The Phoenix Companies, Inc., Hartford, Conn., has introduced Phoenix Index Select and Phoenix Index Select Bonus. Both products are modified guaranteed, single-premium fixed indexed annuities featuring a simple structure, a 10-year surrender charge schedule, three optional guaranteed minimum withdrawal benefit riders and guaranteed principal protection. Each guaranteed minimum withdrawal benefit rider offers a feature that allows the product to be tailored to each consumer's particular income requirement. In addition, Phoenix Index Select Bonus provides an upfront 5% premium bonus.
The Phoenix Index Select product series is designed to meet heightened interest in today's market for growth potential without exposure to downside market risk, as well as demand for guaranteed income.
As a single-premium annuity, the premium is paid in its entirety when the annuity is issued, with a minimum of $15,000 and a maximum of $1 million.
With Phoenix Index Select Bonus, a premium bonus equal to 5% of the single premium is applied upfront to the account value. The bonus is distributed to each account in the same proportion as the single premium dollars and earns interest and/or index credits in the same way as the premium. Products offering a bonus may offer lower credited interest and/or indexed account rates than products not offering a bonus. Over time, and under certain circumstances, the amount of the bonus may be more than offset by the lower rates.