GUARANTEED LIFETIME INCOME — THE INCOME BENEFIT RIDER You can add the optional Income Benefit Rider (IBR) to your MarketSeven Index® contract to take advantage of these benefits:
L ifetime income based on 7% accumulation plus index and interest credits for up to seven years
A 25% bonus added to your Benefit Base for premiums paid in the first year
A guaranteed 1 stream of income for life — without annuitizing
T he ability to double your income for up to five years in the event of a chronic illness
Flexibility and control to start and stop income payments when it works for you
All of this while maintaining your annuity benefits
At any time after the first contract year and age 50, you can elect to begin lifetime income withdrawals. Your payments will never decrease if you withdraw only your income amount each year. In certain situations, your payments may increase. How do I qualify for the IBR? The owner of the annuity must be age 40 or older to elect the IBR, and it can be added only during the annuity application process. To qualify, the owner and annuitant must be the same person, and joint owners must be spouses; spouse may include domestic partner (in some cases, but does not include spousal continuation). Calculating income withdrawal amounts Your payments will be calculated based on this equation:
Income withdrawal percentage
Income withdrawal amount
Benefit Base
On your contract anniversary, your income withdrawal amount will be recalculated as the greater of the prior year’s income withdrawal amount or the original income withdrawal percentage multiplied by the current Benefit Base.
8 | MARKETSEVEN INDEX® ANNUITY
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