CUSIP Number:
656803186
CUSIP Name:
14 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The NAC RetireChoice 14 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 The minimum single premium is $20,000 for non-qualified and qualified money. 10% of the accumulated value may be withdrawn after the first contract year without incurring any surrender charges or MVA. Surrender charges are fourteen years in duration (10,10,10,10,10,9,8,7,6,5,4,3,2,1) and are waived in the event of annuitization, death or entrance into a nursing home. There is a 5.0% premium bonus on all premium received in the first five contract years, which is vested over an 14-year period. There is an optional Additional Benefit Rider which, if elected for an extra cost, provides additional premium bonus, enhanced penalty-free withdrawals, Additional Payout Benefit, and Return of Premium. State variations may apply. There are two optional GLWBs available based on state: Income Pay or Income Pay Plus, which are available only when the Additional Benefit Rider is not elected. 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 13:26