Summit Bonus Index
The Summit Bonus Index annuity is a reliable choice for retirement planning. It boasts great features like guaranteed income for life and protection against market downturns that ensure your future is secure.
The other cool benefit is the bonus interest it offers. It spices up your retirement income. For those dreaming of a worry-free retirement, the Summit Bonus Index is a friend indeed!
Summit Bonus Index
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Ratings:
- A.M. Best B++
About Product
Type
Fixed Index
Purpose
Accumulation
Premium Bonus
7%
Term
10 Years
Surrender schedule
12%11%10%9%8%7%6%5%4%2%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
Qualified: $5,000
Non-Qualified: $10,000
Non-Qualified: $10,000
Maximum Contribution
$1,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, 401k, IRA, IRA Rollover, 401a, IRA Transfer, SEP IRA, IRA-Roth, SIMPLE IRA, 1035 Exchange, Stretch IRA, Inherited IRA, and TSP
Launch Date
03/27/2013
Sentinel Summit Bonus Index is a 10 year, single premium, deferred annuity with four different indexing strategies, in addition to a fixed account. An Income Rider is also available with a rollup that will continue to compound for up to 20 years.
Available in states:
AL, AZ, AR, CA, CO, FL, GA, HI, IL, IN, IA, KS, KY, LA, MD, MN, MS, MT, NE, NV, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TX, UT, WA, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
1.5%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
Monthly average
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Daily Average Cap |
Point to Point
Annual
Daily average
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.1%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 12% | 11% | 10% | 9% | 8% | 7% | 6% | 5% | 4% | 2% |
Riders
No Riders for Summit Bonus Index annuity.
Waivers
No Waivers for Summit Bonus Index annuity.
Withdrawal Provisions
Withdrawal Provisions
- RMD or the interest earned on the Fixed Account is available Penalty-Free during the first Policy Year.
- RMD or up to 10% of the Accumulation Value is available Penalty-Free after the first Policy Year.
- A maximum of two withdrawals are allowed each Policy Year.
- Minimum withdrawal amount of $250; Minimum account value after withdrawal is $2,500
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