Home / Death Benefit Essentials / Death Benefit Provision / Ohio National’s Death Benefit Provision Details

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Highest Value Guarantee

If the annuitant dies before annuitizing, Ohio National’s base Death Benefit guarantees the beneficiary to receive the greater of: 1) Total purchase payments (adjusted pro rata for withdrawals); or 2) Current contract value; or 3) Stepped-up contract value, adjusted for subsequent purchase payments and pro-rata withdrawals (3-year for Premier, 6-year for Value, and 8-year for Xtra step-up; an annual step-up can be applied to the Lite product for an additional 0.25%). Continues until annuitant attains age 85. Withdrawals reduce the benefit pro rata, which means the benefit is reduced by the same percentage reduction to the contract value. There is no additional fee for this base death benefit.

5% Guaranteed Rate

Ohio National’s optional death benefit provision is called the Guaranteed Minimum Death Benefit Rider, or GMDBR for short. The GMDBR accumulates purchase payments at 5% per annum guaranteed up to two times purchase payments (less withdrawals). It stops accumulating at the contract anniversary after the 80th birthday. The annual charge for this rider is 0.45% of the guaranteed minimum death benefit amount. The rider is available to issue ages 75 and under, and available at the time of issue of the annuity only. The contract owner may drop the rider at any time.

Guaranteed Yield

Ohio National also offers an optional Gain Enhancement Benefit (GEB) and Gain Enhancement Benefit Plus (GEB Plus) additional death benefit rider. The GEB pays 25% of investment earnings at the death of the annuitant. The maximum benefit is 50% of purchase payments, adjusted pro rata for withdrawals, up to $1 million on each life. Withdrawals reduce the benefit pro rata, which means the benefit is reduced by the same percentage reduction to the contract value. The annual charge for the GEB is 0.15% for issue ages 70 and under, 0.30% for issue ages 71-75 (as percentage of variable account value at contract anniversary).

The GEB Plus pays 40% of investment earnings at the death of the annuitant. The maximum benefit is 100% of purchase payments, adjusted pro rata for withdrawals, up to $1 million on each life. Withdrawals reduce the benefit pro rata, which means the benefit is reduced by the same percentage reduction to the contract value. The annual charge for the GEB Plus is 0.30% for issue ages 70 and under, 0.60% for issue ages 71-75 (as % of variable account value at contract anniversary).

For both the GEB and GEB Plus, the rider is available at issue only, and cannot be dropped.

More Product Info

Contact Annuity FYI @ 866-223-2121 for a complete information kit and a full current prospectus. Click on the link below to download product info on the GMDBR Rider, as well as annuities to which the GMDBR Rider can be applied (PDF format):

Click here to download product info on Ohio National products and riders (PDF format).

The site-sponsor receives compensation directly from Ohio National Financial Services for featuring this product.

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