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Variable Annuity
Rider bbes
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Nirmala
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EG
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Enhanced Guaranteed Minimum Withdrawal Benefit
Modified 4 months ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Feb 12, 2018
Details
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NAME
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INTERNAL CASE NAME
RIDER TYPE
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GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
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Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
Rider operates under two different periods 1) accumulation period (Contract Issue date to Withdrawal payment start date); and 2) withdrawal period (start when guaranteed withdrawal payment starts). The income base is the value used to determine the Guaranteed Withdrawal Payments and the EGMWB rider charge. Income base value is equal to the greater of 1) Premiums paid in the first policy year, growing during the roll-up period at compounding roll-up rate, or 2) the Guaranteed Minimum Withdrawal Performance Value (GMWPV). The GMWPV is the lesser of a) premiums paid in first policy year multiplied by a premium factor of 5, and b) total account value (less premiums received after the first policy year) multiplied by the performance multiplier.
BENEFIT BASE — WITHDRAWAL
Rider has an automatic Step-up feature available on the day the withdrawal period begins and on each policy anniversary during the withdrawal period. It occurs when the Income Base is increased to the vested account value or the GMWPV. At Step-up, the EGMWP is recalculated and equals the stepped-up Income Base multiplied by the Guaranteed Withdrawal Percentages and will be based on the annuitant's age at the time of the step-up.
Applicability
Contract Value
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Rollup Case Applicable
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Reset Applicable
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