The MYGA Plus is a multi-year guaranteed, single-premium deferred fixed annuity with an IndexLinked Option offered by Ibexis Life & Annuity Insurance Company. At its core, the MYGA Plus functions like a traditional multi-year guaranteed annuity (MYGA) product: it offers a Fixed Option that credits a simple guaranteed interest for a specific time (known as a Guaranteed Option Period or GOP). In addition, the MYGA Plus offers an additional premium allocation option. In the same contract, the client may also allocate up to 50% of their premium to an Index-Linked Option, which credits a guaranteed fixed amount if the S&P 500 increases during any annual period.
Multi-Year Guaranteed Fixed Option Pays simple interest as stated as an annual rate and this interest is credited to the contract value daily. This interest rate is locked in for the Guaranteed Option Period (GOP) selected and will not change during that time.
Issue Ages 3 and 5 Year Terms: 0-85 7 Year Term: 0-80 If jointly owned, eligibility is based on older owner’s age
Premium Minimum Premium: $10,000.00 Maximum Premium: $1,500,000.00 Maximum Premium is set without prior company approval
Free Surrenders and Withdrawals After the first contract anniversary, 10% of the accumulation value from the previous contract anniversary is available for withdrawal free of any surrender charges
Surrender Charge Schedule The initial interest rate is guaranteed for the selected 3, 5, or 7 Year Guarantee Period. Prior to the end of any guarantee period, contract holders will have a 30-day window to choose one of the following options:
Renew their contract with a new rate into the same Guarantee Period (New Surrender Charge Schedule and MVA will apply)
Withdraw some or all of their accumulated account value free of surrender charges and MVA.
This renewal process will continue until the contract is surrendered, annuitized, death of the contract owner(s), or age 95.
Systematic Withdrawal Provision Two automatic payment options for payment of either a specific amount or interest only on a repetitive basis. Minimum payment per mode is $100. Frequency: monthly, quarterly, semiannual or annual.
Annuitization After the first contract year, the contracts account value can be annuitized under any annuity option outlined in the contract.
Death Benefit Prior to the Annuity Income Date, the death benefit is equal to the contract value at the time of death, free of Surrender Charges and MVA (if applicable)
Qualified Plans Rollovers from IRAs, 401(k), 403(b), pension or profit sharing plans.