The Power 7 Protector is a deferred fixed indexed annuity issued by American General Life Insurance Company.
This annuity is a premium banded product. The rates you are eligible to earn will vary depending on the amount of premium you deposit (see Rate Details below). When your full premium deposit is allocated to the fixed interest account, the highest first year yield available (including bonus if applicable) is 2.60% on premium amounts of $25,000 - $1,000,000.
You can also allocate your premium between 6 different strategy and index account options (see Index Account Options below). For complete details on index account options, including current cap and participation rates, please contact AnnuityAdvantage at 1.800.239.0356.
During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. Beginning in the second contract year, this annuity provides up to 10% (noncumulative) of the contract value as the penalty free withdrawal amount that may be withdrawn from the annuity each contract year.
This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.
Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.
American General Life Insurance Company is rated “A” by A.M. Best, was founded in 1960, and has over $146.8 billion in total assets.