CUSIP Number:
656803236
CUSIP Name:
7 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The NAC IncomeChoice 7 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 The minimum single premium is $20,000 for non-qualified and qualified money. 5% of the accumulated value may be withdrawn after the first contract year without incurring any surrender charges or MVA.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 seven years in duration (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 Guaranteed Lifetime Withdrawal Benefit (GLWB) included at issue Rider offers a bonus of 5% based on premium received for the first 5 contract years, a stacking roll-up credit (2% of GLWB value compounded annually plus 150% of the dollar amount of interest credit to accumulation value), and a lifetime payment amount that provides guaranteed lifetime income (ages 50 â 80+) at no cost. 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:
31 Jul 2023 13:32