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Safe Accumulation
The amount it grows will be determined by a method you pick as well, called an interest crediting option. Three popular options are the monthly point-to-point, the monthly average and the annual point-to-point.
Each option generates interest rates that vary based on the growth and volatility of the S&P 500. If the index declines in the period, your account value will not decline. In no market scenario will you be credited with less than 0%.
An annual reset locks in all interest credited to your account minus rider charges. Regardless of market conditions, your minimum guaranteed surrender value will grow each year at a minimum rate.
The following hypothetical example is not a representation of future performance.
Wealth Transfer
All three versions of our product can transfer wealth to the next generation in the event you die prior to annuitizing the contract. We call this feature a death benefit.
Base Package
The death benefit is the greater of the account value or the minimum guaranteed surrender value.
Enhancement Package
The death benefit is the greater of the death benefit of the base package or the initial premium plus a vesting premium bonus - reduced by 50% for clients age 76+ - growing at a simple annual interest rate of 5% for a maximum of 10 years. The charge is 0.40% and is deducted from the contract's account value annually after the completion of the first contract year.
Protection Package
You have two choices in how the death benefit is paid. The lump sum option is similar to the Enhancement Package, but with a vesting premium bonus - reduced by 50% for clients age 76+. The second death benefit option is paid out over 5 years if you were less than age 71 or 10 years if you were 71 years or older at the time of issue. The benefit is based on the greater of: 1) the minimum guaranteed surrender value; 2) the initial premium credited with an 18% bonus; or 3) the initial premium growing at a competitive compound annual interest rate for a maximum of 10 years. The charge is 1.10% and is deducted from the contract's account value annually after the completion of the first contract year.
For both the Enhancement and Protection packages, the guaranteed minimum death benefit amounts are reduced proportionately by withdrawals previously taken, including guaranteed withdrawal payments.
Guaranteed Income
The Protection Package offers a minimum guaranteed amount of income that can be withdrawn for a lifetime. The longer you wait to withdraw the money, the higher the payment will be. Note that if you elect annuitization under your contract, you must elect a lifetime payment option as defined in the contract in order to receive payments for life.
The amount of income guaranteed is based on the greater of: 1) the initial premium credited with an 18% bonus; 2) the initial premium growing at a competitive compound annual interest rate for a maximum of 10 years; 3) vested account value minus surrender charges; or 4) the MGSV.
The actual payment will be that amount multiplied by a withdrawal percentage that increases the longer you wait. Withdrawal rates are based on the younger annuitant's age at the time you elect to make withdrawals under the rider. Withdrawals can start only after the contract has been in effect for 1 year and the younger annuitant is age 50.
Illness Protection
The Protection Package guarantees a higher income stream from the guaranteed withdrawal benefit rider should you become impaired and the account value is greater than zero.
A single annuitant will receive two times the minimum guaranteed withdrawal payment as long as you are unable to perform two out of the six activities of daily living. A joint annuitant is eligible for 1.5 times the same guaranteed withdrawal payment.
To be eligible, the annuitant must be 60 years or older and have owned the annuity for at least five years.
