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Variable Annuity
Rider bbes
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Nirmala
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GW
● Terminated
Guaranteed Withdrawal Benefit for Life (Converted from GMIB I)
Modified almost 2 years ago
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RIDER TYPE
GLWB
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GMAB
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Fixed Annuity
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Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
Upon conversion of the Guaranteed minimum income benefit to GWBL, the GWBL benefit base is equal to either account value or the applicable GMIB base. GWBL base will increase or decrease as - 1) GWBL benefit base may be increased on each contract date anniversary due to Annual Ratchet, 2) GWBL benefit base is not reduced by withdrawals except that cause total withdrawals in a contract year to exceed Guaranteed annual withdrawal amount. Guaranteed annual withdrawal amount is calculated based on whether the benefit is based on a Single Life or Joint Life. Guaranteed annual withdrawal amount will be equal to - 1) either: (i) account value on the Conversion effective date or (ii) Guaranteed minimum income benefit base on the Conversion effective date, multiplied by 2) the relevant Applicable percentage.
BENEFIT BASE — WITHDRAWAL
The withdrawal amount may be withdrawn at any time during the contract year that begins on the Conversion effective date, or any subsequent contract year.
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