CUSIP Number:
814121182
CUSIP Name:
10 and 9 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Select Benefit Annuity is a single premium deferred annuity with a market value adjustment. The minimum single premium is $25,000 for qualified and non-qualified money. No additional purchase payments are allowed. 5% of the purchase payment is available after the first contract year or 5% of the account value as of the beginning of the contract year for each subsequent years. Surrender charges are ten years in duration, vary by state, and are waived in the event of death, entrance into a nursing home or hospital, or diagnosis of a terminal illness. There is an optional bonus benefit with withdrawal benefit rider (Accelerated Income Rider) and with incidental minimum death benefit (Legacy Preservation Rider). Riders are available at no extra 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 the claims-paying ability of the 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 11:49