American Select 7 Bonus
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Highlights
American Select Bonus is a Modified Single Premium Deferred Individual Annuity Contract with Index-Linked Options.
Available in states:
AZ, CO, DC, FL, GA, HI, ID, IL, IN, IA, KS, LA, MI, MO, MT, NE, NV, NM, ND, OH, OK, OR, SD, TX, and UT
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Premium Bonus
|
10% |
|
Term
|
7 Years |
|
Surrender schedule
|
9%8.1%7.2%6.3%5.4%4.5%3.6% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 5% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
10/07/2019 |
|
Minimum contribution
|
$20,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, 401k, IRA, Pension, IRA Rollover, 401a, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, and 1035 Exchange |
Brochure
|
Open brochure |
Find out if the American Select 7 Bonus is the right product for you.
Withdrawal Provisions
Liquidity
Beginning in the second contract year, during the Surrender Charge Period, We will waive any Surrender Charge and Market Value Adjustment on Partial Withdrawals or Surrenders in a contract year up to a cumulative amount that does not exceed the greater of:
1. 5% of the Contract Value as of the last Contract Anniversary date; or
2. The Required Minimum Distribution, as calculated under the Internal Revenue Code, as if the Contract were the only assets in Your Traditional IRA Program.
If a Partial Withdrawal or full Surrender exceeds the above limitation, the Surrender Charge and the Market Value Adjustment will apply to the excess amount.
Beginning in the second contract year, during the Surrender Charge Period, We will waive any Surrender Charge and Market Value Adjustment on Partial Withdrawals or Surrenders in a contract year up to a cumulative amount that does not exceed the greater of:
1. 5% of the Contract Value as of the last Contract Anniversary date; or
2. The Required Minimum Distribution, as calculated under the Internal Revenue Code, as if the Contract were the only assets in Your Traditional IRA Program.
If a Partial Withdrawal or full Surrender exceeds the above limitation, the Surrender Charge and the Market Value Adjustment will apply to the excess amount.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.8%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.75%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
100%
Participation
|
| 2-Year Janus SG Guidance Index Value Lock PTP Participation Rate |
Point to Point
Biennial
|
75%
Participation
|
| 2-Year GS Xenith PTP Participation Rate |
Point to Point
Biennial
|
200%
Participation
|
| 1-Year GS Xenith PTP Participation Rate |
Point to Point
Annual
|
150%
Participation
|
| 1-Year S&P 500 ESG PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
| 1-Year S&P 500 ESG PTP Cap |
Point to Point
Annual
|
5%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 5% | 4% |
Riders
No Riders for American Select 7 Bonus annuity.
Waivers
Annuitization
After the fifth Contract Anniversary, no Surrender Charge will be applied to a withdrawal or surrender that is applied to an Annuitization with a payout of at least 5 years. MVA will still apply. For the Bonus and Bonus Plus plans, only the portion of the Enhanced Interest Credit that has vested, and any interest accured on the vested portion, will be included in the Contract Value applied to Annuitization.
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