Puritan Interest Plus Annuity 10
Puritan Interest Plus Annuity 10
About Product
Interest Strategies
Clients can choose as many options as they like. Transfers between are allowed without incurring surrender charges, see each option description for transfer guidelines.
- Option 1. Fixed Interest Rate: 1-year rate declared at the time of issue. Money can be moved out of this bucket and into
- Option 2. at any time. Interest accrued daily. Option 2 Multi-year guaranteed rate terms: 3-, 5-,7- and 10-year rate lock-in options. (10-year option not available in CA) Money can be moved out of this Option, or to another term within this option, at the end of each term. A term cannot be selected if it extends past the surrender charge period.
- Option 3. Annual Reset – Annual Point-to-Point with Cap where interest is based on the movement in the S&P Index and subject to the cap rate. Interest is credited each year on the anniversary of the policy. Money can only be moved in or out of options 3 or 4 on the policy anniversary.
- Option 4. Annual Reset – Annual Point-to-Point with Participation where interest is based on movement in the S&P Index and subject to the participation rate. Interest is credited each year on the anniversary of the policy.
- Guaranteed Lifetime Withdrawal Benefit Rider (“GLWB”) Rider
- Enhanced Withdrawal Benefit Rider
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4%
Fixed
|
| 3-Year Fixed Account |
Fixed
|
5%
Fixed
|
| 5-Year Fixed Account |
Fixed
|
5.25%
Fixed
|
| 7-Year Fixed Account |
Fixed
|
5.5%
Fixed
|
| 10-Year Fixed Account |
Fixed
|
5%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
60%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Puritan Interest Plus Annuity 10 GLWB Rider plus EWBR | No | 1.00% annually |
| Puritan Interest Plus Annuity 10 GLWB Rider | No | 0.85% annually |
Waivers
Nursing Home
100% of Accumulation Value, no Surrender Charge or MVA (available after 1st contract year).
Terminal Illness
100% Accumulation Value available if diagnosed with Terminal or Chronic Illness.
RMD
For qualified plans, surrender charges on Internal Revenue Service (IRS) minimum distributions exceeding the minimum withdrawal amount will be waived.
Withdrawal Provisions
Market Value Adjustment A Market Value Adjustment (MVA) may increase or decrease the amount of your withdrawal depending on changes in the 10-Year Constant Maturity Treasury Rate. An MVA will not be applied after the surrender charge period or if you annuitize your contract after the third contract year. Only a positive MVA will be applied in the case of a death benefit. Free Withdrawals 10% Accumulation Value and/or any RMDs can begin immediately without penalty.
- A.M. Best B++
