Athene IA Performance Elite 10 is a single premium, fixed-indexed annuity product with a 10-year surrender duration, and a provision for market value adjustment. The Performance Elite 10 annuity offers a 4% premium bonus that’s subjected to a 10 year vesting schedule. Investors in this annuity can choose from different indexing strategies, and have the flexibility to elect a lot of other available features so that they can arrive a product that meets their needs and preferences.
This product is not available in VI, CT, MD, PR, and NY. A close version of this annuity, known as the Performance Elite 10 Pro, is only available in Florida and Maryland (as of January 2017).
Performance Elite 10 Annuity Features
Issue & Annuitization Age
The issue age is 0-78 years. The annuitization age is before the 95th birthday. Annuity owners who are nearing the age of 95 years are advised to contact their financial products advisor so that they can discuss options.
Minimum and Maximum Premiums
The minimum premium for the Elite 10 annuity from Athene IA is $25,000. In some states such as WA, PA, and TX, the minimum premium amount is $5,000. The maximum single premium amount is $1,000,000.
Although this is a single-premium annuity, additional premiums are still accepted within the first contract year.
Free Withdrawals
Following the first contract anniversary, contract owners can withdraw up to 5% of their accumulated value each year.
Minimum Distributions
RMDs (Required Minimum Distributions), which are a tax requirement for some policies that were funded by tax-deferred money such as IRAs, can be taken in any contract year and are not subjected to free withdrawals, market value adjustments, and bonus vesting schedules.
Systematic Withdrawals
Systematic withdrawals are available on a monthly, quarterly, semi-yearly or yearly frequency. The minimum account balance is $2,000, and the minimum withdrawal value is $500.
Confinement Waiver
Following the first contract anniversary, annuitants can access up to 100% of their contract’s accumulated value if they’re confined to a care facility for no less than 60 consecutive days.
Terminal Illness Waiver
After the first contract year, annuitants can access up to 100% of their accumulated value if they’re diagnosed with a terminal ailment that’s expected to lead to death within a year.
Death Benefit
Upon the annuitant’s death, a death benefit is paid out to appointed beneficiaries.
