Product Summary & Key Terms
Product Single premium deferred annuity (fixed annuity) policy with multi-year interest rate guarantee period options (“Nex MYGA”) Interest Rate Guaranteed interest rate over the initial guarantee period that corresponds with the guarantee period owner selects Guarantee Period Options 3-, 5-, 7- and 10-year options Annuitization Owner can choose payout of income over lifetime or defined period Issue Ages 4 0-85 years (age last birthday of annuitant) Single Premium 4 Min. $10,000 (Over $1 million with home office approval) Policy/Policy Schedule The policy is a contract with Ohio State Life that includes a policy schedule and outlines the terms of the policy. Interest Crediting Method Interest is credited daily and compounded at the end of each policy year. Interest payments and interim account balances are compounded using normal daily interest rate and the daily account balances. Owner (Joint Owners) The individual(s) (or entity) who is (are) entitled to exercise the rights and privileges under the policy
Change in Ownership Owner can name a new owner by giving Ohio State Life written notice of the change. Upon naming a new owner, prior owner’s ownership rights terminate, and the new owner is entitled to exercise rights and privileges under the policy. Beneficiary The person(s) or entity(ies) that owner has designated to receive any death benefits payable under the policy Death Benefit If owner dies prior to maturity, a death benefit will be paid to the beneficiary(ies). The amount will be the cash surrender value unless the death benefit rider is selected. Withdrawals/Partial Withdrawals Owner can withdraw all or a portion of the policy’s cash surrender value prior to maturity, subject to withdrawal charges, market value adjustments, and minimum withdrawal amount listed in the policy. Maturity & Automatic Renewals Upon reaching the end of each guaranteed period, if owner is alive, the policy will automatically renew for a renewal guarantee period which is the same length as the initial guarantee period. The credited interest rate for the renewal guarantee period will not be less than the minimum guaranteed interest rate shown on the policy schedule. Surrender Owner can terminate the policy in exchange for the cash surrender value.
4 Applications for annuitants ages 75+ or for $250,000+ may be referred for heightened review or home office approval. 100% of current commission rate to be paid for issue ages 0-80 years, and 50% of current commission rate to be paid for issue ages 81-85 years. In FL and CA, 100% of current commission rate to be paid for issue ages 0-75 years, and 50% of current commission rate to be paid for issue ages 76-85 years.
Issued by The Ohio State Life Insurance Company
www.nexannuity.com
Made with FlippingBook - Share PDF online