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Variable Annuity
Rider bbes
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Nirmala
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● Terminated
Income Protector (05.11)
Modified about 2 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
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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
On the rider effective date, benefit base is equal to the greater of - 1) quarterly anniversary value; or 2) annual increase. Quarterly anniversary value is initially equal to the purchase payment received on the issue date. If the rider effective date occurs after the issue date, the quarterly anniversary value is initially equal to the contract value at the end of the prior business day. On each quarterly anniversary, Issuer compare the quarterly anniversary value to the contract value using the values determined at the end of the prior business day and increase the quarterly anniversary value to equal this contract value if it is greater. On each quarterly anniversary during the guarantee years, Issuer applies a simple interest increase of one-fourth of the annual increase percentage to the purchase payments adjusted for withdrawals. Issuer establishes contract's number of guarantee years and annual increase percentage on the rider effective date. Current number of guarantee years is 30, the current annual increase percentage is 8%, and the current quarterly simple interest increase is 2%.
BENEFIT BASE — WITHDRAWAL
Issuer may change annual maximum lifetime plus payment on each benefit anniversary before the older covered person reaches age 91 as - 1) if annual maximum lifetime plus payment has been taken during the last benefit year, next year's annual maximum payment will be increased if contract value at the end of the prior business day is greater than the contract value from one year ago (which is the end of the last business day before the prior benefit anniversary). This increase is equal to the percentage of growth between these two contract values, 2) if the current payment percentage multiplied by the contract value at the end of the prior business day results in a higher annual maximum lifetime plus payment. Annual lifetime plus payment increases are not available once the older covered person reaches age 91, or on or after the business day contract value reduces to zero.
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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