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Variable Annuity
Rider resets
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Nirmala
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The Hartford's Lifetime Income Builder Selects - GMWB
Modified 7 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
BBE
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EEB
Multiplier
Bonus
Vesting
Rollup
Floor
Charge
ABP
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Identity
NAME
*
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
Both
Manual
Dates
INCEPTION DATE
*
CLOSED DATE
Reset Details
HAV APPLIES YEARS
NO. OF YEARS
HAV TERM
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Age
Contract Year
Daily
Days
Monthly
Months
Quarterly
Semi-Annually
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
Others
Purchase Payments
Variable Account Value
SIMPLE / COMPOUND
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Compound
Simple
NO. OF RESET
RESET TERM
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Age
Contract year
Days
Months
Years
FORMULA
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Notes
DESCRIPTION
Withdrawal Percent will be based on the chronological age of the Covered Life at the time of the first Surrender after Lifetime Eligibility Date, except - 1) If a partial surrender has not been taken, new Withdrawal Percent will be effective on the next birthday that brought the covered life into a new withdrawal percent age band; 2) If owner has deferred taking partial surrenders for five years from the date rider is issued, new Withdrawal Percent will be effective on the next birthday that brings the covered Life into a new Withdrawal Percent age band. New Withdrawal Percent will thereafter continue to change based on the age of the covered life; or 3) If the preceding requirements in (1) or (2) have not been met, new Withdrawal Percent will be effective as of the Contract Anniversary when the next automatic Payment Base increase occurs due to market performance after the birthday that brings the covered life into a new Withdrawal Percent age band.
RESET NOTE
Automatic payment base increase will reset benefit base on each contract anniversary until earlier of - 1) annuitant's 91st birthday or 2) annuitization. On each contract anniversary, new payment base will be equal to prior payment base multiplied by (current Anniversary Value divided by prior Payment Base), subject to minimum of 100% and maximum of 110% of prior payment base.
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