Variable Annuity Policy Details

The bottom portion of the Policy screen contains a section called Policy Detail. This section will vary depending on the type of policy you create. A description of the policy details for a variable annuity policy is listed below.

Statutory Company

ALIC displays when the issue state is any state except New York. When the issue state is NY, ALICNY will display.

Qual Type

In this section, the qualification type is based on the type of money used to purchase the annuity. The product templates have the following Qualified Type for the taxable and non-taxable annuitant:

Non-Qualified
IRA (Roth, SIMPLE and SEP)
403(b)
457

Option Group

Contract B Series: Imposes a surrender charge on withdrawals equal to a maximum of 7% on each premium payment, reduced annually over seven years. Asset base charge that ranges from 1.15% to 1.40%.
Contract XC Series(Bonus Class): Imposes a surrender charge on withdrawals equal to a maximum of 8% on each premium payment, reducing over nine years. Asset based charge that ranges from 1.55% to 1.80%. A bonus amount is added to the contract value each time a premium payment is made. The bonus amount may be fully or partially recaptured if amounts exceeding the free amount are withdrawn during the recapture period.

GMAB Rider

The GMAB option guarantees that, on the 10 year contract anniversary, the contract's account value will be greater than or equal to the Guaranteed Accumulation Amount, which is 110% to 130% of the initial purchase payments made within 120 days of the contract issue, less withdrawals on a proportionate basis and withdrawal charges. The amount of the guaranteed value depends on which of the three available asset allocation investment options the customer elects to direct his or her purchase payments. At the end of the 10 year period, if the contract value is higher than the guaranteed amount under the GMAB rider, the customer receives the higher amount and the customer would have paid for the GMAB benefit without it ever being used.