CUSIP Number:
74367H211
CUSIP Name:
10 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Protective Indexed Annuity NY 10-Year is a limited, flexible premium deferred index annuity. The minimum single premium is $10,000 for qualified and non-qualified money. Additional contributions can be made for $1,000 or more during the first policy year only. 10% of the initial purchase payment can be withdrawn during the 1st contract year, 10% of the contract value as of the prior anniversary after the 1st contract year ($1,000 minimum). Minimum contract value after withdrawals must be $10,000. Surrender charges are ten years in duration and are waived in the event of death, entrance into a nursing home / hospital, diagnosis of a terminal illness or unemployment. There is an optional return of premium feature which, if elected, guarantees 100% of the investment (upon full surrender before starting annuity income payments) will be returned (less any withdrawals or investment taxes, if applicable). Contracts including this feature may earn a lower interest rate than those without it. 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. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Last Modified:
29 Aug 2023 11:23