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Variable Annuity
Rider bbes
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Nirmala
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● Terminated
Lifetime GRIPplus Benefit
Modified almost 7 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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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
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
The benefit base amount is determined as: (1) the account value on the most recent reset date; add (2) purchase payments made since the most recent reset date; add (3) rollup amounts credited since the most recent reset date; subtract (4) an adjustment for each excess withdrawal, if any, since the most recent reset date. A rollup amount is a minimum guaranteed increase in the benefit base amount. The rollup amount for a contract year is calculated as: (a) start with the rollup percentage of 6.0%; add (b) the rollup booster; multiply (c) the resulting percentage by the rollup base. The rollup base for a contract year is calculated as: (i) the account value on the most recent reset date; add (ii) purchase payments made since the most recent reset date but before the beginning of the current contract year; add (iii) purchase payments made during the current contract year multiplied by a fraction representing that portion of the contract year that the purchase payment was held under the contract; subtract (iv) any amount not held in a designated subaccount at the end of that contract year. A rollup period begins on any reset date that is before the benefit start date and ends on the earliest of: (1) the completion of 10 full contract years, measured from the most recent reset date; (2) the date that owner take an excess withdrawal; or (3) the benefit start date. A reset occurring within a rollup period will not end the rollup period, but will extend it. Issuer will credit rollup amounts to the benefit base amount at the end of each full contract year that is included in a rollup period; and will not credit any rollup amount for a contract year unless the full contract year is included in a rollup period.
BENEFIT BASE — WITHDRAWAL
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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