CUSIP Number:
853528685
CUSIP Name:
5 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
30 May 2024
Close Date:
CUSIP Note:
Scrap Book:
Enhanced Choice Index Plus 5 (Santander) is a single premium deferred index annuity with a market value adjustment. The minimum initial contribution is $15,000 for qualified and non-qualified funds. Maximum 10% of the accumulated value may be withdrawn annually after the first contract year without incurrence of any withdrawal charge or market value adjustments. Surrender charges are five years in duration and are waived in the event of annuitization, death, entrance into a nursing home or diagnosis of a terminal illness. This contract offers Legacy Max death benefit rider which is an optional death benefit and is available at an additional cost. In addition, a Partial Index Credit feature is also available at no additional charge which provides credit only if growth is shown in the index and withdrawal is made before the end of 12-month index term. Participation rates and enhanced participation rates for managed-volatility indices are guaranteed for the 5-year term. 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.
Last Modified:
17 Jun 2024 06:32