Summit Bonus Index with Income Rider
The Summit Bonus Index with Income Rider is a life-saver! Great return and secure income for life, perfect for us retirees. The bonus feature is a real cherry on top - extra cash credited each year is a delight.
They've made understanding retirement simple. You get to relax while they wisely invest your money. What I find reassuring is you'll never lose your initial investment, even when markets dip. Definitely a smart choice for future planning!
Summit Bonus Index with Income Rider
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Ratings:
- A.M. Best B++
About Product
Type
Fixed Index
Purpose
Lifetime Income
Premium Bonus
10%
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
| Name | Inbuilt | Fee |
|---|---|---|
| Sentinel Summit Bonus GLWB | Yes | 1.30% annually (1.50% max) |
Waivers
No Waivers for Summit Bonus Index with Income Rider 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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