Definitions Annuitant The annuitant is a person named by the owner who will receive payments under the Maturity Benefit in the policy. In many cases the owner and the annuitant are the same person. Beneficiary The beneficiary receives the death benefit at the time of the owner’s death. Income Rider Fee This rider is available for an additional rider charge equal to 1.30% for years 1-10 assessed on the Income Account Value and deducted from the Accumulation Value. The rider fee may change in year 11, if the roll-up is renewed, but it will not be more than 1.50%. Owner The owner makes the initial investment, selects the indexing strategies and names the annuitant and beneficiary. The owner can be an individual, trust, or an organization. The owner also has the right to request withdrawals and income payments. Premium Bonus The Premium Bonus is the product of the Premium Bonus Percentage shown on the Policy Data Page and the Single Premium. The Premium Bonus is included in the Initial Account Values shown on the Policy Data Page. The Premium Bonus is not considered a premium payment but is considered part of interest earnings.
8
SSLSBIBR-OT 073123
Made with FlippingBook - Share PDF online