AssuranceSelect 7 Plus
Highlights
For more information about submitting New Business applications, please contact the MassMutual Ascend sales desk directly at 1-888-504-7109 option 2
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income & Legacy |
|
Term
|
7 Years |
|
Surrender schedule
|
8%8%7%6%5%4%3% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
05/21/2018 |
|
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, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, and NQ Stretch |
Brochure
|
Open brochure |
Find out if the AssuranceSelect 7 Plus is the right product for you.
Premium Notes
0-85 (qualified);
0-85 (non-qualified);
0-75 (inherited IRA);
0-75 (inherited non-qualified)
Issue age is the owner’s age at last birthday. For joint owners, the oldest age will be used as the issue age. If the owner is a non-natural person, the age of the eldest annuitant will be treated as the age of the owner for all purposes under this contract.
Purchase payments
This product accepts purchase payments during the first ten contract years. Terms begin only on the 6th and 20th of each month. Purchase payments received prior to the beginning of a term will be held in the purchase payment account until the beginning of the next term. Additional purchase payments have their own crediting terms.
MassMutual Ascend only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Minimum: Initial purchase payment: $10,000; additional purchase payments: $2,000 (accepted in first 10 contract years)
Maximum: $1 million for ages 0-85
Maximums apply to the total purchase payments made to all annuities from the companies of MassMutual Ascend with the same owners or the same annuitants
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.4%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10.25%
Cap
|
| 1-Year S&P 500 Average DRC 10% PR PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
| 1-Year SPDR Gold PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year S&P U.S. Retiree Spending PTP Participation Rate |
Point to Point
Annual
|
75%
Participation
|
| 1-Year iShares U.S. Real Estate PTP Cap |
Point to Point
Annual
|
10.1%
Cap
|
| 1-Year S&P 500 PTP Cap (7-Year Lock) |
Point to Point
Annual
|
8.35%
Cap
|
| 1-Year Fixed Account |
Fixed
|
4.65%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10.75%
Cap
|
| 1-Year S&P 500 Average DRC 10% PR PTP Participation Rate |
Point to Point
Annual
|
75%
Participation
|
| 1-Year SPDR Gold PTP Cap |
Point to Point
Annual
|
11.5%
Cap
|
| 1-Year S&P U.S. Retiree Spending TR PTP Participation Rate |
Point to Point
Annual
|
80%
Participation
|
| 1-Year iShares U.S. Real Estate PTP Cap |
Point to Point
Annual
|
10.6%
Cap
|
| 1-Year S&P 500 PTP Cap (7-Year Lock) |
Point to Point
Annual
|
8.85%
Cap
|
| 1-Year First Trust Barclays Edge PTP Cap (7-Year Lock) |
Point to Point
Annual
|
13.25%
Cap
|
| 1-Year First Trust Barclays Edge PTP Cap |
Point to Point
Annual
|
15.25%
Cap
|
| 1-Year First Trust Barclays Edge PTP Cap (7-Year Lock) |
Point to Point
Annual
|
13.85%
Cap
|
| 1-Year First Trust Barclays Edge PTP Cap |
Point to Point
Annual
|
15.75%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Inheritance Enhancer (Age 50-75) | No | 1.15% annually |
| GA IncomeSecure | No | 0.95% annually |
| Inheritance Enhancer (Age 76-85) | No | 1.15% annually |
Waivers
Nursing Home
Available
Terminal Illness
Unavailable in states: MA
Provided that the diagnosis is rendered more than one year after the contract effective date, up to 100% of the account value can be withdrawn without deduction of an early withdrawal charge if the owner or joint owner is diagnosed by a physician as having a terminal illness with a prognosis of 12 months or less. This waiver may be used only once.
Extended Care
Unavailable in states: MA
To help ease the strain of certain unforeseen events, an extended care waiver is available for no additional charge. If the owner is confined to a nursing home or other long-term care facility after the completion of the first contract year for at least 90 consecutive days, early withdrawal charges may be waived on withdrawals up to a full surrender. The nursing home waiver does not include home health care.
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