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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
May 01, 2023
Details
BBE
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EEB
Multiplier
Bonus
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Rollup
Floor
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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
Income payments are based on the Lifetime Income Percentage. During the Accumulation phase, before Income Payment begins, owner receives an increase to each Lifetime Income Percentages. Lifetime Income Percentages are determined by the two income payment options - 1) Level Income, providing consistent, dependable income for life; or 2) Increasing Income, provides guaranteed income for life, plus an opportunity for payment increases. Initially, the Income Payment will be based on the current contract value. On the Income Benefit date, initial annual maximum Income Percentage is less than $100
BENEFIT BASE — WITHDRAWAL
Once the Income Payment begins, only the Index options with the Index Protection Strategies with Cap and Triggers are available. 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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