Guaranteed Minimum Death Benefit definition
Guaranteed Minimum Death Benefit or "GMDB" prior to the first Contract Anniversary is equal to the Contributions made for a Participant minus any of his withdrawals or loans. On each Contract Anniversary prior to, or concurrent with, the Participant's date of death, the GMDB is reset, based on the age of the Participant on his last birthday, as follows:
Guaranteed Minimum Death Benefit. The guaranteed minimum death benefit is initially equal to the first Purchase Payment. It is immediately increased by additional Purchase Payments and adjusted for withdrawals. After such withdrawals, the guaranteed minimum death benefit will be recalculated by multiplying the prior guaranteed minimum death benefit by the ratio of the contract value after the withdrawal to the contract value before the withdrawal.
Guaranteed Minimum Death Benefit provisions of the Contract. The attained age of the surviving spouse will be the basis used in determining the death benefit payable under the Contract. DEATH OF THE SURVIVING SPOUSAL OWNER DURING THE ACCUMULATION PERIOD AFTER ACTIVATING SPOUSAL CONTINUANCE -- If a surviving spousal Owner dies after activating Spousal Continuance but before the Annuity Date, a death benefit will be payable, based on the applicable death benefit option elected under the Contract. VFLEX-2003-NY 17
More Definitions of Guaranteed Minimum Death Benefit
Guaranteed Minimum Death Benefit. The guaranteed minimum death benefit is initially equal to the first Purchase Payment. It is immediately increased by additional Purchase Payments and adjusted for withdrawals. After such withdrawals, the guaranteed minimum death benefit will be recalculated by multiplying the prior guaranteed minimum death benefit by the ratio of the contract value after the withdrawal to the contract value before the withdrawal. GUARANTEED MINIMUM DEATH BENEFIT RESET: The guaranteed minimum death benefit will be reset on each 5-year contract anniversary until the older Owner attains age 75. The reset benefit is equal to the immediately preceding guaranteed minimum death benefit or the contract value on that date, if higher. LIMITATION ON At most, one guaranteed minimum death benefit will be DEATH BENEFIT paid during the life of the Contract. In addition, the maximum amount that we will add to the contract value is limited to $1 million. This limitation applies to any amount added to the contract value so that the contract value equals the guaranteed minimum death benefit. All subsequently issued contracts will be aggregated for this limitation if your death triggers payment of a death benefit under such contracts. PAYMENT OF DEATH To pay the death benefit, we need proof of death BENEFIT acceptable to us, such as a certified copy of a death certificate, plus written direction regarding how to pay the death benefit payment. If the death benefit is payable to an Owner's estate, we will pay it in a single payment. The death benefit may be paid as: - a lump sum payment or series of withdrawals that are completed within five years from the date of death; or - annuity payments made over life or life expectancy. To receive annuity payments, this election must be made within 60 days from our receipt of proof of death. Annuity payments must begin within one year from the date of death. Once annuity payments begin, they cannot be changed. If a person entitled to receive a death benefit dies before the death benefit is distributed, we will pay the death benefit to that person's named beneficiary or, if none, to that person's estate. DEATH OF If the Annuitant is not the Owner and dies after the ANNUITANT Annuity Date, then we will continue paying any ON OR AFTER THE remaining annuity payments to the payee designated by ANNUITY DATE the Owner. DEATH OF OWNER If the Owner dies after the Annuity Date, then any ON OR AFTER THE amounts paid after the death of the Owner will depend ANNUITY...