MNL Capital Income
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
7 Years |
|
Surrender schedule
|
6%6%5%4%3%3%2% |
|
Free withdrawal
|
10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
07/21/2020 |
|
Minimum contribution
|
$20,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, 1035 Exchange, and TSP |
Brochure
|
Open brochure |
Find out if the MNL Capital Income is the right product for you.
Premium Notes
Withdrawal Provisions
Beginning 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.
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 your annuity purchase. 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.
Annuitization options
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 annuity options available.
Death benefit
Your beneficiary will receive the greater of the accumulation value or the minimum surrender value. Amounts allocated to an index account will receive partial interest credits from the beginning of the index term to the date of death.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 7-Year Fixed Account |
Fixed
|
4%
Fixed
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 1-Year S&P 500 PTP Participation Rate with Spread |
Point to Point
Annual
|
50%
Participation
2%
Spread
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.5%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 6% | 6% | 5% | 4% | 3% | 3% | 2% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Capital Income GLWB Level | Yes | 1.00% annually |
| Capital Income GLWB Increasing | Yes | 1.00% annually |
Waivers
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, waiver will apply to the first annuitant who qualifies for the benefit, but not both. The nursing home waiver does not include home health care.
ADL
Unavailable in states: CA
Can double LPA for up to five years if unable to perform two out of six activities of daily living (ADLs) for more than 90 consecutive days. Multiplier factor is 200% for single payout. Factor will be lower for joint payout. At issue: 1. You must be able to perform all six ADLs on the issue date. 2. There is a three-year waiting period from contract issue, and cannot be elected until three months following your lifetime payment election date (LPED).
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