CUSIP Number:
63653P144
CUSIP Name:
4-Year
Product Policy Type:
Fixed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The SmartStep is a single premium deferred annuity. The initial minimum contribution is $20,000 for both qualified and non-qualified money. 10% of the account value is available immediately for contracts with return of premium. For contracts without return of premium, 5% of the account value is available for qualified contracts and 10% of the account value may be withdrawn in total during contract years 1-4, then 10% of the account value in each contract year 5 and 6. Surrender charges are six years in duraration (7,7,7,6,5,4) and are waived in the event of annuitization, death, entrance into a nursing home / hospital or diagnosis of a terminal illness. 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:
08 Feb 2024 19:43