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MultiVantage® Product Summary
Issuer MultiVantage® is a single premium deferred annuity with market value adjustment and interest rate enhancement issued by Integrity Life Insurance Company, Cincinnati, Ohio, or National Integrity Life Insurance Company, Greenwich, New York.
Issue Ages 18-89 owner and annuitant.
Retirement Plan Availability Traditional, Roth and SEP IRAs are available. This product may be a suitable option for rollovers from KEOGH, 401(k) or other tax-qualified plans. No added tax deferral advantages exist. Different rates apply for tax-qualified plans. Consult your plan administrator or tax advisor for details.
Premiums
Minimum Premium
Maximum Premium*
$1,000,000 Age 18–75
$750,000 Age 76–89
$20,000
*Premiums in excess of maximum require prior company approval.
Guaranteed Rate Option (GRO) Stability \ Initial fixed interest GRO periods of 4, 5, 7 and 10 years are available. 1
\ 1% first-year-only interest rate enhancement, in addition to the guaranteed initial rate, applies for each GRO. \ The initial rate is guaranteed for the length of the GRO period. At the end of the initial GRO period, you may choose a new 4-, 5-, 7- or 10-year GRO 2 at the then-current interest rate or default to a 1-year guarantee period (see Renewal Option Flexibility). Access for Financial Flexibility \ Beginning immediately, up to 10% of the account value (noncumulative) may be withdrawn each contract year without a withdrawal charge or a market value adjustment (MVA). 3 \ After withdrawals, there must be at least a minimum account value of $2,000 remaining in the contract. The $250 minimum withdrawal amount is reduced to $100 if taken through a systematic withdrawal program, free of charge.
1 GROs are credited with annual effective interest rates, taking into account daily compounding of interest. Account value may be allocated to one GRO period only. GROs may change or may not be available for renewal. 2 10-year GRO not available at renewal with National Integrity Life contracts. 3 Withdrawals of taxable amounts are subject to ordinary income tax and, before age 59½, generally subject to a 10% IRS penalty tax.
Issuers: Integrity Life Insurance Company | National Integrity Life Insurance Company
CF-73-50000
(2202) 1 | 4
MultiVantage®
Renewal Option Flexibility Before the close of the initial GRO period, Integrity Life or National Integrity Life will notify you of your renewal options (no new application is required). When a GRO period ends, your options are to: \ Choose a new 4-, 5-, 7- or 10-year GRO period, 4 locking in a new interest rate and a new withdrawal charge. (10-year GRO not available at renewal with New York contracts.) \ Do nothing and your account value automatically transfers to the 1-year guarantee period at the current interest rate with no withdrawal charge. \ Integrity Life or National Integrity Life guarantees a minimum interest rate as defined in your contract. One GRO renewal is guaranteed. Additional GRO renewals may be available thereafter.
Initial Renewal Options
Choose a 4-, 5-, 7- or 10-year GRO 4,5
Do Nothing
• New long-term rate and guarantee periods • Receive a new interest rate enhancement • New withdrawal charge period
Your account value will automatically transfer to the 1-year guarantee period at the current interest rate with the following: • No market value adjustment (MVA) • No withdrawal charge • Transfers to longer-term rates and guarantees permitted • Partial annuitizations permitted
(10-year GRO not available at renewal with New York contracts.)
Tax-Deferred Growth Interest earnings grow tax-deferred until withdrawn, usually at retirement age. The account value grows faster than it would in a currently taxed alternative paying the same interest rate. 6 Death Benefit Protection 7 \ At the death of the owner during the deferral period, Integrity Life or National Integrity Life guarantees that the designated beneficiary who survives the owner’s death will receive the account value as of the date the death claim is processed. \ Death benefit proceeds will be paid directly to the beneficiary without the delay and expense of probate. No withdrawal charge or MVA applies. Income Options for Future Security Choose scheduled payments guaranteed to continue for a lifetime, with a 10-year period certain (single or joint). Other options may be available. Income payment guarantees are backed by the claims-paying ability of Integrity Life or National Integrity life.
4 GRO periods cannot be selected beyond maturity date. Account value must be at least $5,000 for GRO renewal election. 5 In FL, for age 65 or older at issue, no withdrawal charges are permitted after 10 contract years, therefore GRO renewal options will be limited. 6 If you own an annuity through a qualified plan or IRA, no added tax-deferred advantages exist. 7 Before a full annuity option is elected.
