GUARANTEED WITHDRAWAL AMOUNT Sample Clauses
The Guaranteed Withdrawal Amount clause defines the specific sum that a policyholder or contract owner is entitled to withdraw from an account or investment, typically on an annual basis, regardless of market performance. This amount is usually set at the inception of the contract or calculated based on a percentage of the initial investment, and withdrawals up to this limit are protected even if the underlying assets lose value. The core function of this clause is to provide financial security and predictability for the policyholder, ensuring a minimum income stream and mitigating the risk of market downturns affecting withdrawal capability.
GUARANTEED WITHDRAWAL AMOUNT. The Guaranteed Withdrawal Amount is the total amount that you or your ----- beneficiary will receive from the Contract over time, provided that withdrawals from your Contract do not exceed the Annual Benefit Payment (defined in Section 3 below) in any Contract Year. Your initial Guaranteed Withdrawal Amount is equal to the Initial Benefit Base. Your Initial Benefit Base as of the date of issue of this Rider is shown on the Contract Schedule. For each Purchase Payment made on or before the GWB Purchase Payment Date shown in the Contract Schedule, the Guaranteed Withdrawal Amount will be reset equal to the greater of a) the Guaranteed Withdrawal Amount before the Purchase Payment and b) the Benefit Base after the Purchase Payment. When a Purchase Payment is made after the GWB Purchase Payment Date, the Guaranteed Withdrawal Amount will not change. The GWB Purchase Payment Date is the last date that Purchase Payments can reset the Guaranteed Withdrawal Amount, Benefit Base or Annual Benefit Payment as defined below. Your Guaranteed Withdrawal Amount is not reduced for withdrawals. The Guaranteed Withdrawal Amount may also be reset as a result of an Automatic or Optional Reset as described below.
GUARANTEED WITHDRAWAL AMOUNT. In the section titled Guaranteed Withdrawal Amount, the following is added at the end of the section: If you name a second Covered Person, on the Contract Anniversary on which that Covered Person becomes effective the Guaranteed Withdrawal Amount will be adjusted to equal:
1) The lesser of the Benefit Base on that date or $5,000,000; Multiplied by
2) The Withdrawal Percentage determined according to Section 7 in this rider.
GUARANTEED WITHDRAWAL AMOUNT. The Guaranteed Withdrawal Amount is the minimum amount that You or Your beneficiary are guaranteed to receive from the Contract over time, provided that withdrawals from Your Contract do not exceed the Annual Benefit Payment (defined in Section 4 below) each Contract Year. The Guaranteed Withdrawal Amount is also the amount to which the Lifetime GWB Rider Charge is applied. Your initial Guaranteed ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, as of the date of issue of this rider, is equal to Your initial Purchase Payment.