Growth potential
The Income Pay Pro fixed index annuity has growth opportunities that you can take advantage of as you build your retirement savings. How your annuity grows Accumulation value growth The interest earned in the fixed and indexed accounts is applied to your contract’s accumulation value. Guaranteed lifetime withdrawal benefit (GLWB) rider The embedded guaranteed lifetime withdrawal benefit (GLWB) rider is designed as a way to generate income payments for life (called lifetime payment amounts (LPA)) without incurring any applicable surrender charge or market value adjustments (MVA), even if the accumulation value is reduced to zero. The LPA is based on the age of the covered person. The covered person(s) is the annuitant(s). If there are joint covered persons, the LPA is based on the youngest covered person. Guaranteed lifetime withdrawal benefit (GLWB) value The GLWB value is used to calculate the lifetime payment amounts. This value is not used to calculate the death benefit or penalty-free withdrawals and cannot be withdrawn as a lump sum. This value can grow based on the GLWB roll-up rate (also referred to as GLWB value increase percentage), prior to the lifetime payment election date, and any premiums received the earlier of the first contract year and lifetime payment election. Withdrawals will reduce the GLWB value proportionally. The GLWB value initially equals 100% of your premium. The GLWB value is not the same as the accumulation value. GLWB roll-up amount Features a 7.00% roll-up rate (also known as the GLWB value increase percentage) compounded for up to 10 years (or until lifetime payment election date (LPED), if earlier). The roll-up rate is a guaranteed rate applied only to the GLWB value that compounds annually for the GLWB roll-up period (also referred to as the GLWB increase period). It offers growth for your GLWB value, even if you take a penalty-free withdrawal (also referred to as a penalty-free partial surrender) from your accumulation value. The GLWB roll-up amount will not occur in a particular contract year if an excess withdrawal is taken in that contract year. If LPAs are started during the ten year period, the roll-up rate will no longer be applied in following years.
35405Z
7
REV 1-24
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