Annual Rider Charge definition

Annual Rider Charge. The Annual Rider Charge of [1.50%], subject to a maximum charge of [2.25%], of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset.
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Annual Rider Charge. The Annual Rider Charge of [1.50%], subject to a maximum charge of [2.25%], of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Enhancement Period: [8] Contract Years following the Rider Effective Date. Enhancement Rate: [6.00%] Annual Income Percentage: Age Annual Income Percentage [through age 64] [4.35%] [65-74] [5.60%] [75-79] [5.80%] [80 and older] [6.40%] Benefit Base Maximum: [None] Maximum Additional Purchase Payments: [$25,000] Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. [A123456] ICC20-70559 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications. Benefit Base Enhancement The dollar amount added to the Benefit Base on any Contract Anniversary during the Enhancement Period when there are no withdrawals in the prior Contract Year. Benefit Base Reset The Benefit Base is reset on any Contract Anniversary where the Contract Value is greater than the Benefit Base after application of the Benefit Base Enhancement, if any. The Benefit Base will increase to the Contract Value, but will not exceed the Benefit Base Maximum. The Benefit Base will continue to be eligible for an increase due to a Benefit Base Reset on each Contract Anniversary until a Benefit Base Reset is declined as described in the Annual Rider Charge section. Designated Life The person listed in the Rider Specifications whose lifetime will be used to determine the benefits under this rider. The Designated Life is the Owner of the contract. If the Owner of the contract is other than a natural person, such as a trust or other similar entity, the Designated Life is the Annuitant. A Designated Life may not be added or changed after the Rider Effective Date. Enhancement Base The amount that is multiplied by the Enhancement Rate to calculate any applicable Benefit Base Enhancement. The Enhancement Base will not exceed the Benefit Base Maximum as shown in the Rider Specifications. Guaranteed Annual Income (GAI) The maximum amount that can be withdrawn in any Contract Year after the ...
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Annual Rider Charge. The Annual Rider Charge of 1.5%, subject to a maximum charge of 2.25%, of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Annual Income Percentage (AIP): Age AIP Age AIP Age AIP 55 2.80 % 65 4.55 % 75 5.05 % 56 2.90 % 66 4.60 % 76 5.15 % 57 3.00 % 67 4.65 % 77 5.25 % 58 3.10 % 68 4.70 % 78 5.35 % 59 3.25 % 69 4.75 % 79 5.45 % 60 3.40 % 70 4.80 % 80 5.55 % 61 3.55 % 71 4.85 % 81 5.60 % 62 3.65 % 72 4.85 % 82 5.65 % 63 3.75 % 73 4.90 % 83 5.70 % 64 3.85 % 74 4.95 % 84 5.75 % 85+ 5.80 % Benefit Base Maximum: None Maximum Additional Purchase Payments: $25,000 Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. A123456 ICC20-70593 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications.
Sample 1

Examples of Annual Rider Charge in a sentence

  • The Benefit Base will continue to be eligible for an increase due to a Benefit Base Reset on each Contract Anniversary until a Benefit Base Reset is declined as described in the Annual Rider Charge section.

  • A proportionate amount of the Annual Rider Charge will be deducted upon termination of this rider or surrender of the contract.

  • The Annual Rider Charge will be discontinued upon termination of the rider as described in the Rider Termination section.

  • The Annual Rider Charge following the increase will not exceed the current Annual Rider Charge for new issues.

  • Declining the Annual Rider Charge increase will result in no increase to the Benefit Base.

  • For purposes of calculating the Annual Rider Charge, the greater of the Contract Value or the Benefit Base will be subject to the Benefit Base Maximum.

  • If you elect to decline the Annual Rider Charge increase, you must provide a Written Request to us no less than seven calendar days prior to the Contract Anniversary.

  • The annual rider charge may increase at the time of a Benefit Base Reset as described under the Annual Rider Charge section.

  • You will be notified in writing a minimum of 30 days prior to the Contract Anniversary that you may decline the Annual Rider Charge increase.

  • Once you notify us of your decision to decline the Annual Rider Charge increase, you will no longer be eligible for future Benefit Base increases.


