LifetimePaySM Plus

Just like other aspects of your life, your financial life tends to progress through certain phases or stages. LifetimePaySM Plus can help you manage your retirement assets and income needs whether you’re living in the Accumulation Stage, the Distribution Stage…or somewhere in between.

LifetimePaySM Plus is an optional Rider with an annual charge. LifetimePaySM Plus is offered with Aviva Multichoice Fixed Indexed Annuities and cannot be elected without purchasing the Annuity Contract.

When your annuity Contract is issued, an Income Account Value is established and serves as the basis for determining the amount of income available for LifetimePaySM Plus Withdrawals. (It’s important to understand that the Income Account Value is not the same thing as the underlying value of the annuity. It is not an account you can cash out. It is only used to determine the regular amount of income you are eligible to receive on a regular monthly, quarterly, semi-annual, or annual basis.)

Your Day 1 Income Account Value

On the Contract issue date, your Income Account Value equals the annuity Premium plus any applicable Premium Bonus.

Your Ongoing Income Account Value

During the first 10 Contract Years of the Accumulation Stage of the Rider, the Income Account Value associated with LifetimePaySM Plus is guaranteed to grow at 7.2% compound interest per year.**

The Rule of 72 shows the power of this 7.2% Guarantee

The Rule of 72 is a simple math shortcut that takes the number 72 and divides it by an interest rate to determine how long it takes for something to double. When you apply the Rule of 72 to the 7.2% guarantee, you’ll see that your Income Account Value will DOUBLE if you defer Withdrawals for 10 Contract Years. After 20 Contract Years, it will QUADRUPLE*!

 

72 ÷ 7.2 = 10 Years to DOUBLE!

Anytime after Contract issue, and after Attained Age 50, you have access to these dollars under the Rider by electing income using the LifetimePaySM Plus Lifetime Income Withdrawals.

On or after the 5th Contract Anniversary, if no Withdrawals under LifetimePaySM Plus 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 Plus would be based on the current charge at the time you elect to restart, and would be adjusted, if higher. At each elected restart, your Income Account Value will be set equal to the greater of the then-current Income Account Value or the Adjusted Accumulated Value.