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Variable Annuity
Rider bbes
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Nirmala
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IB
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Income Boost GLWB V1
Modified 12 months ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Apr 04, 2022
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 withdrawals of a guaranteed amount of money each year, referred to as Annual Withdrawal Amount (AWA). AWA is determined by multiplying the Withdrawal Benefit Base by Adjusted Lifetime Withdrawal Percentage as on the Income Start date. On the rider issue date Withdrawal Benefit Base will be equal to the Initial Purchase Payments , thereafter increasing by any additional purchase payments and available Step-ups and Bonus, decreased by any withdrawals.
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.
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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