More Definitions of Annual Rider Charge

Annual Rider Charge. The Annual Rider Charge of 1.5%, subject to a maximum charge of 2.25%, of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Annual Income Percentage (AIP): Age AIP Age AIP Age AIP 55 3.95% 65 5.70% 75 6.20% 56 4.05% 66 5.75% 76 6.30% 57 4.15% 67 5.80% 77 6.40% 58 4.25% 68 5.85% 78 6.50% 59 4.40% 69 5.90% 79 6.60% 60 4.55% 70 5.95% 80 6.70% 61 4.70% 71 6.00% 81 6.75% 62 4.80% 72 6.00% 82 6.80% 63 4.90% 73 6.05% 83 6.85% 64 5.00% 74 6.10% 84 6.90% 85+ 6.95% Lifetime Income Percentage (LIP): Age AIP Age AIP Age AIP 55 2.50% 65 3.50% 75 3.50% 56 2.50% 66 3.50% 76 3.50% 57 2.50% 67 3.50% 77 3.50% 58 2.50% 68 3.50% 78 3.50% 59 2.50% 69 3.50% 79 3.50% 60 3.00% 70 3.50% 80 3.50% 61 3.00% 71 3.50% 81 3.50% 62 3.00% 72 3.50% 82 3.50% 63 3.00% 73 3.50% 83 3.50% 64 3.00% 74 3.50% 84 3.50% 85+ 3.50% Benefit Base Maximum: None Maximum Additional Purchase Payments: $25,000 Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. A123456 ICC20-70592 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications.
Sample 1
Annual Rider Charge. The Annual Rider Charge of [1.50%], subject to a maximum charge of [2.25%], of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Enhancement Period: [8] Contract Years following the Rider Effective Date. Enhancement Rate: [6.00%] Continuation Factor: [50.00%] Annual Income Percentage: Age Annual Income Percentage [through age 64] [5.10%] [65-74] [6.10%] [75-79] [6.40%] [80 and older] [7.00%] Benefit Base Maximum: [None] Maximum Additional Purchase [$25,000] Payments: Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. [A123456] ICC20-70561 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications. Benefit Base Enhancement The dollar amount added to the Benefit Base on any Contract Anniversary during the Enhancement Period when there are no withdrawals in the prior Contract Year. Benefit Base Reset The Benefit Base is reset on any Contract Anniversary where the Contract Value is greater than the Benefit Base after application of the Benefit Base Enhancement, if any. The Benefit Base will increase to the Contract Value, but will not exceed the Benefit Base Maximum. The Benefit Base will continue to be eligible for an increase due to a Benefit Base Reset on each Contract Anniversary until a Benefit Base Reset is declined as described in the Annual Rider Charge section. Continuation Date The Contract Anniversary following the first date we receive either a) due proof of death of a Designated Life, or b) your Written Request to remove a Designated Life due to divorce. Continuation Factor The factor applied to the Guaranteed Annual Income on the Continuation Date. Designated Life The person listed in the Rider Specifications whose lifetime, along with the Joint Designated Life, will be used to determine the benefits under this rider. The Designated Life is the Owner of the contract. If the Owner of the contract is other than a natural person, such as a trust or other similar entity, the Designated Life is the Annuitant. A Designated Life may be removed due to...
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Annual Rider Charge. The Annual Rider Charge of 1.5%, subject to a maximum charge of 2.25%, of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Annual Income Percentage (AIP): Age AIP Age AIP Age AIP 55 3.95 % 65 5.70 % 75 6.20 % 56 4.05 % 66 5.75 % 76 6.30 % 57 4.15 % 67 5.80 % 77 6.40 % 58 4.25 % 68 5.85 % 78 6.50 % 59 4.40 % 69 5.90 % 79 6.60 % 60 4.55 % 70 5.95 % 80 6.70 % 61 4.70 % 71 6.00 % 81 6.75 % 62 4.80 % 72 6.00 % 82 6.80 % 63 4.90 % 73 6.05 % 83 6.85 % 64 5.00 % 74 6.10 % 84 6.90 % 85 + 6.95 % Lifetime Income Percentage (LIP): Age LIP Age LIP Age LIP 55 2.50 % 65 3.50 % 75 3.50 % 56 2.50 % 66 3.50 % 76 3.50 % 57 2.50 % 67 3.50 % 77 3.50 % 58 2.50 % 68 3.50 % 78 3.50 % 59 2.50 % 69 3.50 % 79 3.50 % 60 3.00 % 70 3.50 % 80 3.50 % 61 3.00 % 71 3.50 % 81 3.50 % 62 3.00 % 72 3.50 % 82 3.50 % 63 3.00 % 73 3.50 % 83 3.50 % 64 3.00 % 74 3.50 % 84 3.50 % 85 + 3.50 % Benefit Base Maximum: None Maximum Additional Purchase Payments: $25,000 Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. A123456 ICC20-70592 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications.
Sample 1
Annual Rider Charge. The Annual Rider Charge of 1.5%, subject to a maximum charge of 1.50%, of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Enhancement Period: 12 Contract Years following the Rider Effective Date. Enhancement Rate: Contract Anniversary 1-4 5.00% Contract Anniversary 5-8 10.00% Contract Anniversary 9-12 15.00% Continuation Factor: 50.00% Annual Income Percentage: Age Annual Income Percentage through age 64 4.50% 65-74 5.00% 75-79 5.50% 80 and older 6.00% Benefit Base Maximum: None Maximum Additional Purchase Payments: $25,000 Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. A123456 ICC20-70597 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications.
Sample 1
Annual Rider Charge. The Annual Rider Charge of 1.5%, subject to a maximum charge of 2.25%, of the greater of Contract Value or Benefit Base is deducted quarterly from Contract Values allocated to the Variable Account. The Annual Rider Charge may increase, subject to the maximum charge shown above, at the time of a Benefit Base Reset. Annual Income Percentage (AIP): Age AIP Age AIP Age AIP 55 3.25% 65 5.00% 75 5.50% 56 3.35% 66 5.05% 76 5.60% 57 3.45% 67 5.10% 77 5.70% 58 3.55% 68 5.15% 78 5.80% 59 3.70% 69 5.20% 79 5.90% 60 3.85% 70 5.25% 80 6.00% 61 4.00% 71 5.30% 81 6.05% 62 4.10% 72 5.30% 82 6.10% 63 4.20% 73 5.35% 83 6.15% 64 4.30% 74 5.40% 84 6.20% 85+ 6.25% Benefit Base Maximum: None Maximum Additional Purchase Payments: $25,000 Contract Value Allocation: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. A123456 ICC20-70591 Minnesota Life 1 Definitions Benefit Base The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications.
Sample 1

Related to Annual Rider Charge

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