OTHER IMPORTANT INFORMATION UP TO 10% IN FREE WITHDRAWALS 9 Each year during your annuity’s surrender charge period you may withdraw up to 10% (the free RETURN OF PREMIUM (Subject to state availability)
Nassau Personal Protection Choice includes return of premium features to help protect your money under certain circumstances. Upon Surrender: Should you choose to withdraw all of your contract value after the surrender charge period has passed, you are guaranteed to receive no less than your premium minus prior gross withdrawals and cumulative prior Income, Care and Family Protection rider fees. Exercise of any Income Protection Benefit or Care Protection Benefit riders will cancel this benefit. Upon Death: Your annuity’s contract value may be transferred to your loved ones if you should die while your contract is in force. Your annuity’s death benefit will never be less than the premium (less prior gross withdrawals and cumulative prior Income, Care and Family Protection rider fees) and is payable to specified beneficiaries upon death. The death benefit is unaffected by exercise of the Income Protection Benefit or Care Protection Benefit riders. The funds will be available to your loved ones upon claim, since annuity death benefit proceeds are not subject to probate. 12 TOTAL GUARANTEED VALUE (TGV) TGV is the minimum value available to you as a surrender value, a death benefit, or an annuitization value. It is equal to a minimum of 87.5% of the single premium accumulated at the applicable TGV interest rate less prior withdrawals and applicable rider fees. 13 The TGV rate is set at contract issue. The rate will range from 1%-3% and is guaranteed for the life of the contract. ANNUITY PAYMENT OPTIONS Seven fixed annuity payment options provide a choice of periodic fixed payments for a specified period of time or for the life of the annuitant(s). The value available to annuitize is equal to the greater of the Cash Surrender Value and the Accumulation Value. Annuitization terminates any riders elected. 14
withdrawal amount) of your contract value, free of surrender charges, Market Value Adjustment (MVA) or fees. Any withdrawals taken during an index segment will not qualify for partial index credit at the end of the segment. Withdrawals in excess of 10% during the surrender charge period will incur a surrender charge, which is a percentage of the amount withdrawn, and are subject to a market value adjustment. Withdrawals exceeding the free withdrawal amount in any year will be subject to pro- rated rider and strategy fees (if applicable). SURRENDER CHARGES Any withdrawals in excess of the free withdrawal amount taken during the surrender charge period will be subject to a surrender charge. The surrender charge period length is 10 years (9 years in CA) following the issue date of your contract. After this 10 year period (9 years in CA), you may withdraw the full amount of your contract value with no surrender charge or MVA. A full surrender will result in the loss of any Income, Care or Family Protection benefits that you have elected. MARKET VALUE ADJUSTMENT (MVA) The MVA is a value adjustment applied to any withdrawal in excess of the free withdrawal amount during the surrender charge period. It is calculated based on the difference in interest rates at the time of withdrawal and interest rates at the inception of the
contract, and may be positive or negative. NURSING HOME WAIVER AND TERMINAL ILLNESS WAIVER 10 (Subject to state availability)
Surrender charges are waived (though an MVA will still apply) if the contract owner becomes ill and is confined to a hospital or nursing home for at least 90 consecutive days, or is diagnosed with a terminal illness (a life expectancy of 6 months or less), on or after the first contract anniversary. 11
Please read all the pages of the Product Summary, which details surrender charges and complete product information and is required to accompany this overview. 9. At the time of full surrender, any penalty-free withdrawals taken during the prior 12 months will be assessed a surrender charge. 10. Availability is not affected by rider choice. You do not have to elect a Care Protection Rider to get this feature; however if you have elected a Care Protection Rider the benefits offered by the rider for nursing home confinement will likely be more favorable than the nursing home waiver. Please review the product summary for complete details. 11. Proof of claim may be required prior to exercise. In California, a terminal illness is a condition that is expected to result in the owner’s death within 12 months. Other state variations may also apply. 12. Assumes the contract has a named beneficiary. If spousal continuation is elected, death benefit is paid on the death of the second spouse. 13. In some states, rider fees will not be deducted in the calculation of TGV. Please see your contract for specific details on how the total guaranteed value is calculated. 14. May vary by state. See your contract for specific details on how the annuitization value is calculated.
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