Key terms and points of other features Nursing home confinement
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. Surrender charges During the surrender charge period, a surrender charge is assessed on any amount withdrawn, as a partial or full surrender, that exceeds the available penalty-free amount and may result in a loss of premium. Additional premiums deposited into existing contracts will maintain the surrender charge schedule set forth at contract issue date. Electing an annuity payout option before the end of the surrender
waiver adds flexibility (not available in MA) If 75 years old and under when your annuity is issued, a benefit is automatically included at no additional cost that can help if the annuitant ever needs the services of a qualified nursing care facility (skilled nursing facility or residential care facility for the elderly in CA). After the first contract anniversary, if the annuitant becomes confined to a qualified nursing care facility (skilled nursing facility or residential care facility for the elderly in CA), as defined in the rider, an additional 10% of the accumulation value penalty-free is available each year the qualifying conditions are met. The owner can spend this money as they see fit. Market value adjustment (also known as interest adjustment) Your contract also includes a market value adjustment feature – which may decrease or increase your surrender value depending on the change in the market value adjustment external index rate since your annuity purchase. Due to the mechanics of a market value adjustment, surrender values generally decrease as the market value adjustment external index rate rises or remains constant. When the market value adjustment external index rate decreases enough over time, the surrender value generally increases. However, the market value adjustment is limited to the surrender charge or the interest credited to the accumulation value. In California , the market value adjustment is limited to the surrender charge or 0.50% of the accumulation value at the time of surrender. This adjustment is applied only during the surrender charge period to surrenders exceeding the applicable penalty-free allowance. See the “Understanding the market value adjustment” brochure for more information. Accumulation value The accumulation value is equal to 100% of premium, plus any fixed and index account interest credited minus any withdrawals taken and strategy fees (if applicable). Interest credits When you choose the fixed account or one or more index accounts, the actual amount of interest credited to you is determined by a formula. We call that amount your contract earns its credited interest. 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 state premium taxes.
charge period may incur a surrender charge. Surrender charge schedule Contract year Percentage 1 10% 2 10% 3 10% 4 10% 5 9% 6 8% 7 5% 8 3% 9+ 0% Surrender charge schedule state variations
AK, CT, DE, HI, ID, IL, MN, MO, MT, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, WA
Contract year
CA
1
8%
9%
2 3 4 5 6 7 8
7.45% 6.5%
8.5% 7.5% 6.5% 5.5% 4.5% 3.5%
5.5%
4.55% 3.55% 2.55%
1.5%
3%
9+ 0% A surrender during the surrender charge period could result in a loss of premium. Surrender charges may vary by state. 0%
25370Z
10
REV 8-23
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