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Variable Annuity
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Nirmala
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PB
● Terminated
PRIME Benefit - Guaranteed Partial Withdrawal Benefi
Modified over 4 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
May 05, 2003
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
Owner can choose whether enhanced GPWB value is equal to - 1) 3% AIA, 2) 7% AIA; 3) MAV; or 4) contract value. A 3% annual increase on Purchase Payments, not including any bonus (3% AIA). The 3% AIA is subject to a maximum of 1.5 times total Purchase Payments received (not including any bonus) reduced for each partial withdrawal. A 7% annual increase on Purchase Payments received (not including any bonus) in the first five rider years adjusted for withdrawals (7% AIA). The 7% AIA is subject to a maximum of two times Purchase Payments received in the first five Contract Years reduced for each partial withdrawal or ith the Traditional PRIME Benefit, on the date GPWB Payments begin can take up to 10% of PB Value, which is the greatest of: 1) Total Purchase Payments (not including any bonus) adjusted for withdrawals (Total Purchase Payments), 2) The Contract Value (including any vested bonus) on the prior Contract Anniversary.
BENEFIT BASE — WITHDRAWAL
After the GPWB Payments begin: 1) No longer calculate the Total Purchase Payments if the owner have the Traditional PRIME Benefit, or 3% AIA, 7% AIA, or MAV if the owner have the Enhanced PRIME Benefit. 2) Owner cannot take new Partial Annuitizations. If take a Full Annuitization, GPWB Payments stop and the GPWB ends. 3) Any active automatic investment plan, systematic withdrawal, and/or minimum distribution programs end. 4) The partial withdrawal privilege will no longer be available. 5) Additional M&E charge for the for PRIME Benefit continues until the GPWB ends. 6) If you have Enhanced GMDB its additional M&E charge continues until the benefit ends. 7) Rewards Value and Contract Value continue to fluctuate as a result of Investment Choice performance, and it decreases on a dollar for dollar basis with each GPWB Payment and any Excess Withdrawal, 8) The GMDB and GPWB values will no longer increase. 9) Each GPWB Payment will reduce the GMDB value on a dollar for dollar basis and any Excess Withdrawals will reduce the GMDB value proportionately by the percentage of Contract Value withdrawn. 10) GPWB Payments will not reduce the Withdrawal Charge Basis, but any Excess Withdrawals will reduce the Withdrawal Charge Basis. 11) PB Value will no longer increase and each GPWB Payment and Excess Withdrawal reduces the PB Value as follows: A) GPWB Payments reduces the PB Value on a dollar for dollar basis, an, B) Excess Withdrawals taken during the Contract Year reduce the PB Value proportionately by the percentage of Contract Value withdrawn,
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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