CUSIP Number:
92911R162
CUSIP Name:
9 Year Annuity
Product Policy Type:
Indexed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Voya Lifetime Income is a single premium deferred fixed annuity with an indexed minimum guaranteed withdrawal benefit. All increases related to the guarantees and any index-linked growth increase the GLWB Value, which is used to determine the income withdrawal amount, and does not increase the Account Value. This product is designed to provide income and is not designed for accumulation of assets. The minimum initial contribution is $15,000 for qualified and non-qualified funds. 10% of the accumulated value may be withdrawn annually starting in year two. Systematic Withdrawal is an option. There are nine years of surrender charges which may be waived in the event of death, entrance into a nursing home or hospital, or diagnosis of a terminal illness. An optional Guaranteed Death Benefit (GDB) is available which allows for both annual index increases and guaranteed boosts to equal 150% of the premium, less withdrawals, at the end of year five and 225%, less withdrawals, at the end of year ten which increase the lifetime income withdrawal amount. A Minimum Guaranteed Withdrawal Benefit (MGWB) is included in the contract and is designed to provide a benefit through a stream of income payments. 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:
31 Jul 2023 10:50