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Variable Annuity
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Nirmala
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GL
● Terminated
Guaranteed Lifetime Income Advantage
Modified over 6 years ago
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Fixed Annuity
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RILA
Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
Payment base will be the larger of bonus base or step-up base. Step-up base & bonus base is - account value; plus additional contributions; less adjusted nonguaranteed withdrawals. On the last day of each contract year, Issuer will compare account value to step-up base. If account value is greater than the step-up base, Issuer will increase or step up the step-up base to equal the account value. The amount of the increase is step-up amount. The amount received each contract year for lifetime is called the LPA. LPA is equal to Payment Base multiplied by Withdrawal Percentage.
BENEFIT BASE — WITHDRAWAL
Each time a Nonguaranteed Withdrawal is made, Issuer will reduce bonus base and Step-Up Base by the Adjusted Nonguaranteed Withdrawal amount. The Adjusted Nonguaranteed Withdrawal amount is the amount of Nonguaranteed Withdrawal multiplied by the greater of - 1) 1.0; or 2) Payment Base divided by Account Value, where both values are determined immediately before the Nonguaranteed Withdrawal. If the withdrawal includes all or a portion of LPA, account value will be reduced by such portion prior to calculation.
Applicability
Contract Value
Fixed Account Value
Variable Account Value
Indexed Account Value
Accumulation Value
Purchase Payments
Earnings
Rollup Case Applicable
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Floor Case Applicable
Reset Applicable
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