CUSIP Number:
74367M137
CUSIP Name:
7 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
09 Feb 2015
Close Date:
CUSIP Note:
Scrap Book:
The Protective Indexed Annuity II MVA 7-year is a limited, flexible premium deferred index annuity with a market value adjustment. 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can be made for $1,000 or more during the first policy year only. 10% of the initial purchase payment can be withdrawn during the 1st contract year, 10% of the contract value as of the prior anniversary after the 1st contract year ($1,000 minimum).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 seven years in duration, vary by state, and are waived in the event of entrance into a nursing home / hospital, diagnosis of a terminal illness or unemployment. The death benefit is the higher of the contract value or the minimum surrender value. There is an Annuity Income Payment Bonus, available at no additional charge, which increases the annuity value by 2% (based on contract value) if annuity payments begin on or after the 10th contract anniversary (must be for life with a certain period of at least 10 years). 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. There is an optional income rider available, SecurePay SE, which guarantees the benefit base will increase each year by 7% of the total purchase payments for up to 10 years or until benefit withdrawals begin, if earlier. State variations may apply. Bonus applied in addition to tiered rate each year that the index performs 15% or better. 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. The free look period varies by state. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Last Modified:
28 Jan 2025 06:17