Key terms and points of other features Market value adjustment with external index Your contract also includes a market value adjustment
Surrender charge schedule for California Contract year California 1 7.50% 2 6.70% 3 6.50% 4 5.50% 5 4.55% 6 3.55% 7 2.55% 8 1.50% 9 0.50% 10 0.44% 11+ 0%
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 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. Surrender charges During the surrender charge period, a surrender charge is assessed on any amount withdrawn, as a partial or full surrender, that exceeds the available penalty-free amount and may result in a loss of premium.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 charge period may incur a surrender charge. Surrender charge schedule Contract year Percentage 1 10% 2 10% 3 9% 4 9% 5 8% 6 8% 7 7% 8 6% 9 4% 10 2% 11+ 0% A surrender during the surrender charge period could result in a loss of premium. Surrender charges may vary by state.
The surrender charge percentage in the 10th contract year will decrease 0.04% monthly until the surrender charge equals 0.00%. The decrease will occur on the same day in each month as the date of the contract anniversary; if the date does not exist for a given month, the date for that month will be the last calendar day of the month. A surrender during the surrender charge period could result in a loss of premium. Surrender charge schedule state variations Contract year AK, CT, DE, HI, ID, IL, MA, MD, MN, MO, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, WA
1
9%
2 3 4 5 6 7 8 9
8.5% 7.5% 6.5% 5.5% 4.5% 3.5%
3% 2% 1%
10
11+ 0% A surrender during the surrender charge period could result in a loss of premium. Surrender charges may vary by state.
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26351Z
13
REV 8-23
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