Guaranteed Minimum Withdrawal Benefit. A type of rider on a Variable Annuity insurance product.

Variable Annuities are sold by insurance companies and the a la carte riders (e.g. GMWB) are a form of exotic option product.

A Guaranteed Minimum Withdrawal Benefit confers on the holder of a Variable Annuity the right to withdraw a certain dollar amount per year irrespective of the performance of market conditions for an underlying account.

This is not investment advice.