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Variable Annuity
Rider bbes
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Nirmala
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IB
● Terminated
Income Boost GLWB
Modified over 2 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
May 03, 2021
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
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Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
The GLWB allows to withdraw a guaranteed amount of money each year, referred to as Annual Withdrawal Amount (AWA). AWA is determined by multiplying the Withdrawal Benefit Base by Lifetime Withdrawal Percentage as on the Income Start date. On the rider issue date Withdrawal Benefit Base will be equal to the initial Purchase Payment, thereafter increasing by any additional purchase payments and available Step-ups or Bonus. On each Contract Anniversary, greater of the 1) Step-up Value; or 2) Bonus Value will increase the Withdrawal Benefit Base.
BENEFIT BASE — WITHDRAWAL
On each Contract Anniversary, after the Lifetime Income is elected, Withdrawal Benefit Base is increased to the greatest of 1) the current Contract Value; or 2) the current Withdrawal Benefit Base increased proportionally by any applicable Bonus Amount to reflect the days elapsed since the last Contract Anniversary. Following the Income Start Date, the Withdrawal Benefit Base will not decrease unless the cumulative withdrawals in the Contract Year exceed the AWA and Bonus Feature will no longer be available, however Step-up continues, until the valuation date, immediately preceding the Annuitization. Income Boost can step up on a Quarterly basis.
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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