IndexFlex 5 FIA
IndexFlex 5 FIA
About Product
There are two crediting method options, both of which offer rates that are guaranteed to remain in effect for the 5- or 7-year policy term you choose. These guarantees apply only to amounts invested at the time of policy application.
A fixed account is also available (where approved). All guarantees are backed by the claimspaying ability of New York Life Insurance and Annuity Corporation (NYLIAC).
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2.8%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
7.55%
Cap
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
5.95%
Performance triggered
|
| 1-Year Russell 2000 Performance Trigger |
Performance Triggered
Annual
|
6.55%
Performance triggered
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.35%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
7.9%
Cap
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
6.3%
Performance triggered
|
| 1-Year Russell 2000 Performance Trigger |
Performance Triggered
Annual
|
6.9%
Performance triggered
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.75%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
8.35%
Cap
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
6.75%
Performance triggered
|
| 1-Year Russell 2000 Performance Trigger |
Performance Triggered
Annual
|
7.35%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% |
Riders
No Riders for IndexFlex 5 FIA annuity.
Waivers
Nursing Home
This rider is automatically added to the Policy. On or after the Policy Date, if you are enrolled and are living in a health care facility, you may have access to all or some of the Policy’s Accumulation Value without incurring Surrender Charges when a Partial Withdrawal is made or when the Policy is surrendered. In order to exercise this rider, the Policy must be in force for at least one year and have a minimum cash value of $5,000. Withdrawals may be taxable, and prior to age 59 ½, may be subject to a 10% IRS penalty. This rider is not available on Policies issued to policyowners over the age of eighty-five (85) at time of issue. Please see the rider for further details.
Terminal Illness
This rider is automatically added to the Policy. On or after the Policy Date, if you are: diagnosed with a terminal illness, you may have access to all or some of the Policy’s Accumulation Value without incurring Surrender Charges when a Partial Withdrawal is made or when the Policy is surrendered. In order to exercise this rider, the Policy must be in force for at least one year and have a minimum cash value of $5,000. Withdrawals may be taxable, and prior to age 59 ½, may be subject to a 10% IRS penalty. This rider is not available on Policies issued to policyowners over the age of eighty-five (85) at time of issue. Please see the rider for further details.
Disability
This rider is automatically added to the Policy. On or after the Policy Date, if you are disabled and satisfy the eligibility requirements described in the rider, you may have access to all or some of the Policy’s Accumulation Value without incurring Surrender Charges when a Partial Withdrawal is made or when the Policy is surrendered. In order to exercise this rider, the Policy must be in force for at least one year and have a minimum cash value of $5,000. Withdrawals may be taxable, and prior to age 59 ½, may be subject to a 10% IRS penalty. This rider is not available on Policies issued to policyowners over the age of eighty-five (85) at time of issue. Please see the rider for further details.
Premium Notes
- Non-Tax Qualified: 0–85
- Tax Qualified: 18–85
Withdrawal Provisions
Free Withdrawals In each policy year during the surrender charge period, the client may withdraw up to 10% of the account value as of the last policy anniversary (10% of the premium payments if the withdrawal is made in the first policy year without a surrender charge). Market Value Adjustment (MVA) The New York Life IndexFlex Fixed Annuity–FP Series comes with a Market Value Adjustment (MVA) provision that allows NYLIAC to offer potentially higher interest crediting rates than a product that does not offer this adjustment. An MVA only applies when the policy owner surrenders or makes a withdrawal from the contract that is greater than the surrender chargefree withdrawal amount during the surrender charge period. An MVA is not applicable after the surrender charge period is over. The MVA will add or deduct an amount from your annuity, or from the withdrawal amount you receive. The amount of the MVA is determined by a formula that measures the change in the U.S. Treasury Constant Maturity yield, plus the applicable Bloomberg Barclays U.S. Corporate Bond Index from the issue date to the surrender or excess withdrawal date.If the interest rates on which the MVA is based are higher than when you purchased the annuity, the MVA will likely be negative, meaning an additional amount may be deducted from either your annuity or your withdrawal amount. Conversely, if the interest rates on which the MVA is based are lower than when you purchased your annuity, the MVA will likely be positive, meaning money may be added to either your annuity or to your withdrawal amount. The applicable surrender charges may further reduce the accumulation value below the premium paid or the amount you receive when you make a partial withdrawal or fully surrender the policy.
- A.M. Best A++
- Fitch AAA
- S&P AA+
- Moody's Aa1
- Comdex 100
