LifetimePaySM

• Guarantees retirement income that you cannot outlive, no annuitization required.
• Guarantees a lifetime income payments based on your Attained Age when you elect LifetimePaySM regardless of your annuity Contract’s Accumulated Value.
• Guarantees, prior to any Withdrawals under LifetimePaySM, a retirement Income Account Value level that increases at least 6% per year for the first 10 years.
• Guarantees you can start or stop your Income Withdrawals at anytime.
• Guarantees no Withdrawal Charges on LifetimePaySM Income Withdrawals. Subject to maximum withdrawal limits.

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LifetimePaySM Benefits

LifetimePaySM is an optional Rider that can be added to your Aviva MultiChoice Fixed Indexed Annuity for an annual charge.1 This Rider guarantees two additional ways to take income from your annuity in the form of Income Withdrawals. You can elect Income Withdrawals which pay an income for a select period of time or Lifetime Income Withdrawals which are guaranteed for your lifetime. These Withdrawals reduce your annuity Contract’s Accumulated Value. LifetimePaySM provides flexibility and choices that put you in control of determining when and how much retirement income you receive.

An important term used in your Rider is the Income Account Value. We establish this value upon issue of your annuity Contract. Initially this value equals your Premium (plus any applicable Premium Bonus).1 This value is the basis for determining the amount of income that is available under LifetimePaySM. This income amount is then adjusted on an ongoing basis as your Contract and benefits accrue.

Accumulation Years When you purchase LifetimePaySM, you are in control. You decide how long you want your Income Account Value to grow before you start taking Withdrawals. You can begin taking income under LifetimePaySM after the first Contract Year. Prior to any Withdrawals under LifetimePaySM, your Income Account Value amount is guaranteed to increase at least 6% per year for the first 10 years of your Contract.1

1 Prior to any Withdrawals under this Rider, the Income Account Value is guaranteed to increase 6% annually for the first 10 years of the Contract.

 

On or after the 5th Contract Anniversary, if no Withdrawals under LifetimePaySM have been taken, you can elect to restart the Accumulation Years. Restarting the Accumulation Years will establish a new 10-year Accumulation Period. You must wait at least five Contract Years between restarts. Upon restart, the cost of LifetimePaySM would be based on the current charge at the time you elect to restart, if higher. At restart, your Income Account Value will be set equal to the greater of the then current Income Account Value or Adjusted Accumulated Value.

 

When you are ready to begin taking withdrawals, you have three choices:

1) Take Free Withdrawals under your annuity as specified in your Contract without starting LifetimePaySM

2) Elect the LifetimePaySM “Income Withdrawal” and receive up to 7% annually of your Income Account Value until your Income Account Value reaches zero.1

3) Elect the LifetimePaySM “Lifetime Income Withdrawal” and receive an annual payment guaranteed for your lifetime.

You are always in control. You can stop or start your Income Withdrawals at anytime. LifetimePaySM Income Withdrawals are deducted from the Accumulated Value of your annuity. Withdrawals may be taxed as ordinary income and, if taken prior to age 59 1/2, may be subject to a 10% IRS penalty tax.

 

1 The initial Premium permitted for this contract is $10,000

2 Subject to limitations. Early Withdrawals in excess of the Free Withdrawal will be subject to Withdrawal Charges, and a Premium Bonus Recapture Charge and an MVA shown on page 5 of the brochure.

3 If you are purchasing the  Aviva MultiChoice IncomeXtraSM as a qualified plan, you should purchase this annuity for reasons other the tax deferral. Aviva MultiChoice IncomeXtraSM does not provide you with additional tax-deferral benefits beyond those inherently provided by a qualified plan.