CUSIP Number:
04685L636
CUSIP Name:
7 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The MultiChoice IncomeSeven is a flexible premium deferred index annuity with a market value adjustment (MVA). The minimum single premium is $5,000 for qualified and non-qualified money. Additional contributions can be made for $1,000 or more. 10% of the prior anniversary accumulated value is available beginning in contract year one; withdrawal charges and MVA imposed retroactively if contract is surrendered within 12 months of a withdrawal. Surrender charges are seven years in duration (9,8,7,6,5,4,3) and are waived in the event of annuitization after the first contract year, death, confinement, or diagnosis of a terminal illness. There is an optional lifetime income rider which, if elected for an additional cost, may be utilized in lieu of the annuity settlement (annuitization) options available under the contract and provides wellness benefits through a third party administrator. 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. 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.
Last Modified:
31 Jul 2023 12:00