BonusRev Core
BonusRev Core
About Product
Index Lock
With BonusRev’s Index Lock Rider, you can “lock in” an index crediting rate once during each Index Strategy Term for the Par Rate and Par Rate After 5% and 10% Index Strategy Options.
There are 3 ways to lock in your crediting rate:
- Manually lock in the current index crediting rate
- Set an Automatic Upper Lock threshold
- Set an Automatic Lower Lock threshold
The Index Rate Lock feature is not available for funds allocated to Fixed, Cap Rate, or Guaranteed Cap Rate Index Strategy Options.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
6%
Cap
|
| 1-Year S&P 500 PTP 5-Year Guaranteed Cap |
Point to Point
Annual
|
5.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
| 1-Year S&P 500 PTP Participation Rate After 5% |
Point to Point
Annual
|
50%
Participation
5%
Spread
|
| 1-Year S&P 500 PTP Participation Rate After 10% |
Point to Point
Annual
|
90%
Participation
10%
Spread
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Cap |
Point to Point
Annual
|
7%
Cap
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP 5-Year Guaranteed Cap |
Point to Point
Annual
|
6.75%
Cap
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate After 5% |
Point to Point
Annual
|
60%
Participation
5%
Spread
|
| 1-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate After 10% |
Point to Point
Annual
|
100%
Participation
10%
Spread
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
No Riders for BonusRev Core annuity.
Waivers
Nursing Home
The Bonus Accumulation Value becomes fully vested and Surrender Charges and MVA will be waived if one of the following events occurs: (1) The Contract Owner becomes confined to a nursing home for at least 90 consecutive days on or after the Contract Date; or (2) The Contract Owner is confined to a nursing home for a total of at least 90 days if there is no more than a 6-month break in the confinement and the confinements are for related causes.
Terminal Illness
The Bonus Accumulation Value becomes fully vested and Surrender Charges and MVA will be waived if the Contract Owner becomes terminally ill or injured in such a way that they are not expected to live more than 12 months.
RMD
The Contract Owner can access IRS Required Minimum Distributions without incurring a Surrender Charge. RMDs count toward the Free Partial Surrender limit each Contract Year. If the RMD is greater than the Free Partial Surrender limit, no additional free surrenders are available. If the RMD is less than the Free Partial Surrender Amount, the remaining amount up to the Free Partial Surrender limit may be withdrawn without charges. Waiver of Surrender Charge for an RMD only applies to the RMD amount applicable to the Revol One Financial annuity.
Withdrawal Provisions
Free Partial Surrenders Up to 10% of your initial Premium annually, available at Contract Issue. The Free Partial Surrender Amount is equal to the Free Partial Surrender Percentage times the Initial Premium, less any prior Free Partial Surrenders made during the Contract Year. The Free Partial Surrender Amount will not be less than the amount necessary to satisfy any IRS Required Minimum Distributions for the annuity. If you surrender an amount more than this Free Partial Surrender Amount, you may be subject to Surrender Charges, Bonus Vesting Adjustments, and MVA. Surrenders of taxable amounts are subject to ordinary income tax and may be subject to a 10% federal income tax penalty if taken before age 59½. Market Value Adjustment (MVA) The BonusRev FIA comes with a Market Value Adjustment. The MVA applies only when the Surrender Charge applies. The MVA could increase or decrease the amount you receive from a Surrender in excess of the Free Partial Surrender Amount, depending on certain market interest rates.
- A.M. Best B++
