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Variable Annuity
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Nirmala
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CP
● Terminated
Capital Preservation Plus Lifetime Income - GMWB
Modified 11 months ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Mar 01, 2005
Details
BBE
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EEB
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Bonus
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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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Dates
INCEPTION DATE
*
CLOSED DATE
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HAV APPLIES YEARS
NO. OF YEARS
HAV TERM
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Contract Year
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STEP UP %
STEP UP % BASIS
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SIMPLE / COMPOUND
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NO. OF RESET
RESET TERM
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FORMULA
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Notes
DESCRIPTION
At the beginning of the Withdrawal Phase of the CPPLI Option, Nationwide determines the contract's lifetime withdrawal base, which is the dollar amount used to determine how much the Contract Owner can withdraw each year under the benefit. The lifetime withdrawal base will equal the Contract Value as of the end of the CPP Program Period (including any amounts credited under the principal guarantee).
RESET NOTE
On each 5-year anniversary of the beginning of the Withdrawal Phase, if the Contract Value exceeds the lifetime withdrawal base, the Contract Owner will have the opportunity to reset the lifetime withdrawal base to equal the current Contract Value. Issuer will provide the Owner with advance notice of any reset opportunity and will provide the Contract Value information necessary for the Contract Owner to decide whether or not to invoke the reset opportunity. If the Contract Owner chooses to reset the lifetime withdrawal base, it will be at Then current terms and conditions of the CPPLI Option.
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