Target Income 10 ® product summary
Core annuity features
Issue ages
50-80
$25,000 for both qualified and nonqualified money; Flexible premium deferred annuity Minimum: $500; Maximum: Total purchase payments cannot exceed $1M without prior approval 10% of the total premiums during the first contract year; 10% of the last contract anniversary value or required minimum distribution (RMD), if greater, in the contract years thereafter Standard 10-year non-rolling surrender charge schedule period Year 1 2 3 4 5 6 7 8 9 10 11+ Percent 10% 10% 10% 10% 10% 9% 8% 7% 6% 5% 0%
Minimum initial premium
Subsequent payments 1
Free withdrawal amount 2
Surrender charge period 3
Market value adjustment State variations apply
Applies to withdrawals and surrenders greater than the free withdrawal amount. Waived at death.
• Maximum annuitization age: 95 • Annuitization options include: • Single-life only • Single-life with period certain • Joint and survivor life
Annuitization 4
Death benefit
Greater of account value or surrender value Guaranteed lifetime withdrawal benefit (GLWB) – required at issue
Premium bonus
20% bonus to the benefit base on first-year premiums
Roll-up bonus rate
10% roll-up bonus credit to benefit base during first 10 years
Annual cost
1.05% of benefit base for both Single or Joint Life
1 Subsequent payments not permitted after any owner/annuitant has attained age 85. 2 Withdrawals are taxed as ordinary income and, if taken prior to age 59½, there may be a 10% federal tax penalty. Early and excess withdrawals will reduce the GLWB benefit and may result in a surrender charge or a market value adjustment (MVA) 3 With a non-rolling surrender charge, all payments are free from surrender charges at the end of the surrender charge schedule. Below are the State-specific and the California-only surrender schedules. The state-specific surrender schedule is for use in the following states: AK, CT, DE, FL, IA, ID, IN, MA, MN, MO, NJ, OH, OR, PA, SC, TX, UT, WA.
Year
1
2
3
4
5
6
7
8
9
10 11+
State-specific schedule 10-Year
10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
California schedule
9-Year
8.30% 8.20% 7.20% 6.20% 5.20% 4.15% 3.15% 2.10% 1.05% 0% 0%
4 We may offer other options other than those listed. Please refer to the contract for details.
Delaware Life Target Income 10 ® Fixed Index Annuity
11
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