Get to know more about Protective Income Builder indexed annuity with the Guaranteed Income Benefit
Purchase requirements
Availability
Ages 50-85
Minimum initial: $25,000 Your initial purchase payment is allocated to one or more interest crediting strategies according to your instructions. The initial purchase payment includes all payments received within 14 days of the date you purchase the contract. Payments received in connection with an exchange, transfer or rollover must be initiated within 14 days and received within 60 days of the date you purchase the contract. Minimum additional: $1,000 Additional purchase payments are welcomed when initiated before the first contract anniversary and received before the oldest owner’s or annuitant’s 86th birthday. Additional purchase payments are applied to an interest bearing holding account and remain there until the next contract anniversary. They are then allocated to the interest crediting strategies per your instructions. Maximum: $1 million Higher amounts may be accepted but must be approved before being submitted and may be subject to conditions. Important information about the Guaranteed Income Benefit There is an annual fee for the Guaranteed Income Benefit. The annual cost at issue is 1.00% of the benefit base amount. The cost is deducted from your contract value monthly as a percentage of your benefit base. It is described in detail in the product contract. For tax purposes, protected lifetime income benefit payments are usually assumed to be a withdrawal of earnings first. The full amount of withdrawals related to earnings is subject to ordinary income tax. You are guaranteed the right to take withdrawals from your contract value for life, up to a maximum annual amount. If your contract value is reduced to zero without exceeding the allowable withdrawal amount, you will continue to receive the maximum guaranteed payment each year for the remainder of your life or the joint lives of any covered persons. Your lifetime income may be a combination of withdrawals from your contract value (including a return of principal) and income payments paid by Protective, if you outlive your contract value. Withdrawals will reduce your contract value and death benefit. Should you pass away prior to exhausting your contract value, the lifetime income benefit payments will end and your beneficiaries will receive the contract’s death benefit amount.
Purchase payments
Annual fees
Withdrawals
15
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