Market Crest MYGIA 3 - Indexed Interest

The Savings Bank Mutual Life Insurance Company of Massachusetts
Market Crest MYGIA 3 - Indexed Interest-brochure Market Crest MYGIA 3 - Indexed Interest-brochure

Market Crest MYGIA 3 - Indexed Interest

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Ratings:

  • A.M. Best A
  • S&P A-
  • Comdex 71

About Product

Type
Fixed Index
Purpose
Accumulation
Term
3 Years
Surrender schedule
9%8%7%
Fee withdrawal:
5%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
Qualified: $10,000
Non-Qualified: $25,000
Maximum Contribution
$1,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, and 1035 Exchange
Launch Date
08/05/2024
Market Crest is a Multi-Year Guarantee Indexed Annuity with Market-Related Upside.  Market Crest is ideal for retirement planning or those seeking a secure investment haven. This distinctive Multi Year Guarantee Indexed Annuity (MYGIA) capitalizes on the positive performance of the S&P 500 Index, while also providing protection against downside risk through the guaranteed growth characteristic of a Multi-Year Guarantee Annuity.

How it works
At the end of each interest rate guarantee period, the annuity yields a return based on the higher of two values: either the total accumulated value from the guaranteed fixed interest rate or the indexed value, which is based on the performance of the S&P 500 Index. If the indexed value is greater than the accumulated value, any excess will be credited as a bonus.

Index Interest Bonus Crediting Rider
For each multi-year interest rate guarantee period, this rider offers a potential interest bonus at the end of that period, or upon the death of the owner if it occurs during that period.
An interest bonus is credited if the return from the Indexed Value - calculated by multiplying the participation rate times the percentage change in the S&P 500® Index’s price from just before the guarantee period start date to its highest price on any anniversary during the guarantee period - exceeds the growth from the fixed interest rate.

Please see the Guaranteed Fixed Interest Option
Available in states: AL, AK, AZ, AR, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MA, MI, MN, MS, MT, NE, NV, NH, NM, NC, ND, OK, RI, SC, SD, TN, TX, VT, WA, WV, WI, and WY

Allocation Accounts

Name Type Rates
3-Year S&P 500 PTP Participation Rate
Market Crest
Triennial
65% Participation

Surrender schedule

Year 1 2 3
Penalty 9% 8% 7%

Riders

No Riders for Market Crest MYGIA 3 - Indexed Interest annuity.

Waivers

Nursing Home

If the contract owner is confined in a nursing facility for 60 or more days, or is unable to perform 2 of 6 ADLs, the contract may be surrendered, or a portion of the accumulated value may be withdrawn free of surrender charges and without an MVA. No interest bonus will be included. Features and availability may vary by state. This rider becomes available 90 days or more after the issuance of the contract.

Terminal Illness

If the contract owner is diagnosed as having a terminal condition with not more than 12 months to live, the contract may be surrendered, or a portion of the accumulated value may be withdrawn, free of surrender charges and without an MVA. No interest bonus will be included.

Surrender Window

There is no surrender charge for 30-day window at the end of the interest rate guarantee period. Any withdrawal in the interest guarantee period except for RMDs will terminate the rider with no future interest bonus payment.

ADL

If the contract owner is confined in a nursing facility for 60 or more days, or is unable to perform 2 of 6 ADLs, the contract may be surrendered, or a portion of the accumulated value may be withdrawn free of surrender charges and without an MVA. No interest bonus will be included. Features and availability may vary by state. This rider becomes available 90 days or more after the issuance of the contract.

Premium Notes

Issue Ages
18 – 90 (non-qualified)
18 – 85 (qualified)

Single Premium Amounts
Minimum: $10,000 (qualified); $25,000 (non-qualified)
Maximum: $1,000,000 without the need for home office approval
Subsequent Premiums are not allowed. If multiple transfers are expected, notify SBLI to hold for the last-to-issue. 

Withdrawal Provisions

Market Value Adjustment (MVA)
Surrenders and withdrawals made before the end of the interest rate guarantee period will be subject to a positive or negative MVA. Upon full surrender of the contract, the owner will never receive more than the contract’s Accumulated Value, nor less than the contract’s Guaranteed Cash Surrender Value because of the MVA.

Withdrawal Options
IRS-mandated Required Minimum Distributions (RMDs) starting in the first contract year may be withdrawn without a penalty.
Starting from the first year, annual withdrawals up to 5% of the contract value are currently allowed without incurring Surrender Charges or MVA. Withdrawals that exceed this limit will be subject to these charges.
Please note, partial withdrawals (other than Required Minimum Distributions) during the selected interest rate guarantee period will render the contract ineligible for receiving the interest bonus at the end of that period. 

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