Prosperity Elite 14 Enhancement
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Highlights
The Prosperity Elite 14 Enhancement is a flexible premium deferred annuity with a 14-year surrender charge period offering multiple index options and one fixed interest rate option. It is designed to be a long-term retirement savings tool with a variety of options to help you achieve the standard of living you want during your retirement.
Available in states:
AZ, AR, CO, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MI, MO, NE, NH, NM, NC, ND, RI, SD, TN, VT, VA, WV, WI, and WY
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation & Legacy |
|
Premium Bonus
|
7% |
|
Term
|
14 Years |
|
Surrender schedule
|
14.75%13.75%12.75%11.75%10.75%10%9%8%7%6%5%4%3%2% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
04/22/2011 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, IRA-Roth, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the Prosperity Elite 14 Enhancement is the right product for you.
Premium Notes
Flexible Premium
Any additional premium (the amount of money you may at any time and as often as you want until the Maturity Date) must be at least $2,000 and may not exceed $1,000,000.
The minimum Allocation to any account is $2,000 per contract year.
Note: TSP funds have to be rolled into an IRA.
Any additional premium (the amount of money you may at any time and as often as you want until the Maturity Date) must be at least $2,000 and may not exceed $1,000,000.
The minimum Allocation to any account is $2,000 per contract year.
Note: TSP funds have to be rolled into an IRA.
Withdrawal Provisions
Annuitization
You must begin receiving annuity payments no later than the maturity date. The maturity date is fixed at contract issue and is no later than the contract anniversary following the annuitant’s (or the oldest annuitant’s if a second annuitant is named) 100th birthday. If annuity payments begin before the 5th contract anniversary, annuity payments are based on the surrender value. If annuity payments begin after the 5th contract anniversary, annuity payments are based on the greater of the account value and the MGSV. An annuity option may be changed any time before annuity payments begin. If your annuity was issued in connection with a tax qualified plan, you may be required to take minimum distributions beginning at age 72½.
Free Withdrawals
Each contract year, after the end of the first contract year, free partial surrender of up to 10% of the vested account value as of the prior anniversary.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4%
Fixed
|
| 1-Year Gold PTP Cap |
Point to Point
Annual
|
10.25%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
13.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.7%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9.5%
Cap
|
| 2-Year Barclays Trailblazer Sectors 5 PTP Participation Rate with Spread |
Point to Point
Biennial
|
280%
Participation
|
| 1-Year CIBC Balanced Asset 5 PTP Participation Rate |
Point to Point
Annual
|
205%
Participation
|
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate with Spread |
Point to Point
Biennial
|
295%
Participation
|
| 2-Year CIBC Balanced Asset 5 PTP Participation Rate |
Point to Point
Biennial
|
335%
Participation
|
| 1-Year GS Global Factor PTP Participation Rate |
Point to Point
Annual
|
205%
Participation
|
| 2-Year GS Global Factor PTP Participation Rate with Spread |
Point to Point
Biennial
|
305%
Participation
|
| 2-Year GS Global Factor PTP Participation Rate |
Point to Point
Biennial
|
345%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
6.5%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 15% | 14% | 13% | 12% | 11% | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| GMDB Prosperity Elite Enhancement Package | Yes | 0.60% annually |
Waivers
Nursing Home
Confinement must begin at least 1 year after contract effective date. Must be confined to nursing home for at least 60 days. Home Health Care is an acceptable option.
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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