CUSIP Number:
68236K108
CUSIP Name:
7 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
03 Oct 2016
Close Date:
CUSIP Note:
Scrap Book:
ONdex Annuity 7 is a modified single premium deferred index annuity with a market value adjustment. The minimum single premium is $15,000 for qualified and non-qualified money. Each Index Year, 10% of the beginning Index Year account value may be withdrawn without incurring any surrender charges or MVA. Systematic withdrawals are allowed. Surrender charges are seven years in duration. If requirements and conditions are met, charges may be waived in the event of annuitization (subject to certain conditions), death or entrance into a nursing home or hospital. The Guaranteed Accumulation Protection (GAP) feature, included at issue, ensures a minimum percentage of credited interest after the contractâs surrender period ends (currently 107%). There is a $30 annual fee; waived if Contract Value is $50,000 or more at Index Anniversary. Income Accelerator and Ion GLWB are optional riders available for an additional charge. 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. Early surrender charges may also apply. 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. The free look period varies by state.
Last Modified:
28 Jan 2025 11:25