CUSIP Number:
533787495
CUSIP Name:
5 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Lincoln OptiChoice NY 5 is a flexible premium deferred indexed annuity. The minimum initial premium is $2,000 for Qualified and 5,000 for non-qualified money. Additional premium payments can be made for $50 or more, but the company reserves the right to limit additional premiums to $25,000 in any policy year. 10% of the accumulated value may be withdrawn each policy year without a surrender charge. Systematic Withdrawal is an option. There are five years of surrender charges (9,8,7,6,5) which are waived in the event of annuitization, death, entrance into a nursing home, special nursing unit of a hospital or diagnosis of a terminal illness after the first policy anniversary (subject to terms and conditions of the rider). Withdrawals may be subject to Federal/State income tax, and if taken prior to age 59 1/2, a 10% Federal Penalty tax. Guarantees based on claims paying ability of insurer. This is an annuity contract issued by an insurance company and not securities or bank products protected by the FDIC.
Last Modified:
28 Aug 2023 09:05