Principal Life Insurance Company
4.6
based on complex data
Annuity Educator Rating
Annuity review

Principal Strategic Income

The Principal Life Insurance Company, founded in 1879, has become a key figure in the life insurance and retirement solutions market by offering various kinds of life insurance, annuity, and retirement planning products. With a focus on catering to the unique needs of a diverse customer base–be it retirees, families, business owners, or employees–their aim is to continue to innovate products and their respective features to align with the ever-evolving needs of their clientele. By ensuring up-to-date services and products, Principal continues to receive high financial strength ratings from major rating agencies.
Principal Strategic Income-brochure Principal Strategic Income-brochure

Principal Strategic Income

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About Product

Type
Registered Index-Linked
Purpose
Lifetime Income
Term
6 Years
Surrender schedule
8%
8%
7%
6%
5%
4%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$20,000
Maximum Contribution
$2,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, 401k, Profit Sharing, IRA, Spousal IRA, Pension, IRA Rollover, 401a, IRA Transfer, TSA 403b, SEP IRA, KEOGH, IRA-Roth, SIMPLE IRA, 457 plan, 1035 Exchange, Stretch IRA, Inherited IRA, NQ Stretch, and TSP
Launch Date
06/27/2024
Principal Strategic Income is a registered indexed-linked annuity (RILA) designed to provide guaranteed lifetime income. It offers growth potential as well as some protection from market downturns. You have several product choices that allow you to tailor the annuity to fit your overall financial plan.
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, PA, RI, SC, SD, TN, TX, UT, VA, WA, WV, WI, and WY

Allocation Accounts

Name Type Rates
1-Year S&P 500 Peak Buffer Participation Rate with Cap with 20% Buffer
Dual Directional
Annual
100% Participation
7% Cap
6-Year S&P 500 Peak Buffer Participation Rate with Cap with 20% Buffer Uncapped
Dual Directional
6-Year
95% Participation
1-Year Fixed Account
Fixed
3% Fixed
1-Year S&P 500 PTP Participation Rate with Cap with 10% Buffer
Point to Point
Annual
100% Participation
13% Cap
2-Year S&P 500 PTP Participation Rate with Cap with 10% Buffer Uncapped
Point to Point
Biennial
85% Participation
6-Year S&P 500 PTP Participation Rate with Cap with 10% Buffer Uncapped
Point to Point
6-Year
105% Participation
6-Year S&P 500 PTP Participation Rate with Cap with 20% Buffer Uncapped
Point to Point
6-Year
100% Participation
1-Year Russell 2000 PTP Participation Rate with Cap with 10% Buffer Uncapped
Point to Point
Annual
70% Participation
1-Year S&P 500 PTP Participation Rate with Cap with 20% Buffer
Point to Point
Annual
100% Participation
9.5% Cap
6-Year Russell 2000 PTP Participation Rate with Cap with 10% Buffer Uncapped
Point to Point
6-Year
115% Participation
6-Year SG Smart Climate PTP Participation Rate with Cap with 10% Buffer Uncapped
Point to Point
6-Year
135% Participation
1-Year S&P 500 PTP Participation Rate with Cap with -10% Floor Uncapped
Point to Point
Annual
60% Participation
1-Year S&P 500 PTP Participation Rate with Cap with 0% Floor Uncapped
Point to Point
Annual
35% Participation

Surrender schedule

Year 1 2 3 4 5 6
Penalty 8% 8% 7% 6% 5% 4%

Hypothetical Projection

Comparison against S&P 500 using current rates
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Riders

Name Inbuilt Fee
Secure Income Protector Rider Level Income Yes 1.50% annually
Secure Income Protector Rider Tiered Income Yes 1.50% annually

Waivers

Nursing Home

Automatically issued with the contract for no additional cost. Waives surrender charges due to Health Care Facility. A licensed hospital or inpatient nursing facility providing daily medical treatment and keeping daily medical records for each patient (not primarily providing just residency or retirement care). This does not include a facility owned or operated by the Owner, Annuitant or a member of their immediate family. If the critical need is confinement to a health care facility, the confinement must continue for at least 60 consecutive days after the Contract Date and the Surrender must occur within 90 days of the confinement’s end. Notice must be provided within 90 days after confinement ends.

Terminal Illness

Automatically issued with the contract for no additional cost. Waives surrender charges due to Terminal Illness. Sickness or injury that results in the Owner’s or Annuitant’s life expectancy being 12 months or less from the date notice to receive a distribution from the Contract is received by the Company.

Disability

Automatically issued with the contract for no additional cost. Waives surrender charges due to Total and Permanent Disability. The Owner or Annuitant is unable to engage in any occupation for pay or profit due to sickness or injury.

Premium Notes

 Premiums
  • Single premium 
  • Minimum: $20,000 
  • Maximum: $2 million without home office approval 
  • Nonqualified, qualified 

Withdrawal Provisions

Withdrawals free of surrender charges Available each contract year and is the greater of: Secure income benefit payment 10% of premium payments minus any withdrawals since the last anniversary Required minimum distribution (RMD) for qualified contractsBond Adjustment Upon Surrender, an adjustment (which could be positive, negative, or equal to zero) to the amount Surrendered. A Bond Adjustment may apply regardless of when a Surrender occurs, including on a Segment End Date. A Bond Adjustment may apply only to Surrenders deducted from the Index-Linked Segment Options or the Fixed Segment Option. Equity Adjustment For each Index-Linked Segment Option selected for investment, an adjustment (which could be positive, negative, or equal to zero) used to calculate the Segment Interim Value on each Valuation Day between the Segment Start Date and Segment End Date. The Equity Adjustment does not apply on the Segment End Date. 

Company Founded: 1879
TOP Rated Company
Principal Life Insurance Company
Company Ratings
4.8
  • A.M. Best A+
  • Fitch AA-
  • S&P A+
  • Moody's A1
  • Comdex 90
Assets: $89,400,320,026
Iowa

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