B
Beacon
Data Entry
Variable Annuity
Rider resets
⌘K
N
Nirmala
Signed in as Nirmala
Settings
Sign out
GL
● Terminated
Guaranteed Lifetime Withdrawal Benefit
Modified over 5 years ago
Edit
DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
—
Details
BBE
Reset
EEB
Multiplier
Bonus
Vesting
Rollup
Floor
Charge
ABP
Edit Rider Reset
Identity
NAME
*
INTERNAL RESET NAME
RIDER TYPE
*
GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
RESET TYPE
*
Select reset type
Automatic
Both
Manual
Dates
INCEPTION DATE
*
CLOSED DATE
Reset Details
HAV APPLIES YEARS
NO. OF YEARS
HAV TERM
Age
Contract Year
Daily
Days
Monthly
Months
Quarterly
Semi-Annually
Years
STEP UP %
STEP UP % BASIS
Select
Account Value
Accumulation Value
Benefit Base
Earnings
Fixed Account Value
Indexed Account Value
Interest Bonus
Others
Purchase Payments
Variable Account Value
SIMPLE / COMPOUND
Select
Compound
Simple
NO. OF RESET
RESET TERM
Select
Age
Contract year
Days
Months
Years
FORMULA
— None —
Notes
DESCRIPTION
Premium accumulation value is the sum of premiums paid, accumulated at an annual compound rate of interest for a 10-year period during the accumulation phase beginning with the later of the rider activation date or the most recent reset date. The rate of interest is: 5% (6% for contracts issued in state NY) for the rider year in which no withdrawal is taken and 0% for the rider year in which a withdrawal is taken. The initial premium accumulation value is equal to the initial premium if the rider activation date is the same as the policy date, if the rider activation date is after the policy date; it is equal to the policy value as of the rider activation date.
RESET NOTE
On each Policy Anniversary during the accumulation phase, the Premium Accumulation Value will be reset to the policy value, if it is greater. At the time of a reset a new 10-year period begins for ââ¬â 1) Premium Accumulation Value and, 2) Comparison of anniversary policy values to determine the Maximum Anniversary Policy Value. On each contract anniversary during the withdrawal phase, Issuer will compare the contract's accumulation value to the benefit base. If the contract's accumulation value is greater than the benefit base on any anniversary, Issuer will increase the benefit base to equal the contract's accumulation value and recalculate the LWBA, which will increase the LWBA.
Cancel