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Variable Annuity
Rider resets
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Nirmala
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● Terminated
Highest Daily Lifetime Five Income Benefit
Modified 6 months 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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Identity
NAME
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INTERNAL RESET NAME
RIDER TYPE
*
GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
RESET TYPE
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Automatic
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Manual
Dates
INCEPTION DATE
*
CLOSED DATE
Reset Details
HAV APPLIES YEARS
NO. OF YEARS
HAV TERM
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Contract Year
Daily
Days
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Years
STEP UP %
STEP UP % BASIS
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Account Value
Accumulation Value
Benefit Base
Earnings
Fixed Account Value
Indexed Account Value
Interest Bonus
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Purchase Payments
Variable Account Value
SIMPLE / COMPOUND
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Simple
NO. OF RESET
RESET TERM
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Age
Contract year
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Years
FORMULA
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Notes
DESCRIPTION
If no Lifetime Withdrawals are made before the 10th anniversary of the rider effective date, policy value will be increased on 10th anniversary. On 10th anniversary, Issuer will add (a) policy value at issue and (b) sum of each Purchase Payment made in first year. If the sum of (a) and (b) is greater than Policy Value on the 10th Anniversary, Issuer will increase Policy Value to equal the sum of (a) and (b). / Enhanced Protected Withdrawal Value is only calculated if no withdrawals has been taken prior to the 10th Anniversary. If so, then on or after the 10th Anniversary up until the date of the first withdrawal, the Enhanced Protected Withdrawal Value is equal to the sum of - a) 200% of the policy value on the rider effective date; b) 200% of any purchase payments made within one year of the rider effective date; and c) all purchase payments made after one year following the effective date of the rider.
RESET NOTE
Highest Quarterly Auto Step-Up can result in a larger Annual Income amount subsequent to the first Lifetime Withdrawal. The Highest Quarterly Auto Step-Up starts with the rider anniversary immediately following the date of the first Lifetime Withdrawal. The policy value at the end of each quarter of a rider year is determined after adjustments for purchase payments and withdrawals. The highest such quarterly value is then multiplied by a 5%. If that value exceeds the existing Annual Income amount, the new higher amount replaces the existing value.
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