GMDB Amount definition

GMDB Amount means, in accordance with each Variable Annuity Contract, the Ceding Company's contractually determined minimum amount payable on the death of the annuitant.
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GMDB Amount means the CEDING COMPANY's minimum required payment, pursuant to a VARIABLE ANNUITY CONTRACT, on the death of the INSURED LIFE.
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GMDB Amount means the contractually determined minimum value payable on death of the INSURED LIFE, under an ANNUITY CONTRACT, subject to the CONTRACT TYPE and GMDB TYPE.
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Examples of GMDB Amount in a sentence

  • If the Annuitant dies on or after the first Milestone Date, the death benefit will be equal to the greater of the Death Benefit Amount or the GMDB Amount as of the Notice Date.

  • If the Annuitant dies after the first Milestone Date and had not yet reached his or her 81st birthday as of the first Milestone Date, the death benefit will be equal to the greater of the Death Benefit Amount, or the GMDB Amount as of the Notice Date.

  • If the Annuitant dies on or after the first Milestone Date, the death benefit proceeds will be equal to the greater of the Death Benefit Amount or the GMDB Amount as of the Notice Date.

  • If the Annuitant dies after your first Milestone Date and had not yet reached his or her 76th birthday as of your first Milestone Date, the death benefit will be equal to the greater of the Death Benefit Amount or the GMDB Amount as of the Notice Date.


More Definitions of GMDB Amount

GMDB Amount means for each ACTIVE CONTRACT, the CEDING COMPANY's minimum required payment, pursuant to a VARIABLE ANNUITY CONTRACT, on the death of the INSURED LIFE EXCLUDED CONTRACT means any Venture or Venture Vision VARIABLE ANNUITY CONTRACT that (a) is issued prior to 1/1/2003 and has experienced partial withdrawals of more than [*] of the RETAIL ANNUITY PREMIUMS and has an ACCOUNT VALUE that is less than [*] of the GMDB AMOUNT, OR (b) has a GMDB AMOUNT that is contractually set to the ACCOUNT VALUE. Any EXCLUDED CONTRACT shall be treated as such only on and after the earliest date as of which it satisfies any of the conditions identified as (a) or (b), above
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