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Variable Annuity
Rider bbes
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Nirmala
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● Terminated
Income Protector
Modified over 4 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Oct 04, 2016
Details
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Identity
NAME
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INTERNAL CASE NAME
RIDER TYPE
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GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
— None —
Benefit Base
BENEFIT BASE — GENERAL
Benefit Base is the greatest of - 1) Contract Value, 2) highest quarterly Contract Value, or 3) quarterly simple interest applied to Purchase Payments adjusted for withdrawals for a guaranteed number of years (Annual Increase). If the rider effective date is the Issue Date, both the Annual Increase and the increase base on the rider effective date are equal to the Purchase Payment received on the rider effective date. If the rider effective date occurs after the Issue Date, both the Annual Increase and the increase base on the rider effective date are equal to the Contract Value. On each Quarterly Anniversary, Quarterly Anniversary Value is compared to the Contract Value using the values determined at the end of the prior Business Day and increases Quarterly Anniversary Value to equal this Contract Value if it is greater, Quarterly Anniversary Value increases by the amount of any additional Purchase Payments received and reduces proportionately by the percentage of Contract Value withdrawn that day. On each Quarterly Anniversary during the guarantee years, a simple interest increase of is applied to the Purchase Payments (or the Contract Value on the rider effective date, if applicable). The current annual increase percentage is 5%, and the current quarterly simple interest increase is 1.25%. Quarterly Anniversary Value and Annual Increase is calculated during the Accumulation Phase and before the earlier of the older Covered Person's 91st birthday or the Benefit Date.
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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