CUSIP Number:
597610476
CUSIP Name:
10 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The MNLSecureVantage10 is a flexible premium deferred index annuity with a market value adjustment. The minimum single premium is $20,000 for non-qualified and qualified money. 5% of the accumulated value may be withdrawn after the first contract year without incurring any surrender charges or MVA. Surrender charges are ten years in duration (10,10,10,10,10,9,8,6,4,2) and are waived in the event of death or entrance into a nursing home. There is an optional Guaranteed Lifetime Withdrawal Benefit (GLWB) available at an additional cost which offers a bonus of 5% based on premium received for the first 5 contract years (vested over a 10--year period), a stacking roll-up credit (4.5% of GLWB value compounded annually plus the dollar amount of interest credit to accumulation value), and a lifetime payment amount that provides guaranteed lifetime income (ages 60 - 80). There is also a Guaranteed Minimum Death Benefit (GMDB) Rider included at contract issue which offers that the death benefit payable will be 100% of premiums paid plus a bonus of 5% based on premium received for the first 5 contract years and a stacking roll-up credit (3% of GMDB amount plus the dollar amount of any interest credited to the Accumulation Value during the preceding year, up to age 85). State variations may apply. 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:
02 Aug 2023 09:48