Increased withdrawal rates for Protective%%®%% Dimensions V variable annuity effective August 12, 2024
August 12, 2024
We are increasing guaranteed lifetime income withdrawal rates for ages 65 and above on the SecurePay IncomeSM benefit available with the Protective Dimensions V variable annuity, effective August 12, 2024.
New guaranteed lifetime withdrawal rates for key retirement ages*
Issue age
65
67
70
75
Single withdrawal rates
6.20%
6.30%
6.45%
6.70%
Joint withdrawal rates
5.70%
5.80%
5.95%
6.20%
* For guaranteed lifetime income percentages for every age, see the Product Comparison Grid.
Transition rules
Protective® will be increasing withdrawal rates for the SecurePay Income benefit available with the Protective Dimensions V variable annuity for new sales effective August 12, 2024.
- Tickets/Applications dated August 11, 2024, or earlier and received in good order will be issued with the current withdrawal rates:
- Cash/Applications/Any 1035 exchange paperwork related to these new tickets/applications must be received no later than August 26, 2024 (10 business days from effective date).
- Previously submitted Annuity tickets/applications that are awaiting funding from 1035 exchanges and/or Not In Good Order (NIGO) items will continue to be processed through existing procedures.
- Tickets/Applications for Protective Dimensions V variable annuity dated August 12, 2024, and after will be accepted and issued with the new withdrawal rates as applicable.
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Protective Dimensions V variable annuity is a flexible premium deferred variable and fixed annuity contract issued by PLICO in all states except New York on policy form VDA-P-2006. SecurePay Income benefit issued on rider form VDA-P-6068. SecurePay NH is provided on form IPV-2159. Policy form numbers, product availability and features may vary by state.
Variable annuities are long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and changes from the insurance company and the investment managers.
Withdrawals reduce the annuity's remaining death benefit, contract value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.
Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, and the underlying investment options before investing. This and other information is contained in the prospectuses for a variable annuity and its underlying investment options. Investors should read the prospectuses carefully before investing. Prospectuses may be obtained by contacting PLICO at 800-456-6330.
WEB.5869915.07.24
Variable annuities are long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and changes from the insurance company and the investment managers.
Withdrawals reduce the annuity's remaining death benefit, contract value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.
Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, and the underlying investment options before investing. This and other information is contained in the prospectuses for a variable annuity and its underlying investment options. Investors should read the prospectuses carefully before investing. Prospectuses may be obtained by contacting PLICO at 800-456-6330.
WEB.5869915.07.24