Vega Bonus 10 (Compact States)
The Vega Bonus 10 provides you with peace of mind in your retirement. It guarantees a steady income, exactly what you need as you’re planning for future expenses. The bonus feature in the annuity allows an immediate 10% boost to your savings. It’s like getting a head start on your investment!
Additionally, the product offers flexibility with withdrawal options. So, you’re never locked entirely. What more can you ask for in a retirement plan? From the guaranteed income stream to the safety features, the Vega Bonus 10 deserves a thumbs up!
Vega Bonus 10 (Compact States)
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
25%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.5%
Cap
|
| 1-Year S&P 500 PTP Monthly Average Participation Rate |
Point to Point
Annual
Monthly average
|
45%
Participation
|
| 1-Year Barclays Atlas 5 PTP Participation Rate |
Point to Point
Annual
|
92%
Participation
|
| 1-Year Barclays Atlas 5 PTP Spread |
Point to Point
Annual
|
0.5%
Spread
|
| 1-Year S&P 500 RavenPack AI PTP Participation Rate |
Point to Point
Annual
|
100%
Participation
|
| 1-Year S&P 500 RavenPack AI PTP Spread |
Point to Point
Annual
|
|
| 1-Year Nasdaq Generations 5 PTP Participation Rate |
Point to Point
Annual
|
95%
Participation
|
| 1-Year Nasdaq Generations 5 PTP Spread |
Point to Point
Annual
|
0.25%
Spread
|
| 1-Year S&P 500 Duo Swift PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Vega Bonus 10 (Compact States) with Level LWB (Issue Age 0-80) | Yes | |
| Vega Bonus 10 (Compact States) with Level LWB (Issue Age 81-85) | Yes | |
| Vega Bonus 10 (Compact States) with Increasing LWB (Issue Age 0-80) | Yes | |
| Vega Bonus 10 (Compact States) with Increasing LWB (Issue Age 81-85) | Yes | |
| Vega Bonus 10 (Compact States) with Level LWB (Issue Age 0-80)(MN, OH, OR, PA, WA) | Yes | |
| Vega Bonus 10 (Compact States) with Level LWB (Issue Age 81-85)(MN, OH, OR, PA, WA) | Yes | |
| Vega Bonus 10 (Compact States) with Increasing LWB (Issue Age 0-80)(MN, OH, OR, PA, WA) | Yes | |
| Vega Bonus 10 (Compact States) with Increasing LWB (Issue Age 81-85)(MN, OH, OR, PA, WA) | Yes |
Waivers
Nursing Home
Nursing Home Benefit After the first policy year, you can withdraw up to 100% of your annuity’s account value if you become confined to a qualified care facility for at least 90 consecutive days and meet the eligibility requirements. There is a waiting period of 1 year after policy issue date, and you cannot be confined at the time the policy is issued.
Terminal Illness
Terminal Illness Benefit After the first policy year, you can withdraw up to 100% of your annuity’s account value if you are diagnosed with a terminal illness that results in a life expectancy of 12 months or less and you meet the eligibility requirements. Your terminal illness must be diagnosed after the policy is issued.
ADL
Home Health Benefit After the first policy year, you can withdraw up to 20% of your annuity’s account value each year for 5 years if you need home health care services and meet the eligibility requirements.
Premium Notes
- $10,000 Qualified and Non-Qualified
- Additional premiums allowed 1st 12 months. (Minimum Additional Premium: $2,000). Additional premiums accepted as both, Lump Sum or Periodic payments.
- $1,000,000 (Larger amounts will be considered with Home Office approval)
Withdrawal Provisions
Free WithdrawalsIn the 1st Policy Year, Required Minimum Distributions (RMD) can be withdrawn. After the 1st Policy Year, up to 5% of the Account Value or RMD can be withdrawn. One non-systematic free withdrawal allowed per year. Rider WithdrawalsThere are two types of Rider Withdrawals that come with Vega Bonus: 1. Accelerated Withdrawals and 2. Lifetime WithdrawalsAccelerated Withdrawals are included with Vega Bonus automatically and provide withdrawals for a specified period of time. Accelerated Withdrawals are not available if Lifetime Withdrawals have been elected. After the tenth Policy Year, (7th if the 7-year withdrawal charge period is elected) and once you have attained age 50, you may elect to begin Accelerated Withdrawals. The Accelerated Withdrawal is equal to the Benefit Value divided by the Accelerated Withdrawal Payment Period which is currently set to 15 years. Accelerated Withdrawals stop once they have been received for 15 years or at death, whichever is earlier.
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