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Variable Annuity
Rider resets
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Nirmala
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1N
● Terminated
10% Nationwide Lifetime Income Rider
Modified 11 months ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Jan 24, 2011
Details
BBE
Reset
EEB
Multiplier
Bonus
Vesting
Rollup
Floor
Charge
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
*
Select reset type
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
— None —
Notes
DESCRIPTION
If no withdrawals have been taken from the contract, the benefit base will equal the greater of: (1) the highest contract value on any rider anniversary plus purchase payments submitted and credits applied after that anniversary; or (2) the sum of - (a) the original benefit base plus 10% of the original benefit base for each rider anniversary up to and including the 10th rider anniversary; (b) any purchase payments submitted after contract issuance and before the 10th rider anniversary increased by 10% simple interest through the 10th rider anniversary; and (c) any purchase payments submitted after the 10th rider anniversary.
RESET NOTE
The rider provides an automatic reset of the benefit base. If the contract value on any anniversary exceeds the benefit base, the benefit base will be reset to equal the contract value. The automatic reset will continue until any terms and conditions associated with the Lifetime Income Benefit change. In the event one or more terms and conditions change, the reset opportunities will still exist, but will no longer be automatic. An election to reset the benefit base will need to be made by the contract owner. Nationwide will provide a description of the new terms and conditions associated with the rider and instructions on how to elect a reset. Contract owners may cancel the automatic reset feature of the Lifetime Income Benefit by notifying the company. Nationwide reserves the right to modify or terminate the automatic reset feature as well.
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