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Variable Annuity
Rider bbes
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Nirmala
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Flex Income Control GLWB V1
Modified 10 months ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Apr 04, 2022
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GLWB
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Fixed Annuity
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FORMULA
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Benefit Base
BENEFIT BASE — GENERAL
The GLWB allows to withdraw a guaranteed amount 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 Contract value, thereafter increasing by additional 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. Lifetime Withdrawal Percentage is calculated as the applicable Lifetime Withdrawal Percentage plus the Lifetime Withdrawal Adjustment Factor (LWAF). LWAF is equals to the difference between the Adjustment Election Rate and the Adjustment Base Rate, where Adjustment Rate is the average of the 10 Yr Treasury Rate and 30 Yr Treasury Rate on the last Business Day of the month (prior to the Election Date for Election Rate and prior to the Issue Date for Base Rate).
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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