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Variable Annuity
Rider bbes
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Nirmala
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RP
● Terminated
Retirement Protection Account
Modified about 13 years ago
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Fixed Annuity
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RILA
Variable Annuity
FORMULA
— None —
Benefit Base
BENEFIT BASE — GENERAL
Benefit base is equal to initial lifetime income payment on the benefit base and the current payment percentage. On the benefit election date, the benefit base is the greater of retirement protection account value; or highest retirement protection account value from any prior quarterly anniversary adjusted for subsequent withdrawals (the quarterly anniversary value). Issuer will calculate quarterly anniversary value before the benefit election date and before the older covered person reaches age 91. On Issue date, quarterly anniversary value is initially equal to the purchase payment received and allocated to the retirement protection account. At the end of each business day, quarterly anniversary value is as follows. Issuer increase it by the amount of any additional purchase payments received and allocated to the retirement protection account, and any account value transferred into the retirement protection account and reduce it for any withdrawals or transfers taken out of the retirement protection account. The reduction is the greater of the percentage of retirement protection account value taken, or the dollar amount taken. On each quarterly anniversary, Issuer compare the quarterly anniversary value to retirement protection account value using the values determined at the end of the prior business day and increase the quarterly anniversary value to equal this retirement protection account value if it is greater.
BENEFIT BASE — WITHDRAWAL
On and after the benefit election date, benefit base only changes if annual maximum lifetime income payment is increased, excess withdrawal has taken, or retirement protection account value is transferred to the base account.
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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