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Variable Annuity
Rider bbes
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Nirmala
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● Terminated
Highest Daily Lifetime Seven Income Benefit
Modified over 3 years ago
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
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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
Protected Withdrawal Value on the rider date is the policy value. Thereafter, until the earlier of the 10th rider anniversary or the date of first withdrawal the Protected Withdrawal Value on any valuation day is equal to the greater of - 1) Periodic Value on the previous valuation day accumulated at the daily equivalent of 7% annual interest, plus any purchase payments; and 2) the current policy value. Withdrawals up to the Lifetime Withdrawal amount do not reduce the Protected Withdrawal Value.
BENEFIT BASE — WITHDRAWAL
Once the first Lifetime Withdrawal is made, the Protected Withdrawal Value at any time is equal to the greater of - i) the Protected Withdrawal Value on the date of the first Lifetime Withdrawal, increased for subsequent purchase payments, and reduced for subsequent excess withdrawals; and ii) the highest quarterly policy value on any step-up, increased by subsequent purchase payments, and reduced for subsequent excess withdrawals.
Applicability
Contract Value
Fixed Account Value
Variable Account Value
Indexed Account Value
Accumulation Value
Purchase Payments
Earnings
Rollup Case Applicable
EEB Case Applicable
Floor Case Applicable
Reset Applicable
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