Market Crest MYGIA 7 - Indexed Interest
The Market Crest MYGIA 7 - Indexed Interest annuity is a reliable choice for your retirement. Its standout benefit is the stability it offers, ensuring secure income growth, particularly significant during fluctuating markets.
With the option to tailor your payments to suit, Market Crest MYGIA 7 respects your unique financial journey for a worry-free future. Cherish peace of mind while planning for your golden years.
Market Crest MYGIA 7 - Indexed Interest
About Product
Non-Qualified: $25,000
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
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 7-Year S&P 500 PTP Participation Rate |
Market Crest
7-Year
|
70%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
No Riders for Market Crest MYGIA 7 - 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or is unable to perform 2 of 6 ADLs, the contract may be surrendered, or a portion of the accumulated value may be withdrawn free of surrender charges and without an MVA.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
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 OptionsIRS-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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