Enhancing your retirement
Income Pay Pro offers a mix of both fixed and indexed account options, including:
Fixed account Income Pay Pro provides a fixed account that offers a fixed interest rate that is guaranteed for the first contract year. The fixed interest rate is declared by the company each year thereafter, but will never be less than the minimum guaranteed fixed account interest rate provided by your contract. Set your strategy You have total control over how your initial premium is allocated between our fixed account or indexed account options. Choose from several crediting methods (more details on the following pages):
Accumulation value The accumulation value is 100% of premium, allocated to the fixed and indexed account options, less any withdrawals plus any interest credits. The accumulation value will be reduced by the amount of any withdrawals (including any rider charges), but cannot decrease due to negative index performance. Full Surrender - Surrender value If you decide to surrender or terminate your Annuity Contract, the surrender value is the amount that is available to you as a lump sum. The surrender value is equal to the accumulation value, subject to market value adjustment, less applicable surrender charges, and applicable state premium taxes. The surrender value will never be less than the minimum requirements set forth by state law, at the time of issue, in the state where the Annuity Contract is delivered or issued for delivery. The minimum surrender value will never be less than 87.5% of all premiums less any surrenders (after MVA or reduction for surrender charges) accumulated at a rate not less than the rate required or otherwise directed by your Annuity Contract.
• Monthly Point-to-Point with Index Cap Rate • Annual Point-to-Point with Index Cap Rate • Annual Point-to-Point with Participation Rate • Two-year Point-to-Point with Participation Rate • Fixed Account 1
1. The declared fixed rate is an annual effective rate. Interest is credited to the fixed account daily.
How transfers work “Did you know?”
You may elect to transfer funds between the fixed account and index account options after the first contract year for the annual index account strategies (or every two years if you choose the Two-year Point-to-Point strategy). You may also elect to transfer between strategies annually (or every two years for amounts allocated to the two-year strategy). Based on current tax laws, these transfers between options will not be taxable or subject to surrender penalties. Transfers must be specified dollars or whole percentages (no decimals).
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