Protective Guaranteed Income Indexed Annuity
The Protective Guaranteed Income Indexed Annuity is a safe bet for those planning for a stable future. It offers reliable income you cannot outlive, ensuring you enjoy your golden years smoothly.
This Annuity even allows for potential growth aligned with market performance, without risking your investment. With such security, your retirement could be worry-free!
Protective Guaranteed Income Indexed Annuity
About Product
Annuitization Options
All are available for single or joint life.
- Lifetime income
- Specific term (certain period)
- Lifetime income with a specific term (certain period)
- Lifetime income with a cash refund
- Lifetime income with an installment refund (principal refund)
Minimum Surrender Value
minimum surrender value is guaranteed when the contract is terminated due to full surrender, death, or annuitization. This amount is calculated by:
- Taking 87.5% of aggregate purchase payments accumulated at the contract’s non-forfeiture rate, which cannot be less than 1% or more than 3%, and
- Subtracting any prior aggregate withdrawals accumulated at the non-forfeiture rate.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2.65%
Fixed
|
| 1-Year S&P 500 PTP Cap for Term |
Point to Point
Annual
|
2.7%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
2.95%
Cap
|
| 2-Year Citi Flexible Allocation 6 ER PTP Participation Rate |
Point to Point
Biennial
|
50%
Participation
|
| 1-Year Fixed Account |
Fixed
|
2.8%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
3.25%
Cap
|
| 2-Year Citi Flexible Allocation 6 ER PTP Participation Rate |
Point to Point
Biennial
|
55%
Participation
|
| 1-Year S&P 500 PTP Cap for Term |
Point to Point
Annual
|
3%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Protective Level Income 15 (Defer bonus) | Yes | 1.20% annually (2.00% max) |
| Protective Rising Income 15 (Defer bonus) | Yes | 1.20% annually (2.00% max) |
Waivers
Nursing Home
Unavailable in states: MA
You can access your money, without a withdrawal charge and MVA after the first contract anniversary if your or your spouse is either: confined to a qualified medical care facility for at least 30 consecutive days. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: MA
You can access your money, without a withdrawal charge and MVA after the first contract anniversary if your or your spouse is either: diagnosed with a terminally ill condition expected to result in death within 12 months
Unemployment
Unavailable in states: CT
You can access your money to help with the financial burdens of unemployment. We will waive the withdrawal charge and MVA, if you or your spouse should become unemployed. In order to qualify, you or your spouse must meet the following requirements: 1. Employed full time on the contract issue date; 2. Unemployed for a period of at least 60 consecutive calendar days prior to claiming the waiver; 3. Unemployed on the date when the full surrender or partial withdrawal is requested.
Premium Notes
Your initial purchase payment is allocated to one or more interest crediting strategies according to your instructions. The initial purchase payment includes all payments received within 14 days of the date you purchase the contract. Payments received in connection with an exchange, transfer or rollover must be initiated within 14 days and received within 60 days of the date you purchase the contract.
Minimum additional: $1,000
Additional purchase payments are welcomed when initiated before the first contract anniversary and received before the oldest owner’s or annuitant’s 80th birthday. Additional purchase payments are applied to an interest bearing holding account and remain there until the next contract anniversary, and then allocated to the interest crediting strategies according to your instructions.
Maximum: $1 million Higher amounts may be accepted but must be approved before being submitted and may be subject to conditions
Withdrawal Provisions
Penalty-Free WithdrawalsEven with a 10-year withdrawal schedule, you can withdraw 10% of your initial purchase payment during the first contract year with no withdrawal charge or market value adjustment. After the first year, you can withdraw 10% of the contract value as of the prior contract year anniversary annually, less any withdrawals in that contract year. Your contract value after each withdrawal must be at least $10,000. However, this minimum requirement doesn’t apply to the Guaranteed Income Benefit withdrawals.
- A.M. Best A+
- Fitch AA-
- S&P AA-
- Moody's A1
- Comdex 93
