NU Online News Service, April 1, 2003, 12:13 p.m. EST – Nationwide Financial Services Inc., Columbus, Ohio, has introduced the Nationwide Platinum III Annuity contract.
The product is an individual, fixed, deferred annuity.
Nationwide is promising interest rate increases of 0.15 percentage points during contract years two and three and again during contract years five and six.
“Investors will receive a competitive interest rate at least equal to the initial rate in year one, at the beginning of the fourth year or be allowed to surrender the contract without consequence,” Nationwide says.
Nationwide will add 0.10 percentage points to the interest rate for customers who put in at least $100,000.
The maximum issue age for the contract owner and the joint owner is 90.
The minimum amount a customer can put in is $3,000 for individual retirement accounts and $10,000 for other types of accounts.
Nationwide will write the annuities through its Nationwide Life & Annuity Insurance Company and Nationwide Life Insurance Company units and distribute them through financial institutions and insurance agents.