208 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 45 The GMIB feature provides for minimum payments if the  contractholder elects to convert to an immediate payout  annuity. The guaranteed amount is calculated using the total  deposits made by the contractholder, less any withdrawals and  sometimes includes a roll-up or step-up feature that increases  the value of the guarantee with interest or with increases in the  account value.  The additional liability for guaranteed minimum benefits that  are not bifurcated are determined (based on ASC 944) each  period by estimating the expected value of benefits in excess of  the projected account balance and recognizing the excess over  the accumulation period based on total expected assessments.  The estimates are reviewed regularly and any resulting  adjustment to the additional liability is recognized in the income  statement. The benefits used in calculating the liabilities are  based on the average benefits payable over a range of  stochastic scenarios. Where applicable, the calculation of the  liability incorporates a percentage of the potential  annuitizations that may be elected by the contractholder. The following table provides information on the liabilities for  guarantees that are included in the valuation of the host  contracts.  The traditional life and pension products offered by AEGON The  Netherlands include various products that accumulate a cash  value. Premiums are paid by customers at inception or over the  term of the contract. The accumulation products pay benefits  on the policy maturity date, subject to survival of the insured. In  addition, most policies also pay death benefits if the insured  dies during the term of the contract. The death benefits may be  stipulated in the policy or depend on the gross premiums paid  to date. Premiums and amounts insured are established at  inception of the contract. The amount insured can be increased  as a result of profit sharing, if provided for under the terms and  conditions of the product. Minimum interest guarantees exist  for all generations of accumulation products written, except for  universal life type products for which premiums are invested  solely in equity funds. Older generations contain a 4%  guarantee; in recent years the guarantee has decreased to 3%. The group pension contracts offered by AEGON The  Netherlands include large group contracts that have an  individually determined asset investment strategy underlying  the pension contract. The guarantee given is that the profit  sharing is the minimum of 0% or the realized return (on an  amortized cost basis), both adjusted for technical interest rates  ranging from 3% to 4%. If there is a negative profit sharing, the  0% minimum is effective, but the loss in any given year is  carried forward to be offset against any future surpluses. In  general, a guarantee is given for the life of the underlying  employees so that their pension benefit is guaranteed. Large  group contracts also share technical results (mortality risk and  disability risk). The contract period is typically five years and  the premiums are fixed over this period. Separate account  guaranteed group contracts provide a guarantee on the  benefits paid. D. LIFE CONTINGENT GUARANTEES IN  THE NETHERLANDS 1  Guaranteed minimum death benefit in the United States. 2  Guaranteed minimum income benefit in the United States. 3  Note that the variable annuity contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are  not mutually exclusive. 4  Balances are included in the insurance liabilities on the face of the balance sheet; refer to note 19. 5  The net amount at risk is defined as the present value of the minimum guaranteed annuity payments available to the contract holder determined in  accordance with the terms of the contract in excess of the current account balance. 2010 2009 GMDB  1 GMIB  2 Total$^{ 4}$  GMDB  1 GMIB  2 Total  4 At January 1 334 543 877 409 434 843 Incurred guarantee benefi ts 34 (6) 28 266 160 426 Paid guarantee benefi ts (103) (37) (140) (329) (33) (362) Net exchange differences 27 43 70 (12) (18) (30) AT DECEMBER 31 292 543 835 334 543 877 GMDB  1 GMIB  2 Total$^{ 3}$  GMDB  1 GMIB  2 Total  3 Account value 28,846 6,926 24,289 6,369 Net amount at risk  5 3,054 561 4,055 577 Average attained age of contractholders 66 66 66 66