IncomeLOCK Plus 6, an optional living benefit, was offered with Portfolio Director until December 16, 2016, and the rider is no longer available for new sales.
IncomeLOCK Plus offered guaranteed lifetime income plus the opportunity to increase income by locking in the greater of either the highest Anniversary Value or an annual Income Credit. Clients with this rider pay an annual fee that is assessed as a percentage of the Benefit Base for all years in which the IncomeLOCK Plus benefit is in effect. The charge is taken each 90-day period after the Benefit Effective Date.
| IncomeLOCK +6 Option 1 | IncomeLOCK +6 Option 2 | IncomeLOCK +6 Option 3 | IncomeLOCK +6 Custom Allocation | |
|---|---|---|---|---|
| Covered Persons | Contract Owner and Spouse | Contract Owner and Spouse | Contract Owner and Spouse | Contract Owner and Spouse |
| Issue Age | 45-80 | 45-80 | 45-80 | 45-80 |
| Eligible Purchase Payments | 100% of purchase payments received in benefit year 1 | 100% of purchase payments received in benefit year 1 | 100% of purchase payments received in benefit year 1 | 100% of purchase payments received in benefit year 1 |
| Income Credit | 6% | 6% | 6% | 6% |
| Maximum Annual Withdrawal Percentage | One covered person Age 65+ — 5.5% Age 64 or less — 5% Two covered persons Age 65+ — 5% Age 64 or less — 4.5% | One covered person Age 65+ — 6.5% Age 64 or less — 5% Two covered persons Age 65+ — 6% Age 64 or less — 4.5% | Age 65+ — 5% for life Age 64 or less — 3.75% for life Two covered persons Age 65+ — 4.5% for life Age 64 or less — 3.25% for life | One covered person Age 65+ — 4.5% Age 64 or less — 4.5% Two covered persons Age 65+ — 4% Age 64 or less — 4% |
| Protected Income Payment Percentage | Age 45 – 64 at first withdrawal: 3% Age 65+ at first withdrawal: 4% | Age 45 – 64 at first withdrawal: 3% Age 65+ at first withdrawal: 3% | N/A. Lifetime payment amount is not reduced | Age 45 – 64 at first withdrawal: 3% Age 65+ at first withdrawal: 4% |