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Product Type: Individual Flexible Premium Deferred Equity Indexed Annuity
(FPDA 98-I)
Minimum Annual Premiums: $1,000 non-qualified plans $1,000 qualified plans
Issue Ages: 0 - 85 for policies with withdrawal charge period of 5 years.
0 - 80 for policies with a withdrawal charge period of 10 years.
Minimum Maturity Date: Fixed at issue (5 or 10 years)
Flexible Premiums: Premiums can be paid at any time prior to the maturity
of the policy. The minimum premium is $100, and total premiums cannot exceed $1,000,000
annually without prior consent of the Company.
Option Allocation: Your premiums can be split between the Fixed and Index
Options by selecting the percentage of each premium to be allocated to the Fixed
Option and the Index Option. These percentages are known as the fixed and index
percentages and may be changed by you for future premiums.
If your premium is received on an index date, which is the fifteenth of each month,
the fixed and index percentages currently in effect will be used to split your net
premium between the Fixed and Index Options immediately.
If your premium is received on a date other than an index date, your net premium
will be first credited to the Fixed Option. On the next following index date, the
index percentage currently in effect will be applied to both the net premium and
the fixed interest on such premium to date, assuming no withdrawals. The resulting
amount will be transferred to the Index Option on that index date.
Fixed Option: Your premiums are credited with a current fixed interest rate
which is set and guaranteed for one year on each premium payment anniversary.
Index Option: Your premiums can earn a rate of interest which is linked in
part to changes in the Standard & Poor’s 500 Composite Stock Price Index®,
with no risk to your net premium assuming no withdrawals.
Guaranteed Interest: 1.5% interest on the premium in many states currently,
regardless of the option selected, reduced by any withdrawals.
S&P 500 Index-Linked Interest: The index interest rate for each premium
made to the Index Option of your Marquis Flex is based upon a portion of the percentage
increase, if any, in the Standard & Poor’s 500 Index, which does not include
dividends paid by the S&P 500 companies, for the index interest earning period
applicable to such premiums (one year). This portion of the percentage increase
in the S&P 500, known as the Participation Rate, is determined in advance, is
guaranteed for the index interest earning period, and will be between 25% and 100%.
There is a cap or limit on the index interest rate to allow for a higher participation
rate. The cap is also determined in advance and guaranteed not to be reduced for
the index interest earning period.
Payout Options: The MARQUIS FLEX Annuity has several Lifetime Monthly Income
Payout Options including: Single Life Income with guaranteed periods and Joint &
Survivor Life Income.
Partial Withdrawals: The Marquis Flex Annuity is designed for long-term accumulation
and not for short-term liquidity. However, if your needs change, after the first
year, you can withdraw part or all of the cash value while the annuitant is living
and prior to the maturity of the policy. After the first policy year, you can withdraw
up to 10 percent of the guaranteed cash value each year and the premium load will
be waived. Withdrawals do not participate in any potential index return. Withdrawals
are subject to income taxes and, if taken before age 59½, may be subject to a penalty
tax. Please consult your tax advisor regarding your specific tax situation.
Form #1943 .
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