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Document Preview Guaranteed Minimum Income Benefit Rider |
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Title: |
Guaranteed Minimum Income Benefit Rider |
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Date: |
2005 |
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Preview shows 3KB of 17KB total |
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$33 |
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ID: |
#2517530 |
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GUARANTEED MINIMUM INCOME BENEFIT RIDER
This rider is part of the contract to which it is attached. Except as stated in
this rider, it is subject to all of the provisions contained in the contract.
CONTRACT NUMBER: [13000000]
ANNUITANT: [John Doe]
[JOINT ANNUITANT: Jane Doe]
RIDER DATE: [May 1, 2003]
CONTRACT VALUE
ON THE RIDER DATE: [$10,000]
RIDER FEE PERCENTAGE: [0.60%]
EXERCISE PERIOD: [January 1, 2027 - January 1, 2057]
DEFINITIONS
EXERCISE PERIOD
The period during which you may exercise your rights under this rider. The
Exercise Period begins on the later of the [7th] Contract Anniversary following
the Rider Date or the Contract Anniversary following the Older Annuitant's 60th
birthday. The Exercise Period ends on the Contract Anniversary following the
Older Annuitant's 90th birthday.
EXERCISE DATE
The date you elect to begin receiving the Guaranteed Minimum Income Benefit. The
Exercise Date must be within 30 days following a Contract Anniversary that
occurs during the Exercise Period. The Exercise Date will become the Maturity
Date under the contract to which this rider is attached.
OLDER ANNUITANT
The older of the Annuitant and Joint Annuitant, if any, named under this rider,
whether alive or not.
RIDER DATE
The date that this rider is added to the contract.
GENERAL
LIMITATIONS AND CONDITIONS
While this rider is in effect, You may not add, change or replace any Annuitant
or Joint Annuitant named under this rider and the contract.
GUARANTEED MINIMUM INCOME BENEFIT
The Guaranteed Minimum Income Benefit is the series of monthly fixed annuity
payments made under this rider. The monthly fixed annuity payment amount is
calculated by multiplying the Guaranteed Annuitization Value on the Exercise
Date by the annuity payment option rate found in the provision
DR81 - 1 -
{PAGE}
entitled "GMIB Tables of Annuity Payment Option Rates" for the annuity payment
option you elect under this rider.
GUARANTEED ANNUITIZATION VALUE
On and before the Contract Anniversary following the Older Annuitant's 85th
birthday, the Guaranteed Annuitization Value is equal to A plus B minus C minus
D, or if less, 200% of all premium payments minus the sum of the Guaranteed
Annuitization Value Reductions, where:
A = the Contract Value on the Rider Date accumulated at an effective
annual rate (as determined below in the provision entitled "Effective
Annual Rate") starting on the Rider Date and ending on the date the
Guaranteed Annuitization Value is calculated.
B = the sum of premium payments made after the Rider Date minus any tax
paid, accumulated at an effective annual rate (as determined below in
the provision entitled "Effective Annual Rate") starting on the date
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