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Variable Annuity
Rider bbes
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Nirmala
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GW
● Terminated
Guaranteed Withdrawal Benefit for Life (Converted from GMIB II)
Modified almost 2 years ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Apr 30, 2012
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
Initial GWBL benefit base can be increased by an Annual Ratchet on each subsequent contract anniversary to equal the account value on that date if it is greater than the GWBL benefit base on that date. GWBL benefit base is recalculated on each contract anniversary to greater of - (i) the account value and (ii) the most recent GWBL benefit base. If account value is greater, benefit base will ratchet up the GWBL benefit base to equal the account value. For Joint life contracts, if GWBL benefit base ratchets on any contract anniversary after the beginning of taking withdrawals, Applicable percentage may increase based on the younger spouse's attained age at the time of the ratchet. For Single life contracts, if the initial GWBL benefit base and Applicable percentage are calculated using GMIB benefit base on the Conversion effective date and the GWBL benefit base is increased by an Annual Ratchet, then the Applicable percentage will increase from 5.0% to 6.0%. Guaranteed annual withdrawal amount will be equal to either - (i) account value on the Conversion effective date or (ii) Guaranteed minimum income benefit base on the Conversion effective date; multiplied by the relevant Applicable percentage.
BENEFIT BASE — WITHDRAWAL
The withdrawal amount may be withdrawn at any time during the contract year that begins on the Conversion effective date, or any subsequent contract year.
Applicability
Contract Value
Fixed Account Value
Variable Account Value
Indexed Account Value
Accumulation Value
Purchase Payments
Earnings
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