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Variable Annuity
Rider bbes
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Nirmala
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Lincoln ProtectedPay Select Plus
Modified over 1 year ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
—
INCEPTION
Nov 28, 2022
Details
BBE
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EEB
Multiplier
Bonus
Vesting
Rollup
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ABP
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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
The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. Protected Income base is used to calculate protected annual income amount. Protected Income base is equal to the initial purchase payment increased by any subsequent purchase payments, Account Value Step-ups and 6% enhancements less any withdrawals. The Enhancement Base is equal to the initial Purchase Payment, increased by subsequent Purchase Payments and decreased by Excess Withdrawals. The Enhancement Base is not increased by an Enhancement or Account Value Step-up.
BENEFIT BASE — WITHDRAWAL
The Protected Annual Income amount is determined by multiplying the Protected Income Base by the applicable rate, based on owner's age and whether the single or joint life option has been elected, and whether or not owner's Contract Value has been reduced to zero. The Protected Annual Income rate will be based on age as of the date the first withdrawal on or after age 59 (based on the age of the younger of owner or spouse for the joint life option). If owner contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the Protected Annual Income rate and amount will be immediately reduced. Owner may not withdraw the remaining Protected Income Base, Enhancement Base or Enhancement Value in a lump sum.
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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