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Variable Annuity
Rider bbes
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Nirmala
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IB
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Income Benefit
Modified 6 months ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Oct 18, 2021
Details
BBE
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EEB
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Identity
NAME
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INTERNAL CASE NAME
RIDER TYPE
*
GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
— None —
Benefit Base
BENEFIT BASE — GENERAL
Income payments are based on the Lifetime Income Percentage of the contract value, Lifetime Income Percentages are determined by the two income payment options as per the beneficiary needs - 1) Level Income, provides consistent, dependable income for life; or 2) Increasing Income, provides guaranteed income for life, plus an opportunity for payment increases. On the Income Benefit date, initial annual maximum Income Percentage is less than $100
BENEFIT BASE — WITHDRAWAL
If the contract value reduces to zero during the Income Period for any reason other than Excess Withdrawal or Annuitization, the beneficiary will continue to receive the maximum available Income Payment until the death of the owner or last surviving covered person. Excess Withdrawals reduce annual maximum Income Payment in proportion to the Contract Value and the contract value decreases on a dollar-for-dollar basis with each Income Payment, Excess Withdrawals and any Contract expenses, deducted.
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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