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Withdrawal Charge A withdrawal charge applies to amounts you withdraw over the free withdrawal amount. The charge decreases over time based on the number of years since the beginning of the GRO. It is applied after the MVA. The withdrawal charge is the following percentages applied to the withdrawal amount: GRO Withdrawal Charge Schedule (Initial and Renewal)
GRO Period 1
2
3
4
5
6
7
8
9
10
10-year
8% 8% 7% 7% 6% 5% 4% 3% 2% 1%
7-year
8% 8% 7% 7% 6% 5% 4%
5-year
8% 8% 7% 7% 6%
4-year
8% 8% 7% 7%
California GRO Withdrawal Charge Schedule (Initial and Renewal)
GRO Period 1
2
3
4
5
6
7
8
10-year
8% 7% 6% 5% 4% 3% 2% 1%
7-year
8% 7% 6% 5% 4% 3% 2%
5-year
8% 7% 6% 5% 4%
4-year
8% 7% 6% 5%
New York Initial GRO Withdrawal Charge Schedule
Withdrawal Charge Waivers Withdrawal charges and MVA may be waived for the following with prior notification: \ Limited life expectancy 8,9 \ Confinement to a nursing home, hospital or licensed health care facility 8,9 \ Required minimum distributions
GRO Period 1
2
3
4
5
6
7
10-year
7% 6% 5% 4% 3% 2% 1%
7-year
7% 6% 5% 4% 3% 2% 1%
5-year
7% 6% 5% 4% 3%
4-year
7% 6% 5% 4%
New York Renewal GRO Withdrawal Charge Schedule
GRO Period 1
2
3
4
5
7-year
5% 4% 3% 2% 1%
5-year
5% 4% 3% 2% 1%
4-year
4% 3% 2% 1%
8 Not available in California. 9 Limited life expectancy waiver available if, after the contract date, the owner is diagnosed as having a life expectancy of 12 or fewer months. Confinement waiver available on or after the first contract anniversary after the owner is confined for at least 60 consecutive days.
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Market Value Adjustment (MVA) During a guarantee period of more than one year, which is called a Guaranteed Rate Option (GRO), an MVA applies to annuity options and withdrawals in excess of the free withdrawal amount. The MVA reflects the effect of the change in the interest rates we offer between the time the GRO was selected and the time the MVA is applied. Generally, if interest rates increase, the MVA reduces your contract’s value. On the other hand, if interest rates decrease, the MVA increases your contract’s value. The MVA will not result in a value of less than the contribution applied at the beginning of the current GRO, minus withdrawals taken during the current GRO (including any withdrawal charge, but not considering any MVA), plus interest credited at the guaranteed minimum interest rate. Withdrawal charges may reduce this amount. An MVA does not apply during the last 30 days of the GRO or to the death benefit. How the MVA Works The MVA is calculated by multiplying the MVA factor. 10 Here is how MVA works with a surrender: The owner places $10,000 in the 5-year GRO at 2.00% (plus a 1.00% first-year-only interest rate enhancement). Three years later the contract is surrendered. The MVA is calculated using the currently offered 2-year interest rate for comparison because two years remain in the GRO period: 1. If the 2-year rate is 1.00%, it would produce a positive MVA equal to $152.70, which would be added to the account value of $10,716.12. The result: a total market-value-adjusted account value of $10,868.82. The account value after the MVA then would be reduced by the applicable withdrawal charge, if any, to produce the surrender value. 2. If the 2-year rate is 3.00%, it would produce a negative MVA equal to ($254.51), which would be subtracted from the account value of $10,716.12. The result: a total market-value-adjusted account value of $10,461.61. The account value after the MVA then would be reduced by the applicable withdrawal charge, if any, to produce the surrender value.
Product is issued by Integrity Life Insurance Company, Cincinnati, OH, or National Integrity Life Insurance Company, Greenwich, NY. Integrity Life operates in DC and all states except NY, where National Integrity Life operates. W&S Financial Group Distributors, Inc., Cincinnati, OH (doing business as W&S Financial Insurance Services in CA) is an affiliated agency of the issuer. Issuer has sole financial responsibility for its products. All companies are members of Western & Southern Financial Group. Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the insurance company issuing the annuity. Guarantees are based on the claims-paying ability of the insurer. Products are backed by the full financial strength of Integrity Life or National Integrity Life. Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken prior to age 59½, may be subject to a 10% IRS penalty. Withdrawals may be subject to charges. An MVA applies to early transfers, withdrawals and annuitizations, if applicable. Neither Western & Southern member companies, nor their agents, offer tax advice. Interest rates are declared by the insurance company at annual effective rates, taking into account daily compounding of interest. Product and feature availability, as well as benefit provisions, vary by state. See your financial professional for product details and limitations. Single Premium Deferred Annuity Contract with Market Value Adjustment Feature and Interest Rate Enhancement series ICC17 INT-16 1701, NIL-16 1701 NY R1, Waiver of Withdrawal Charge and Market Value Adjustment (MVA) Rider series ICC11 IR.36 1112 and ICC11 NR.36 1112 and NR.36 1112 NY. No bank guarantee • Not a deposit • May lose value • Not FDIC/NCUA insured • Not insured by any federal government agency © 2011-2022 Western & Southern Financial Group. All rights reserved. 10 MVA Factor = 0.95 x [A-(B+0.0025)] x N/12; where: A = base interest rate for your current GRO; B = base interest rate offered for a duration of N for this annuity on the date the MVA is applied plus .0025 (factor used to compensate the insurer for the cost of processing the withdrawal, including the transaction costs of liquidating any assets); N = number of whole months remaining in your current GRO (if N < 12 months, B = base interest rate for the 1-year guarantee period).
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