|AIG Announces Partnership between AGL and Market Synergy Group to Offer Newly Enhanced Index Annuities|
“Market Synergy Group brings the support and services of some of the top
annuity IMOs in the country,” said
“We are very excited to be partnering with AIG, one of the world’s
largest insurance organizations,” said
“We’ve worked closely with
The new Power Select Plus Income℠ Index Annuity can provide lifetime
income that is guaranteed to rise for up to 10 contract years, even
after withdrawals begin. Through the enhanced Lifetime Income Plus
living benefit rider, which is automatically included for a 1.10% annual
fee, individuals can receive a partial income credit during the first 10
contract years to help provide them with more future retirement income,
as long as withdrawals are taken in accordance with the rider’s terms.
Individuals also have the opportunity to double their retirement income
potential, when no withdrawals are taken before the 10th
contract anniversary. Guarantees are backed by the claims-paying ability
“While we’ve seen tremendous growth in the index annuity market, we
believe our enhanced products and our partnership with
Annuities are issued by
Contract Numbers: Power Select Builder and Power Select Plus Income
Modified Single Premium Deferred Fixed Index Annuities,
Rider Form Numbers: Market Value Adjustment (MVA) Rider, Form Number AGE-8000 (12/12); Premium Enhancement Rider, Form Number AGE-8001 (12/12); Lifetime Income Plus (Formal Name: Optional Guaranteed Living Benefit Rider), Form Number AGE-8002 (9/13); Annual Point-to-Point Index Interest Account Rider, Form Number AGE-8003 (12/12); Monthly Point-to-Point Additive Index Interest Account Rider, Form Number AGE-8005 (12/12); Terminal Illness Rider, Form Number AGE-8007 (12/12); Extended Care Rider, Form Number AGE-8008 (12/12); Activities of Daily Living Rider, Form Number AGE-8009 (12/12); and Periodic Average Index Interest Account Rider, Form Number AGE-8024 (9/13).
The underwriting risks, financial and contractual obligations and
support functions associated with products issued by
Index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the claims-paying ability of the issuing insurance company. They provide the potential for interest to be credited based in part on the performance of the specified index, without the risk of loss of premium due to market downturns or fluctuations. Index annuities may not be suitable or appropriate for all individuals.
Withdrawals may be subject to withdrawal charges. Withdrawals may also be subject to federal and/or state income taxes. An additional 10% federal tax may apply if clients make withdrawals or surrender their annuity before age 59½.
Lifetime Income Plus has an annual fee of 1.10% of the Income Base (1.0%
The Income Base is the amount on which lifetime withdrawals and the rider fee are based; it is not used in the calculation of the contract value or any other benefits under the contract, and cannot be withdrawn partially or in a lump sum. The Income Base is initially equal to the first eligible premium and premium enhancement; it is adjusted for excess withdrawals and is increased each time an eligible premium and corresponding premium enhancement, if any, is made. On each contract anniversary, the Income Base is set to equal the greater of (1) the anniversary value, if it is higher than all previous anniversary values or (2) the current Income Base increased by any available income credit. On the 10th contract anniversary, the Income Base may be increased to the Minimum Income Base (200% of eligible premiums, which do not include premium enhancements), if no withdrawals have been taken from the contract.
AIG Life and Retirement is the enterprise name of a group of companies
offering insurance, retirement and investment services through a diverse
family of financial services companies, including AGL. AIG Life and
Retirement and AGL are part of the
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of