A guarantees that if the contract owner of a variable annuity dies prior to annuitization the beneficiary will receive at least as much from the variable annuity as the owner paid in premiums.

Guaranteed Death Benefit

Explanation:

A guaranteed death benefit may be defined as a benefit term which guarantees that a beneficiary will surely receive a if the annuitant expires or dies before the annuity begins paying the benefits.

It is a safety net where when the annuity dies while making the payments or the contract is in the accumulation phase.

Variable annuity is defined as an agreement or a between a person and the , under which the to make to the person, beginning either immediately or at some future date.

Thus, guarantees a beneficiary to receive payments from the variable annuity which is guaranteed by the Guaranteed Death Benefit when the contract owner of the variable annuity dies before annuitization.

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