CUSIP Number:
64952V345
CUSIP Name:
MYGA
Product Policy Type:
Fixed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The New York Life Secure Term Fixed Annuity V is a single premium deferred annuity. The minimum initial contribution is $5,000. The greater of 10% of the accumulated value as of the previous anniversary or 10% of the current accumulation value would be considered as free withdrawal under the contract. Systematic withdrawal is an option. Upon surrender of the contract, the amount paid is equal to the greater of a) the Accumulation Value based on the declared interest rate for the Initial Interest Rate Guarantee Period and thereafter based on the guaranteed minimum interest rate, less any applicable surrender charges or b) the nonforfeiture value. Surrender charges vary by rate term and are waived in the event of annuitization, death, living needs benefit (including diagnosis of a terminal illness, disability or entrance into a health care facility - nursing home). Living needs benefit available as an default benefit. Interest Opportunity Rider (IOR), Enhanced Beneficiary Benefit Rider and Enhanced Spousal Continuation Rider are the optional riders available with the policy. 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:
03 Oct 2023 01:22