In the Platinum Assure 5 Annuity, you can withdraw up to 10% of your contract value once on each contract year. The withdrawal will be based on your accumulated value. 10% penalty-free yearly withdraws, including the first year Systematic monthly interest option.
Withdrawals above the free 10% will attract early withdrawal charges that gradually reduce from the first to the last year from about 9% in the first year to 5% in the fifth year. Annuitants can also withdrawal the accumulated interest only but only after 30 days. The account must, however, remain with at least $2,000 after free withdrawals each of which must be at least $500.
Market Value Adjustment Due to fluctuations in the general interest rate environment, this annuity, like many others, contains a Market Value Adjustment (MVA) feature. With an MVA, your surrender value may increase or decrease depending on changes in the U.S. Treasury rates. The adjustment applies to amounts received upon a partial or full surrender, if made during the 5-year period. It also applies if the policy is annuitized during the guarantee period regardless of whether or not the surrender charges are waived under certain provisions. The adjustment does not apply when funds are withdrawn under the 10% penalty-free withdrawal provision.
Death Benefit Your beneficiaries will receive the full Account Value of your Platinum Assure 5 annuity.
Annuitization The owner may annuitize the policy for a guaranteed income at any time, subject to surrender charges. Various income options are available, including single and joint life options.
Life income only
Life income with guaranteed fixed period certain
Fixed period certain only
Payments of a fixed amount
Proceeds held at interest only
Maturity Date Attained age 95 or 10 years, whichever is later. Prior to annuitization, it can be changed at the election of the Owner.
Loans (403(b)only) A loan provision is included by endorsement to the contract when it is issued as part of a 403(b) plan. Subject to restrictions, including those imposed by Internal Revenue Code, the owner may borrow from the Surrender Value subject to a minimum of $250 and a maximum of 50% of the Account Value not to exceed $50,000. The loan must be repaid within five years unless its purpose is to acquire the main residence of the owner. Even when the owner borrows against the policy, the entire accumulation account, including the amount borrowed, continues to grow at the declared interest rate. A loan processing charge of $25 is deducted from the Account Value for each loan taken. Loans may be taken at any time while the contract is in force.
Note: Inherited IRA is taken as a Spousal Inherited IRA