The "Guaranteed Minimum Income Benefit" (GMIB) is a rider or additional feature often attached to variable annuity contracts. It promises annuitants a minimum periodic income, regardless of the performance of the investments within the annuity or the account's actual balance.
The "Guaranteed Minimum Income Benefit" (GMIB) is a rider or additional feature often attached to variable annuity contracts. It promises annuitants a minimum periodic income, regardless of the performance of the investments within the annuity or the account's actual balance.
Essentially, the GMIB ensures that even if the market conditions are unfavorable or if the annuity's value declines, the annuitant will still receive a predetermined income stream once they choose to annuitise the contract.
For individuals approaching retirement or those looking for predictable income streams, the GMIB offers a layer of financial security.
The "Guaranteed Minimum Income Benefit" (GMIB) is a rider or additional feature often attached to variable annuity contracts. It promises annuitants a minimum periodic income, regardless of the performance of the investments within the annuity or the account's actual balance.
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