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Variable Annuity
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Nirmala
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LL
● Terminated
Lincoln Long-Term Care Advantage Rider
Modified about 1 year ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Sep 14, 2012
Details
BBE
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Identity
NAME
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INTERNAL CASE NAME
RIDER TYPE
*
GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
— None —
Benefit Base
BENEFIT BASE — GENERAL
The first payments from the rider paid out of contract value will be Acceleration Benefits. Acceleration Benefits is equal to the initial purchase payment, plus subsequent purchase payment adjusted for withdrawals and Acceleration Benefits payments. If growth benefit has not been elected, LTC guaranteed amount equals the Acceleration Benefits. If contract value is reduced to zero, Acceleration Benefits is paid from assets in general account. On the contract date, the Acceleration Benefits Duration is 84 months. However, the Acceleration Benefits Duration shortens each year until the 5th contract anniversary, when the Acceleration Benefits Duration will be its shortest duration of 24 months. When the Acceleration Benefits is reduced to zero, Extension Benefit will be paid as monthly Extension Benefit payments, which is twice the initial Acceleration Benefits. Extension Benefit payments are paid up to the Maximum Monthly Level Benefit amount, which is calculated on the contract date and each contract anniversary up to, and including, the 5th contract anniversary. Acceleration Benefits are funded in whole or in part by contract value, Extension Benefit payments will be made from issuer's assets in general account. If owner wants to lock in any investment gains in contract with respect to rider, may purchase the Growth Benefit option at issue for an additional charge. Owner, if elects the Growth Benefit option, will not be able to make any Conforming Withdrawals and all withdrawals will be Excess Withdrawals that negatively impact the rider. Growth Benefits are paid from the contract value; however, if contract value is reduced to zero due to withdrawals and/or adverse investment experience of the subaccounts before the locked-in Growth Benefit is paid, Issuer will make remaining payments from his general account.
BENEFIT BASE — WITHDRAWAL
Once owner begin receiving LTC Benefits and contract value is moved to the LTC Fixed Account, the contract value in the LTC Fixed Account will only increase by the amount of interest credited to the LTC Fixed 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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