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Variable Annuity
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The Hartford's Lifetime Income Builder Portfolios - GMWB
Modified 7 months ago
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FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
Initially benefit base equals initial purchase payment; thereafter it will fluctuate based on 1) automatic payment base increases, 2) subsequent premium payments and 3) withdrawals.
BENEFIT BASE — WITHDRAWAL
Lifetime Income Eligibility Date is the date when covered life attains age 59 1/2, at which point Lifetime Benefit Payments can begin. Withdrawals taken prior to the Lifetime Income Eligibility Date are not guaranteed to be available throughout the lifetime. Cumulative partial surrenders taken during any Contract Year and prior to the Lifetime Income Eligibility Date, equal to or less than the amount as per applicable withdrawal percentage will reduce the Payment Base on a dollar-for-dollar basis whereas similar withdrawals after the Lifetime Income Eligibility do not reduce the Payment Base.
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