American Icon II
Status:
Active
Group:
Great American
Product Type:
Indexed Annuity
Product Status:
Draft
Version:
0
Inception Date:
March 21, 2006
Closed Date:
March 07, 2011
Last Modified:
Description:
The American Icon II is a flexible premium deferred index annuity. The minimum single premium is $10,000 for qualified and non-qualified money. Additional contributions can be made for $2,000 or more. 10% of the purchase payment may be withdrawn during the first policy year and 10% of the sum of the account value as of the prior anniversary may be withdrawn after the first policy year without a surrender charge. Systematic Withdrawal is an option. Surrender charges are ten years in duration, vary by age, and are waived in the event of death, entrance into a nursing home, or diagnosis of a terminal illness. There is an optional guaranteed withdrawal benefit rider, which, if elected at an extra cost, provides lifetime income, spousal lifetime income, or fixed percentage income, based on the age at the time of the first benefit withdrawal multiplied by the benefit base amount (the account value increased by rollup credits and additional purchase payments, and decreased for withdrawals). In PA, the annuitant and the owner must be the same person and once selected, the annuitant may not be changed. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Fee Based:
No
Free Look:
Yes
Plan Types:
401 (k), HR-10 (Keogh), 403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others, 401 (a)
Premium Types:
Flexible
States Available:
AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IND, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, MZ, NC, ND, NE, NH, NJ, NM, NV, OH, OK, ORG, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
States Exception:
Version Note:
Scrap Book:
Death benefits
| Name | Internal name | Sequence | Inception date |
|---|---|---|---|
| Basic Death Benefit | Basic Death Benefit | 1 | 21 Mar 2006 |