SecureLiving Index 7 and SecureLiving Index 10 Plus will be issued by Genworth Life and Annuity Insurance Company. As single premium, fixed deferred annuities, SecureLiving Index 7 and SecureLiving Index 10 Plus offer index-based and fixed interest crediting strategies.
In addition, contract holders have access to their money through 10% free annual withdrawals beginning in year two, the optional Income Protection rider, a waiver for confinement to a medical care facility and annuitization options. Both products require a minimum single premium of $25,000 or more and you must be 80 or younger to apply (age 85 for SecureLiving Index 7).
The products are loaded with other features including competitive cap rates, multi-year guaranteed fixed options, guaranteed minimum accumulation or premium enhancement, a bailout feature, jumbo rates and caps for premiums above $100,000 and $250,000 and the optional Income Protection rider with daily benefit base growth.
Other features and benefits include:
• Premium Enhancement: 5% premium enhancement to the contract value beginning on the day the contract goes into effect (SecureLiving Index 10 Plus only) subject to a vesting schedule
• Guaranteed Minimum Accumulation: 107% of premium less rider charges and adjustments for withdrawals (SecureLiving Index 7 only)
• Tax deferred growth
• Five crediting strategies: Index-based annual cap strategy, Index-based monthly cap strategy, Index-based performance triggered strategy, 7- or 10-year fixed rate strategy and 1-year fixed rate strategy
• Up to 10% free withdrawals each year beginning in year two
• Optional Income Protection Rider – Guaranteed Lifetime Income Withdrawals
• Bail-out feature
• 7- or 10-year surrender charge period, with market value adjustment