The Benefits Rider includes a Benefit Base, a Benefit Base Floor, Lifetime Payment Amount (LPA), LPA Multiplier (also referred to as a Nursing Home Multiplier), and a Rider Death Benefit.
The Benefit Base is the amount used to calculate Rider benefits under the terms of the contract. The Benefit Base on the issue date is equal to the Benefit Base Floor and has the potential to increase. Lifetime payments are determined using your Benefit Base. On each contract anniversary during the first 20 contract years, the current Benefit Base may be increased by the weighted average percentage change in the Fixed and Indexed Accounts. The Benefit Base will be reduced for any withdrawals taken.
The Benefit Base Floor is as follows:
• 120% of premium at issue until the 5th contract anniversary, adjusted for withdrawals.
• 140% of premium on the 5th contract anniversary and until the 10th contract anniversary, adjusted for withdrawals
• 160% of premium beginning on the 10th contract anniversary and thereafter, adjusted for withdrawals
The Benefit Base Floor will be reduced for any withdrawals taken both before and after Lifetime Payments begin.
The Lifetime Payment Amount (LPA) is determined using the Benefit Base and depends on premium, age at issue when electing to begin payments and election of single or joint LPA. Once elected, the LPA cannot increase but could potentially decrease due to partial surrenders.
With the LPA Multiplier feature, the LPA can be doubled if confined to a nursing home for a period of more than 90 consecutive days, remain confined to that nursing home when each annual payment is due and have met the qualifying conditions each year. After meeting the conditions, the LPA Multiplier can continue to be paid out for a maximum of five payments or until the Accumulation Value reaches zero, whichever comes first. This benefit does not have to be utilized for a consecutive five year period. There is a waiting period of at least two years after the issue date before requesting the LPA Multiplier. The annuitant cannot be confined as of the issue date.
Rider Death Benefit
In the event of death, the beneficiary can choose the base contract death benefit, or one of these two Rider Death Benefit options:
1) the Benefit Base as of the date of death paid out in a series of equal periodic payments over 5 years with the first payment made upon notification of death; or
2) a lump sum equal to the Premium on the Benefits Rider Issue Date, provided no partial surrenders (other than for Benefits Rider Costs) have been taken since the Benefits Rider Issue Date.
Benefits vary for AK, CT, HI, IL, MN, MO, NJ, OR, PA, UT, VA and WA. Please see disclosure
Income Rider Features
Roll-Up Rate: n/a
Cost (Based on Income AV): 1.20%
Minimum Start Age: 50
Minimum Deferral: 2 Years