider bbes
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Nirmala
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Modified over 4 years ago
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RIDER TYPE
GLWB
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INCEPTION
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Details
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NAME
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INTERNAL CASE NAME
RIDER TYPE
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GLWB
GMAB
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GMWB
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Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
At the time of 1st surrender, the benefit base is calculated and is set equal to the greater of: (1) the contract value, plus any purchase payments applied to the contract before the 1st surrender; and (2) the contract value on the 5th contract anniversary. Benefit base will change if owner elects to invoke a reset opportunity or if owner takes surrender in excess of permitted 5%.
BENEFIT BASE — WITHDRAWAL
The Contract Owner determines the form of the benefit by deciding when to take the first surrender. If the Contract Owner takes the first surrender before the later of the - 1) 5th contract anniversary or 2) date the determining life reaches age 59 1/2, the Contract Owner will invoke the Immediate Withdrawal Benefit. If the Contract Owner takes the first surrender on or after the later of the 5th contract anniversary or the date the determining life reaches age 59 1/2, the Contract Owner will invoke the Guaranteed Lifetime Withdrawal Benefit. Once the first surrender is taken, the form of the benefit may not be changed or revoked.
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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