GMIR definition

GMIR means Guaranteed Minimum Income Rider. This Rider becomes effective as of the Contract Date (the "Rider Date"). Benefits provided and charges made under the terms and conditions of this Rider are described below. This Rider provides benefits only to the end of the GMIR Period shown in the Contract Schedule. This Rider will remain in effect until terminated under any one of the conditions described under the Rider Termination provision below. Beginning with the initial Variable Annuity Payment, and each Variable Annuity Payment thereafter, to the end of the GMIR Period shown in the Contract Schedule, the Variable Annuity Payment due under the Contract to which this Rider is attached is guaranteed to never be less than the GMIR Payment shown in the Contract Schedule, provided the following conditions are met:
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Examples of GMIR in a sentence

  • Any amount delayed, so long as it is held under any FAO, will earn interest at the GMIR on an annual basis thereafter while any delay continues.

  • The Guaranteed Interest Rate will never be less than the GMIR shown in the Contract Specifications.

  • Adjusted Index Return = Lesser of Index Return or Maximum Total Interest Rate Index-Linked Interest = (Net FAO Value*** X Pro-rata Factor X Adjusted Index Return) minus GMIR credited during the contract year, where: • Net FAO Value equals FAO Value on the prior Contract Anniversary minus withdrawals during the contract year ICC09:10-1169 • Pro-rata Factor equals 1, unless there is a subsequent payment, a death benefit is payable or the contract is annuitized.

  • In the event that a default is declared and the rights of LICENSEE under this Agreement are terminated, all payments required hereunder, including, but not limited to, Trademark Royalty and Advertising Payments on past sales, and all GMIR for the Licensed Term, unpaid bills, etc., shall be immediately due and payable to LICENSOR, in full, plus any interest due thereon at the rate prescribed in 5.2 above.

  • Guaranteed Minimum Interest Rate (GMIR) — the minimum interest rate, shown in the Contract Specifications that will be credited to the FAO.

  • The GMIR is expressed as an annual rate and interest is accrued daily.

  • The Crediting Rate shall be equal to the greater of the GMIR and the Target Crediting Rate.

  • Adjusted Index Return = Lesser of Index Return or Maximum Total Interest Rate Index-Linked Interest = (Net FAO Value*** X Pro-rata Factor X Adjusted Index Return) minus GMIR credited during the contract year, where: • Net FAO Value equals FAO Value on the prior Contract Anniversary minus withdrawals during the contract year • Pro-rata Factor equals 1, unless there is a subsequent payment, a death benefit is payable or the contract is annuitized.