GUARANTEED MINIMUM DEATH BENEFIT. The Guaranteed Minimum Death Benefit (GMDB) is a feature providing for the option to receive an enhanced death benefit upon the death of the sole Owner or the first to die of the Owner or Joint Owner during the Accumulation Period. The GMDB feature must be elected at the time you purchase your Contract. If you elect the GMDB feature, you must elect a GMDB Protected Value option. The GMDB Protected Value option can be equal to the GMDB Roll-Up, the GMDB Step-Up, or the greater of the GMDB Roll-Up and the GMDB Step-Up. The Contract Data pages indicate whether you have elected the GMDB feature and, if so, which GMDB Protected Value option you elected. The GMDB Protected Value is calculated daily. GMDB ROLL-UP: IF THE SOLE OWNER OR THE OLDER OF THE OWNER AND JOINT OWNER IS LESS THAN AGE 80 ON THE CONTRACT DATE, the GMDB Roll-Up is equal to the Invested Purchase Payments made, increased daily at an effective annual interest rate of 5% starting on the date that each Invested Purchase Payment is made. The GMDB Roll-Up will be increased by subsequent Invested Purchase Payments and reduced by the effect of withdrawals. We stop increasing the GMDB Protected Value by the effective annual interest rate on the later of: the Contract Anniversary coinciding with or next following the sole Owner's or older Owner's 80th birthday, or the 5th Contract Anniversary. However the GMDB Protected Value is still increased by subsequent Invested Purchase Payments and reduced by the effect of withdrawals. The words "reduced by the effect of withdrawals" in the preceding two paragraphs mean that withdrawals from the Contract will first reduce the GMDB Protected Value on a dollar for dollar basis, by the same dollar amount of the withdrawal up to the first 5% of GMDB Protected Value calculated on the immediately preceding Contract Anniversary (in the first Contract Year, the Contract Date). Then we apply a proportional reduction to the GMDB Protected Value that equals the same percent that the withdrawal amount exceeding 5% of the GMDB Protected Value reduced the Contract Value. To accomplish this, we will multiply the value of "A" by the value of "B" where: A = GMDB Protected Value minus C B = Contract Value minus withdrawal amount Contract Value minus C C = 5% of GMDB Protected Value * An amount up to 5% of the GMDB Protected Value withdrawn after the year in which the GMDB Roll-Up stops increasing, will reduce the GMDB Protected Value proportionally. IF THE SOLE OWNER OR THE OLDER O...
GUARANTEED MINIMUM DEATH BENEFIT. The amount of the Guaranteed Minimum Death Benefit (GMDB) is based on the death benefit option shown on the Policy Data Page. You may not change the GMDB option after the policy is issued.
GUARANTEED MINIMUM DEATH BENEFIT. The GMDB reinsured hereunder will be paid if an Annuitant dies prior to his or her retirement date. For issue ages 0-79, the amount of the death benefit is the greatest of: · the highest account value on any contract anniversary (prior to age 81) · total contributions minus any withdrawals · account value For issue ages 80-85, the amount of the death benefit is the greatest of: · total contributions minus any withdrawals · account value If the Annuitant is age 90 or older at the time of death (or 10 years from issue date, if later) the amount of the death benefit will be the account value. For purposes of calculation of the GMDB, the highest account value on any contract anniversary shall include subsequent contributions and minus any subsequent withdrawals. Withdrawals reflect market value adjustments applicable to withdrawals and reduce the GMDB on a pro-rata basis. The amount of the reduction will be determined by dividing the amount of the withdrawal by the annuity account value on the transaction date and multiplying this percentage by the then current GMDB.
GUARANTEED MINIMUM DEATH BENEFIT. There is a base Guaranteed Minimum Death Benefit provision. In addition, you may choose one of two Guaranteed Minimum Death Benefit options which provide different levels of death benefit guarantees. The two options have different issue requirements and guaranteed minimum death benefit monthly expense charges associated with them.
GUARANTEED MINIMUM DEATH BENEFIT. The amount of the Guaranteed Minimum Death Benefit (GMDB) is based on the death benefit option shown on the Policy Data Page. You may not change the GMDB option after the policy is issued. This GMDB is equal to:
(a) the step-up value as described below; plus
(b) any premium payments subsequent to the previous determination point; minus
(c) any Adjusted Partial Withdrawals subsequent to the previous determination point. On the Policy Date, the step-up value is the Policy Value. On each Policy Anniversary (referred to as the determination points) prior to the earlier of the date of death of the Annuitant or the Annuitant’s 81st birthday, a comparison is made between (a) and (b), where (a) is the Policy Value at this point in time and (b) is the previous step-up value, plus premium payments minus Adjusted Partial Withdrawals (as described below) made since the previous determination point. The larger of (a) and (b) becomes the new step-up value. This step-up process stops at the earlier of the date of death of the Annuitant or the Annuitant’s 81st birthday. The then current step-up value becomes the final step-up value.
GUARANTEED MINIMUM DEATH BENEFIT. 17 SPOUSAL CONTINUANCE ....................................................... 20
GUARANTEED MINIMUM DEATH BENEFIT. The Purchase Payment reduced proportionally for any partial withdrawals prior to the date the Request for payment is received.
GUARANTEED MINIMUM DEATH BENEFIT. 1. The indemnity cession shall be the share of the MNAR (defined in Article IV) that is generated, prior to the termination of the Reinsurer's liability (defined in Article II), by the Guaranteed Minimum Death Benefit ("GMDB").
2. The Reinsurer's maximum aggregate MNAR (defined in Article IV) liability has no calculated aggregate limit.
3. This Agreement covers only the Cedent's contractual liability for reinsured claims paid under variable annuity contracts specified in Schedule A and its Amendments related to contract and program changes that were submitted to the Reinsurer in accordance with the terms of this Agreement as set forth in Article XV.
4. Contracts issued by the Cedent which have external reinsurance will be excluded from this Agreement.
GUARANTEED MINIMUM DEATH BENEFIT. 1. For an individual contract, the liability of the Reinsurer under this Agreement will terminate either in accordance with Paragraph B, above, or upon the earliest of the following occurrences defined in the contracts ceded hereunder:
a. the date the owner elects to annualize;
b. surrender or termination of the contract;
c. the death of the owner or annuitant where such death triggers the payment of a contractual benefit, except when spousal continuance has been elected. On spousal continuance election, the Reinsurer's liability will be terminated upon death of the spouse; and
d. attainment of the maximum annuitization age or attained age 95, if earlier.
2. The Reinsurer shall indemnify Reinsured Contract claims only on those deaths as to which the actual date of death is on or after the Effective Date.
GUARANTEED MINIMUM DEATH BENEFIT. On each Contract Anniversary on or before the Owner's 85th birthday, the Guaranteed Minimum Death Benefit is recalculated and will equal the greater of:
