期刊名称：Perspectives of Innovations, Economics and Business
印刷版ISSN：1804-0519
电子版ISSN：1804-0527
出版年度：2010
卷号：5
期号：2
页码：47-49
出版社：Prague Development Center, s.r.o.
摘要：In this paper we present a price model for the Guaranteed Lifelong Withdrawal Benefit, an option embedded in Variable Annuity policies, which gives the insured the possibility to withdraw from a fund a guaranteed amount annually, even if the account value has fallen below this amount. We calculate the No-arbitrage price of the contract if policyholders withdraw always the guaranteed amount or they surrender the product when the surrender value exceeds the value of future benefits.
