You may select from two different surrender charge periods. This enables you to purchase a product that best suits your financial situation, timeline, and growth expectations. There are two surrender charge periods to choose from:
Thereafter, you may withdraw your funds with no surrender charge or you can leave your funds in your annuity where they will continue to grow with the benefit of tax deferred interest.
Tax deferral is one of an annuity’s greatest benefits. Whether you purchase your annuity with after-tax (non-qualified) or pre-tax (qualified) dollars, you will receive the benefit of compounding interest without having to pay federal or state taxes until you withdraw your money. This tax deferral is even more beneficial if you are in a lower tax bracket when you make a withdrawal – as many expect to be when they retire.*
Each policy year, Puritan will declare a new interest rate but in no event will the interest rate fall below the guaranteed minimum interest rate on the contract. On the 6-year contract, your minimum guaranteed rate is 2.0% and on the 10-year contract your minimum guaranteed rate is 1.5%.
The 10-Year Protector Plus Annuity also offers a premium bonus. There are two different premium bonus options:
A premium bonus provides your annuity with an immediate head-start. For example, if your initial premium is $10,000, a 5% bonus of $500 will be immediately added to your account value. This additional $500 will also grow on a tax-deferred basis. Your choice of premium bonus will affect your credited interest rate.
While you always have access to your money, a surrender charge is applicable if you choose to make a withdrawal greater than the penalty-free amount prior to the end of your current interest rate guarantee period.