IndexMax ADV 5
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
5 Years |
|
Surrender schedule
|
6%6%5%4%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
10/27/2020 |
|
Minimum contribution
|
$50,000 |
|
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, and 1035 Exchange |
Brochure
|
Open brochure |
Find out if the IndexMax ADV 5 is the right product for you.
Withdrawal Provisions
After the first contract year, up to 10% of the beginning of year accumulation value may be taken each year. Surrender charges and market value adjustments on any portion of an IRS required minimum distribution exceeding the available penalty-free withdrawal amount will be waived by current company practice. A feature offered “by current company practice” is not a contractual guarantee of this annuity contract and can be removed or changed at any time.
Market value adjustment (MVA)
Your contract also includes an MVA feature, which may decrease or increase your surrender value depending on the change in the market value adjustment external index rate since the start of the term. Due to the mechanics of an MVA, surrender values decrease as the MVA external index rate rises. When the MVA external index rate decreases, the surrender value increases. However, the MVA is limited to the surrender charge or the interest credited to the accumulation value.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 5-Year Fidelity Multi Factor Yield 5% ER Annual Performance Credit with Participation Rate |
Term Participation & Annual Performance
5-Year
|
100%
Participation
6.5%
Performance triggered
|
| 5-Year S&P 500 LV DRC 5% Annual Performance Credit with Participation Rate |
Term Participation & Annual Performance
5-Year
|
100%
Participation
6.5%
Performance triggered
|
| 5-Year BlackRock ESG US 5% ER Annual Performance Credit with Participation Rate |
Term Participation & Annual Performance
5-Year
|
100%
Participation
6.5%
Performance triggered
|
| 5-Year Fixed Account |
Fixed
|
5.35%
Fixed
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 6% | 6% | 5% | 4% | 3% |
Riders
No Riders for IndexMax ADV 5 annuity.
Waivers
Death
Your beneficiary will receive the greater of the accumulation value or the minimum surrender value plus potential interest credits calculated using a death benefit fixed rate through the date of death if the contract meets certain requirements. Amounts allocated to an index account will receive partial interest credits from the beginning of the index term to the date of death.
Nursing Home
Unavailable in states: SD
After your first contract year, if you become confined to a qualified nursing care facility for 90 consecutive days, you can withdraw 100% of your accumulation value without a surrender charge and without application of an MVA. You cannot be confined at the time your contract is issued. This rider is automatically included with your annuity at no additional charge. If joint annuitants are named on the annuity, the waiver will apply to the first annuitant who qualifies for the benefit, but not both.
Annuitization
You can choose to receive annuity payments based on your choice of several annuity options. Once you select an annuitization option, it cannot be changed, and all other rights and benefits under the annuity ends. The payment amount and number of payments will be based on your annuity’s surrender value and the annuitization option you choose. See the product disclosure for annuitization options available.
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