MarketSeven Index
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Highlights
MarketSeven Index is a Flexible Premium Fixed Index Deferred Annuity with an income benefit rider option. The product contains a Fixed-Rate Account and a variety of Index Accounts, three of which feature custom, risk-controlled indices: Barclays Focus50 Index and S&P MARC 5% Excess Return Index.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
7 Years |
|
Surrender schedule
|
9%8%7%6.5%5.5%4.5%3.5% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
01/15/2019 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, 1035 Exchange, Stretch IRA, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the MarketSeven Index is the right product for you.
Premium Notes
Initial Premium
Minimum: $10,000
After your initial premium payment, you may add subsequent premiums at any time. You may allocate your premiums among the crediting accounts.
Additional Premium
Subsequent Premium can be contributed multiple times in a year.
Subsequent annual maximum premium after year 1: $250,000.
Notes:
SIMPLE IRA Transfers only
If the IRA owner dies on or after 1/1/20, the new SECURE Act rules apply.
Applicable beneficiaries now fall under two categories: Eligible and Ineligible Designated Beneficiaries.
Stretch IRA is available only to Eligible Designated Beneficiaries.
Inherited IRA is available to Ineligible Designated Beneficiaries – withdrawal or taxation of funds by 12/31 of the 10th year following the IRA owner’s death now applies to Ineligible Designated Beneficiaries.
TSP funds have to be rolled over or transferred into an IRA.
Minimum: $10,000
After your initial premium payment, you may add subsequent premiums at any time. You may allocate your premiums among the crediting accounts.
Additional Premium
Subsequent Premium can be contributed multiple times in a year.
Subsequent annual maximum premium after year 1: $250,000.
Notes:
SIMPLE IRA Transfers only
If the IRA owner dies on or after 1/1/20, the new SECURE Act rules apply.
Applicable beneficiaries now fall under two categories: Eligible and Ineligible Designated Beneficiaries.
Stretch IRA is available only to Eligible Designated Beneficiaries.
Inherited IRA is available to Ineligible Designated Beneficiaries – withdrawal or taxation of funds by 12/31 of the 10th year following the IRA owner’s death now applies to Ineligible Designated Beneficiaries.
TSP funds have to be rolled over or transferred into an IRA.
Withdrawal Provisions
Systematic Withdrawal
Single withdrawals can be requested at any time but must be at least $250 per request. Systematic withdrawals are available monthly, quarterly, semiannually or annually, and must be taken EFT.
Free Withdrawals
By current company practices, systematic withdrawals of interest are allowed in the first year from the Fixed Rate Account without Surrender Charge or MVA. Interest withdrawals must be taken via electronic funds transfer (EFT). After the first contract year, up to 10% of the Accumulation Value on the previous contract anniversary may be withdrawn each contract year without Surrender Charge or MVA, either systematically or as a single withdrawal. Single withdrawals can be requested at any time but must be at least $250 per request. Systematic, withdrawals are available monthly, quarterly, semiannually or annually, and must be taken EFT.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.75%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
50%
Participation
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
12%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Participation Rate |
Point to Point
Annual
Monthly average
|
100%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.35%
Cap
|
| 2-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Biennial
Monthly average
|
20%
Cap
|
| 2-Year Barclays Focus 50 PTP Participation Rate |
Point to Point
Biennial
|
220%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
200%
Participation
|
| 1-Year Barclays Focus 50 PTP Participation Rate |
Point to Point
Annual
|
175%
Participation
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate |
Point to Point
Annual
|
75%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
8%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 7% | 6% | 5% | 4% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Market Seven Income Rider | No | 1.25% annually (1.25% max) |
Waivers
Nursing Home
Available for applicant ages 0-80 at no charge. After the first contract year, access up to 100% of the Accumulation Value in the event of nursing home confinement of owner for 90 days. The nursing home waiver does not include home health care.
Terminal Illness
Available for all applicant ages at no charge. Access up to 75% of the Accumulation Value in the event of the owner’s terminal illness.
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