Vega Bonus 7 (Compact States)
Highlights
|
Type
|
Fixed Index |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
7 Years |
|
Surrender schedule
|
9.3%8.4%7.5%6.6%5.7%4.75%3.8% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 5% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
12/20/2021 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
90 |
|
Types of funds
|
Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, 1035 Exchange, Stretch IRA, and TSP |
Brochure
|
Open brochure |
Find out if the Vega Bonus 7 (Compact States) is the right product for you.
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
In the 1st Policy Year, Required Minimum Distributions (RMD) can be withdrawn. After the 1st Policy Year, up to 5% of the Account Value or RMD can be withdrawn.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 Withdrawals
There are two types of Rider Withdrawals that come with Vega Bonus: 1. Accelerated Withdrawals and 2. Lifetime Withdrawals
Accelerated 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.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year S&P 500 RavenPack AI PTP Boost Spread |
Boost
Annual
|
1.25%
Spread
|
| 1-Year Barclays Atlas 5 Boost Spread |
Boost
Annual
|
0.75%
Spread
|
| 1-Year Nasdaq Generations 5 Boost Spread |
Boost
Annual
|
1%
Spread
|
| 1-Year Fixed Account |
Fixed
|
2%
Fixed
|
| 1-Year S&P 500 RavenPack AI PTP Participation Rate |
Point to Point
Annual
|
125%
Participation
|
| 1-Year Barclays Atlas 5 PTP Participation Rate |
Point to Point
Annual
|
117%
Participation
|
| 1-Year S&P 500 PTP Monthly Average Participation Rate |
Point to Point
Annual
Monthly average
|
55%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.75%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
30%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
5.25%
Cap
|
| 1-Year Nasdaq Generations 5 PTP Participation Rate |
Point to Point
Annual
|
120%
Participation
|
| 1-Year S&P 500 Duo Swift PTP Participation Rate |
Point to Point
Annual
|
45%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 8% | 7% | 6% | 5% | 4% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Vega Bonus 7 (Compact States) with Level LWB (Issue Age 0-80) | Yes | |
| Vega Bonus 7 (Compact States) with Level LWB (Issue Age 81-90) | Yes | |
| Vega Bonus 7 (Compact States) with Increasing LWB (Issue Age 0-80) | Yes | |
| Vega Bonus 7 (Compact States) with Increasing LWB (Issue Age 81-90) | Yes | |
| Vega Bonus 7 (Compact States) with Level LWB (Issue Age 0-80)(MN, OH, OR, PA, WA) | Yes | |
| Vega Bonus 7 (Compact States) with Level LWB (Issue Age 81-90)(MN, OH, OR, PA, WA) | Yes | |
| Vega Bonus 7 (Compact States) with Increasing LWB (Issue Age 0-80)(MN, OH, OR, PA, WA) | Yes | |
| Vega Bonus 7 (Compact States) with Increasing LWB (Issue Age 81-90)(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.
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