Common use of GUARANTEED MINIMUM DEATH BENEFIT Clause in Contracts

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.