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10-Year
5.80%

Protective Indexed Annuity NY 7

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Highlights

Protective Indexed Annuity NY Available only in New York, Protective Indexed Annuity NY is a limited, flexible-premium deferred indexed annuity designed for clients seeking principal protection with the potential for higher returns linked to market index performance.
Available in states: NY
Type
Fixed Index
Purpose Accumulation
Term
7 Years
Surrender schedule
9%9%8%7%6%5%4%
Free withdrawal
10%
Market value adjustment
Return of premium
Launch date
02/09/2015
Minimum contribution
$10,000
Maximum contribution
$1,000,000
Max Age Qualified
85
Types of funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, and IRA-Roth
Brochure
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Find out if the Protective Indexed Annuity NY 7 is the right product for you.

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Premium Notes

Additional purchase payments are welcomed when initiated before the first contract anniversary and received before the oldest owners or annuitants 86th 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 per your instructions. 

Withdrawal Provisions

Penalty-free Withdrawals
During the first contract year, you can withdraw 10% of your initial purchase payment without incurring a withdrawal charge. After the first year, you can withdraw 10% of the contract value annually, less any withdrawals in that contract year. Penalty-Free Your contract value after each withdrawal must be at least $10,000. Withdrawals. Withdrawals reduce the annuity's remaining death benefit, contract value, cash surrender value, and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 5ft an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. 

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
2.95% Fixed
1-Year S&P 500 PTP Cap
Point to Point
Annual
4.55% Cap
1-Year S&P 500 Performance Triggered
Performance Triggered
Annual
3.9% Performance triggered
1-Year Fixed Account
Fixed
3.05% Fixed
1-Year S&P 500 PTP Cap
Point to Point
Annual
5.55% Cap
1-Year S&P 500 Performance Triggered
Performance Triggered
Annual
4.6% Performance triggered

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 9% 9% 8% 7% 6% 5% 4%

Riders

No Riders for Protective Indexed Annuity NY 7 annuity.

Waivers

Hospital

Waives the withdrawal charge after the first contract anniversary if you or your spouse is confined to a hospital or nursing facility for at least 30 consecutive days, or has a terminal illness that is expected to result in death within 12 months.

Nursing Home

Waives the withdrawal charge after the first contract anniversary if you or your spouse is confined to a hospital or nursing facility for at least 30 consecutive days, or has a terminal illness that is expected to result in death within 12 months. The nursing home waiver does not include home health care.

Terminal Illness

Waives the withdrawal charge after the first contract anniversary if you or your spouse is confined to a hospital or nursing facility for at least 30 consecutive days, or has a terminal illness that is expected to result in death within 12 months.

Unemployment

Waives the withdrawal charge if you or your spouse becomes 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

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