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Variable Annuity
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The Hartford's Lifetime Income Builder II - GMWB
Modified 7 months ago
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FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
Initially benefit base equals initial purchase payment; thereafter it will fluctuate based on 1) automatic payment base increases, 2) subsequent premium payments and 3) withdrawals.
BENEFIT BASE — WITHDRAWAL
Eligibility Withdrawal Year is the year when covered life attains age 60, at which point Lifetime Benefit Payments can begin. Cumulative partial surrenders taken during any Contract Year and prior to the Eligibility Withdrawal Year, equal to or less than the amount as per applicable withdrawal percentage will reduce the Payment Base on a dollar-for-dollar basis whereas similar withdrawals after the Eligibility Withdrawal Year do not reduce the Payment Base.
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