BenefitReductionBasedOn


(Deprecated)
Description
A reduction of the benefit of a joint life annuity.

Type : OLI_LU_BENREDUCEBASEDON
DescriptionNameValue
ContingentOLI_REDUCEON_CONTINGENT3
EitherOLI_REDUCEON_EITHER4
NoneOLI_REDUCEON_NONE1
OtherOLI_OTHER2147483647
PrimaryOLI_REDUCEON_PRIMARY2
UnknownOLI_UNKNOWN0

Definition
Joint life payment options provide income for two individuals (annuitant and joint annuitant) as long as one of the individuals is alive. The annuity payments may or may not reduce on the death of the first individual. This is referred to as the "benefit reduction" For example, on the death of the annuitant, payments of 50% of the amount that would have been paid if the annuitant were living will be paid for the life of the joint annuitant. If the joint annuitant dies before the annuitant, the annuitant will continue to receive payments without the benefit reduction. Some joint life payment options provide that the benefit will be reduced on the first death regardless of who dies first.

Parents
IncomePayoutProductOption