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Variable Annuity
Rider resets
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Nirmala
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● Terminated
Spousal Highest Daily Lifetime 7 Plus
Modified 9 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
*
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
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 (1) policy value at issue and (2) 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). Rider also provide one-time Non-Lifetime Withdrawal, it is an optional feature of benefit that can be elected at first withdrawal. Amount of Non-Lifetime Withdrawal cannot be more than amount that would cause annuity to be taken below minimum surrender value. Non-Lifetime Withdrawal will not establish initial annual benefit payment and Periodic Value described above will continue to be calculated. Non-Lifetime Withdrawal will proportionally reduce benefit base and annual benefit payments guaranteed on 10th, 20th or 25th anniversaries of rider issue date. / If no Lifetime Withdrawals are made before the 10th, 20th or 25th anniversary of the rider effective date, the Protected Withdrawal Value on the 10th, 20th or 25th rider anniversary will be the greater of - 1) Periodic Value; and 2) the sum of (a), (b), and (c) proportionally reduced for any Non-Lifetime Withdrawals: (a) 200% (on the 10th anniversary), 400% (on the 20th anniversary) or 600% (on the 25th anniversary) of the policy value on the rider effective date, (b) 200% (on the 10th anniversary), 400% (on the 20th anniversary) or 600% (on the 25th anniversary) 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 percentage based on the attained age of the annuitant on the rider anniversary.
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