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GRIP Details
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Overview
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Use the GRIP link to view specific details about the contract’s Guaranteed Retirement Income Program (GRIP). GRIP guarantees you a specified minimum future income regardless of market fluctuations if the contract is annuitized. As an optional, irrevocable rider on your contract, GRIP can only be elected at issue and a percentage of the income base is charged as a fee on each contract anniversary or upon full withdrawal. You can take advantage of this program only if you choose to annuitize the contract after the Earliest Election Date but prior to the Maximum Election Date.

Depending on your contract type, you may not be able to view all details.

  

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  Earliest Election Date

Earliest date that a contract holder can exercise the GRIP program by annuitizing the annuity. The earliest election date must be a contract anniversary date.  If the contract is participating in the GRIP program, then the earliest election date falls seven years after the inception date if no Step-ups were opted

  
 
  Income Base Initial purchase payment grown at the specified interest rate (growth factor); increased by new payments, accumulated with interest; reduced by withdrawals, including charges. Calculated on a daily basis.  
 
  Maximum Election Date Latest date that a contract holder can exercise the GRIP program by annuitizing the annuity. The date is the later of the contract anniversary immediately prior to the oldest annuitant’s 85th birthday or the 7th contract anniversary.  
 
  Monthly Payout Amount Amount assumes no additional investments or withdrawals are made to the contract and is based on a payment stream to begin on the earliest election date, guaranteed to continue for the lifetime of the annuitant with a minimum of 10 years.  
 
  Rider Date Date that GRIP was added to the contract. This is the same date as the inception date of new issue.  
 
  Step-up Amount If GRIP is elected and the contract is  annuitized, the income base will ‘Step-up’ to the contract value on the contract anniversary date (provided that the anniversary value is higher than the income base).  
 
  Step-up Date Last date the contract value was stepped-up.