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Variable Annuity
Rider bbes
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Nirmala
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GW
● Terminated
Guaranteed Withdrawal Benefit for Life
Modified 27 days ago
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DTCC ID
—
RIDER TYPE
GLWB
COMPANY
—
INCEPTION
May 29, 2007
Details
BBE
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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 Base (BB) at contract issue, is equal to initial contribution and will increase or decrease, as follows: (1) benefit base increases by any subsequent contributions; (2) benefit base may be increased on each contract anniversary; (3) benefit base may be increased by the 200% Initial benefit base guarantee; and (4) benefit base is not reduced by withdrawals except those withdrawals that cause total withdrawals in a contract year to exceed withdrawal amount. Initial withdrawal amount is equal to a percentage of benefit base.
BENEFIT BASE — WITHDRAWAL
If the rider is elected and the account value falls to zero due to a GWBL Excess Withdrawal, the contract will be terminated and no payments or supplementary life annuity contract will be provided, even if the GWBL benefit base remains greater than zero. However, if the account value falls to zero as a result of a withdrawal or surrender that is not considered a GWBL Excess Withdrawal, or due to the deduction of charges, the benefit will continue to retain value. Issuer offer lump sum payment option if owner has elected GWBL; or GMIB that converted to a GWBL. Owner will have at least 30 days from day account value falls to zero to elect this option. This payment option may not be available in all states.
Applicability
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Fixed Account Value
Variable Account Value
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Accumulation Value
Purchase Payments
Earnings
Rollup Case Applicable
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Reset Applicable
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