American Icon
Status:
Active
Group:
Great American
Product Type:
Indexed Annuity
Product Status:
Draft
Version:
0
Inception Date:
May 02, 2005
Closed Date:
September 14, 2009
Last Modified:
January 28, 2019 07:12
Description:
The American Icon is a single premium deferred index annuity. The minimum single premium is $10,000 for qualified and non-qualified money. 10% of the purchase payment may be withdrawn during the first policy year and 10% of the account value as of the prior anniversary may be withdrawn after the first policy year without a surrender charge. Systematic Withdrawal is an option. Surrender charges are ten years in duration (10,9,8,7,6,5,4,3,2,1) are waived in the event of death, entrance into a hospital or nursing home, or diagnosis of a terminal illness. There is an annuitization bonus which, after the 4th policy year, increases the account value by 5% if the policy is annuitized for seven years or longer or for life. 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.
Fee Based:
No
Free Look:
Yes
Plan Types:
401 (k), HR-10 (Keogh), 403 (b), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others, 401 (a)
Premium Types:
Single
States Available:
AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IND, IA, KS, KY, LA, MZ, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, ORG, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC
States Exception:
Version Note:
Scrap Book:
Death benefits
| Name | Internal name | Sequence | Inception date |
|---|---|---|---|
| Basic Death Benefit | Basic Death Benefit | 1 |