Guaranteed Minimum Interest Rate definition

Guaranteed Minimum Interest Rate means the minimum interest rate that will be credited to the contract value. This rate will never be less than zero (0%).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Guaranteed Minimum Interest Rate. [1.00% for the calendar year of issue] Minimum DCA Transfer Amounts: Monthly [$25] Quarterly [$75] Semi-Annual [$100] Annual [$300] GIA Transfer Limit: [12 transfers per Contract Year] Maximum GIA Transfer Amount [$1,000] Maximum GIA Transfer Percentage [25%] GIA Payment Limit [$250,000] Minimum Withdrawal Amount: [$100] Minimum Premium Payment: [$200] Maximum Premium Payment: [$1,000,000] Maximum Aggregate Premium Payment: [$5,000,000] Assumed Investment Rate: [4.5%] VASP-ENH2 7 ME

Guaranteed Minimum Interest Rate. (For the Interest Rate Guarantee Periods) Interest rates credited to the interest rate guarantee periods of the guaranteed interest account are guaranteed never to be less than the guaranteed minimum interest rate. The guaranteed minimum interest rate (for the interest rate guarantee periods) is shown on the schedule page. Taxes Some states charge a premium tax. We will deduct premium taxes if we must pay them. This may occur, for example, at the time when you pay a premium, surrender the policy, make a full or partial withdrawal, when the policy reaches the maturity date, or when a death benefit is paid. No charges are currently imposed for Federal, state, or local taxes other than state premium taxes. However, we reserve the right to deduct charges in the future for such taxes that are attributable to this policy. Transfers During the accumulation period, you may transfer the accumulation value among variable sub-accounts of the separate account and the interest rate guarantee periods of the guaranteed interest account. However, there may be restrictions on transfers from the interest rate guaranteed periods, see your schedule page for any limitations. During the annuity period, if you have chosen a variable annuity payment option, you may transfer the separate account value among the various variable sub-accounts, or to a fixed payment option. However, values are not permitted to be transferred from a fixed payment option. There are no limits on the number of transfers allowed. However, a transfer fee may be deducted from the accumulation value after you make 12 transfers in a policy year. The transfer fee may be applied to each transfer made. All transfers are subject to minimum amounts. Transfers from the guaranteed interest account may be subject to a MVA. Cash Surrender Value The cash surrender value before annuity payments begin equals:

Examples of Guaranteed Minimum Interest Rate in a sentence

Guaranteed Minimum Interest Rate - 3% Guarantee Periods We currently offer Guarantee Periods of 1, 3, 5, 7 and 10 years.
The current crediting rate is determined by Us and at Our discretion but will never be less than the Fixed Account Guaranteed Minimum Interest Rate shown under Contract Data.
Any declaration will be by class and will be based solely on our expectations of future earnings, but will never be less than the Guaranteed Minimum Interest Rate shown in the Schedule.
The Guaranteed Minimum Interest Rate is an effective annual rate of 3.0%.
The Guaranteed Minimum Interest Rate will be set on January 1st of each calendar year and will apply to any deposits, transfers or renewals made during that calendar year.
The Guaranteed Minimum Interest Rate will be equal to the 5 Year Constant Maturity Treasury (CMT) Rate, less 1.25%, but will never be less than 1.00% or greater than 3.00%.
The fixed account interest rate will not be less than the Fixed Account Guaranteed Minimum Interest Rate.
No Guaranteed Interest Rate will be less than the Guaranteed Minimum Interest Rate shown in each Certificate.
All rates under the Contract are guaranteed to be at least as great as the Guaranteed Minimum Interest Rate.
Interest is compounded daily and the effective annual interest rate will never be less than the Fixed Account Guaranteed Minimum Interest Rate shown on page 3A.

More Definitions of Guaranteed Minimum Interest Rate

Guaranteed Minimum Interest Rate. [1.00% for the calendar year of issue] Minimum DCA Transfer Amounts: Monthly [$25] Quarterly [$75] Semi-Annual [$100] Annual [$300] Maximum Transfer Limit: [12 per Contract Year, from any account] GIA Transfer Limit: [12 transfers per Contract Year]

Guaranteed Minimum Interest Rate. The Guaranteed Minimum Interest Rate is the lowest Guaranteed Interest Rate we will declare for a Renewal Guarantee Period at any time while this Contract is in effect. The Guaranteed Minimum Interest Rate is disclosed on your Schedule Page and is guaranteed for the life of the Contract.