Index-Choice 10 New York
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Premium Bonus
|
2% |
|
Term
|
10 Years |
|
Surrender schedule
|
10%10%10%9%8%7%6%5%4%2% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
01/03/2006 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, 401k, Profit Sharing, IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the Index-Choice 10 New York is the right product for you.
Premium Notes
Non-qualified: 0-85
Qualified: 18-85
If joint owner, eligibility is based on older owner’s age
Minimum premium:
- $10,000
- The minimum Allocation to any account is $2,000 per contract year.
- $1M and over requires home office approval
Withdrawal Provisions
Each contract year, after the end of the first contract year, a free partial withdrawal of up to 10% of premium as of the prior anniversary, less any prior free withdrawals taken during the current contract year, may be withdrawn. Interest will not be credited to any amounts surrendered.
Withdrawals may be taken as:
- Systematic withdrawals on monthly, quarterly, or semi-annual basis with a minimum payment per the mode of $100; or;
- Up to 4 non-systematic withdrawals per year, with a minimum withdrawal amount of $500
Prior withdrawals reduce benefit amounts. Interest rates are subject to change. Partial index credit, if applicable, paid up to the date of death.
Paid as a lump sum - Account value, with the surrender charges, waived.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 7-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
7.25%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.25%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 10% | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 2% |
Riders
No Riders for Index-Choice 10 New York annuity.
Waivers
Death
Surrender charges waived at death.
Nursing Home
Confinement must begin at least 1 year after contract effective date. Must be confined to nursing home for at least 60 days. The nursing home waiver does not include home health care.
Terminal Illness
Diagnosis must be made at least 1 year after contract effective date and certified by licensed physician. Life expectancy must be less than 1 year.
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