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Variable Annuity
Rider bbes
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Nirmala
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● Terminated
Guaranteed Minimum Withdrawal Benefit
Modified over 10 years ago
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RIDER TYPE
GLWB
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NAME
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INTERNAL CASE NAME
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Fixed Annuity
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RILA
Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
The initial guaranteed amount is equal to the initial premium payment if the rider is elected when the contract is issued, or the accumulation value when the rider is later elected. It is increased equally by subsequent premium payments and reduced by each withdrawal. The guaranteed amount is equal to the maximum payments that can be received under the rider.
BENEFIT BASE — WITHDRAWAL
The guaranteed amount is effective if the total amount of partial withdrawals taken in any one contract year does not exceed the payment amount. Contractually, if total withdrawals during a contract year are less than or equal to the payment amount, then the guaranteed amount will decrease by the amount of withdrawals. If the total partial withdrawals taken in any one contract year do exceed the payment amount, then the payment amount and the guaranteed amount will be recalculated and may be reduced. The payment amount can never exceed the guaranteed amount. If the guaranteed amount becomes less than the payment amount, the payment amount will be reset to equal the guaranteed amount.
Applicability
Contract Value
Fixed Account Value
Variable Account Value
Indexed Account Value
Accumulation Value
Purchase Payments
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Rollup Case Applicable
EEB Case Applicable
Floor Case Applicable
Reset Applicable
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