Vega Bonus 7 (Variation States)
If you're thinking about retirement, the Vega Bonus 7 annuity is a great choice. This product provides a reliable income stream that can help you enjoy your golden years without financial worry.
Key benefits include a 7% bonus on all deposits made in the first year and a choice of payment options. These features make Vega Bonus 7 a flexible and rewarding solution for retirement planning.
Vega Bonus 7 (Variation States)
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Barclays Atlas 5 Boost Spread |
Boost
Annual
|
1%
Spread
|
| 1-Year S&P 500 RavenPack AI PTP Boost Spread |
Boost
Annual
|
1.25%
Spread
|
| 1-Year Nasdaq Generations 5 Boost Spread |
Boost
Annual
|
1%
Spread
|
| 1-Year Fixed Account |
Fixed
|
2.25%
Fixed
|
| 1-Year Fixed Account (TX Only) |
Fixed
|
2.25%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
5.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
30%
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 Monthly Average Participation Rate |
Point to Point
Annual
Monthly average
|
55%
Participation
|
| 1-Year Barclays Atlas 5 PTP Participation Rate |
Point to Point
Annual
|
120%
Participation
|
| 1-Year S&P 500 RavenPack AI PTP Participation Rate |
Point to Point
Annual
|
127%
Participation
|
| 1-Year Nasdaq Generations 5 PTP Participation Rate |
Point to Point
Annual
|
122%
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 with Level Lifetime Withdrawal Benefit (Issue Age 0-80) | Yes | |
| Vega Bonus 7 with Level Lifetime Withdrawal Benefit (Issue Age 81-90) | Yes | |
| Vega Bonus 7 with Increasing Lifetime Withdrawal Benefit (Issue Age 0-80) | Yes | |
| Vega Bonus 7 with Increasing Lifetime Withdrawal Benefit (Issue Age 81-90) | 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.
- A.M. Best B
- Comdex 32
