CUSIP Number:
64952V469
CUSIP Name:
7 Year Annuity
Product Policy Type:
Fixed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The New York Life Clear Income Advantage Fixed Annuity - FP Series is a single premium deferred annuity. The minimum initial contribution is $50,000 for qualified and non-qualified money. Surrender-charge-free withdrawals include the greatest of: the Annual GLWB amount (once lifetime withdrawals have begun), 10% of the Accumulation Value as of the previous anniversary, 10% of the current Accumulation Value, 100% of the gain earned in the policy (for policies with a premium amount of $100,000 or more), or the Annual required minimum distribution (RMD) amount. The Free Look Period varies by state. This product has a Guaranteed Lifetime Withdrawal Benefit, which provides lifetime withdrawals of the guaranteed lifetime withdrawal benefit amount during the lifetime of the annuitant (annuitants if joint) even if the policy's accumulation value is reduced to zero, subject to certain limitations. There is a Return of Premium Benefit, which allows for a return of at least the premium paid, less any prior withdrawals and/or surrender charges related to withdrawals made before the Return of Premium Effective Date (currently the second policy anniversary). Surrender charges are seven years in duration and are waived in the event of annuitization or death. Some states may offer the rider under a different name and benefits may vary. 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:
18 Dec 2024 09:57