Edit Legacy Income Option - Income Benefit Rider

Identity

COMPANY *

RIDER TYPE *

NAME *

INTERNAL NAME

DTCC RIDER ID *

PRODUCT POLICY TYPE *

Rules & Limits

RIDER SELECT RULE

BASED ON LIFE

MIN AGE

MAX AGE

ELIGIBLE PP

ELIGIBLE PP TERM

MAX BENEFIT BASE

MAX BENEFIT BASE %

WITH REDUCE BENEFIT BASE

FORMULA

Dates

INCEPTION DATE *

CLOSED DATE

State Availability

Exception

Not available in states

Status Flags

Terminated

Exclude Premium Bonus

Single Life

Joint Life

Spousal Continuation Option

Formula Case Available

Notes & Descriptions

BENEFIT DESCRIPTION

The rider allows for a withdrawal of up to 5% of the account value or RMDs (whichever is greater) and the rider death benefit base to remain at initial purchase payment. The rider death benefit is available upon the insuredâs death after the first contract anniversary. The amount of the death benefit depends on whether a lump sum is chosen or payments over a period of at least five years, in which case the death benefit equals the benefit base annuitized at 1% over the selected period of years.  Immediate payout equals the account value, plus 50% of any amount by which the rider death benefit base exceeds the account value. The full death benefit base cannot be paid as a lump sum. The death benefit base is generally equal to all purchase payments received during the first contract year, does not increase, but will be reduced by any withdrawal unless it is a protected withdrawal, or a withdrawal to pay rider charges. To qualify as a protected withdrawal, the withdrawal must not exceed the protected withdrawal amount, and must occur within the protected withdrawal period.  For any contract year, the protected withdrawal amount is the greater of 5% of the account value on the most recent contract anniversary or any required minimum distribution for the calendar year in which the current contract year began. The protected withdrawal period ends after 10 years in which one or more protected withdrawals were taken or, if earlier, when the insured reaches age 85. The rider will terminate under the following circumstances: Upon complete payment of the death benefit under the rider; If the contract is surrendered or annuitized; If an excess withdrawal reduces the death benefit base to less than $1,250; or if a withdrawal (including those to pay rider charges) reduces the contract account value to less than $1,250.

RIDER CANCELLATION

RIDER TERMINATION

AVAILABLE WHEN ADDED

SUBSEQUENT PREMIUM

WITHDRAWAL NOTES

PARTIAL WITHDRAWALS

REQUIRED MIN DISTRIBUTIONS

SPOUSAL CONTINUATION OPTION

EFFECT CHANGE OWNERSHIP

OTHER INFO

VERSION NOTES

INTERNAL NOTES

SCRAP BOOK

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