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Variable Annuity
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7% Nationwide Lifetime Income Rider
Modified 12 months ago · Nationwide Life Insurance Company
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
Nationwide Life Insurance Company
INCEPTION
Mar 13, 2017
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
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 Non-Lifetime withdrawal is not taken from the contract before the 10th contract anniversary, the benefit base will be equal to the greater of - 1) highest contract value on any contract anniversary, plus purchase payments submitted and credits applied after that anniversary; or 2) Roll up value, equal to the sum of - a) Original Income Benefit Base with Roll up, for each contract anniversary upto the (and including) 10th anniversary, plus b) Subsequent Purchase Payments with Roll up, before the 10th contract anniversary, plus purchase payments submitted after contract issuance and before that contract anniversary, increased by simple interest at an annual rate of 7% each year, and plus c) Subsequent Purchase Payments with no Roll up submitted and purchase payment credits applied after the 10th contract anniversary.
RESET NOTE
If the contract value on any anniversary exceeds the benefit base, 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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