CUSIP Number:
74367H278
CUSIP Name:
MYGA
Product Policy Type:
Fixed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The Smart Saver NY is a limited flexible premium deferred annuity . The minimum single premium is $25,000 for qualified and non-qualified money. Additional contributions can be made for $50 or more. During the first contract year, the free withdrawal amount is equal to 10% of the initial purchase payment. In subsequent years, it is equal to 10% of the contract value on the contract anniversary. Systematic Withdrawal is an option. Surrender charges vary by rate term and are waived in the event of death, entrance into a nursing home, diagnosis of a terminal illness or unemployment. There is a return of premium guarantee automatically included at no additional cost. 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:
02 Dec 2023 02:19