January 9, 2024

2024

We have been monitoring the interest rate environment and are updating rates on our Power 7 Protector Plus Income and Power 10 Protector Plus Income guaranteed living benefit feature, Lifetime Income Choice, effective January 16, 2024.

New GLB Withdrawal Rates

As of January 16, 2024, for newly issued Power 7 Protector Plus Income and Power 10 Protector Plus Income contracts with the Lifetime Income Choice® living benefit, the following new Maximum Annual Withdrawal Percentages (MAWP) and Protected Income Payment Percentages (PIPP) will apply (changes shown in purple):

Transition Rules

Important Note: Our usual “better of policy”, will not apply with this Lifetime Income Choice® GLB transition as crediting rate changes will also be occurring on January 16, 2024. Our better of policy states the client will receive the better of the 1) declared initial crediting rate at application signing or 2) the declared initial crediting rate at contract issue. Because the minimum crediting rates may be lower at contract issue than at application signing, our better of policy will not apply. The client will effectively receive the crediting rates and GLB rates at application signing or may submit a new application and receive the current declared initial crediting rates and GLB rates, which may be lower.

Paper Applications

Cash with Application: To receive pre-January 16, 2024, Crediting Rates and GLB rates, the application must be signed no later than Monday, January 15, 2024. The application and initial premium must be received in good order by the Corebridge Financial Annuity Service Center no later than Monday, January 29, 2024.
1035 or Transfer Business: To receive pre- January 16, 2024, Crediting Rates and GLB rates, the application and transfer paperwork must be signed no later than Monday, January 15, 2024, and must be received in good order by the Corebridge Financial Annuity Service Center no later than Monday, January 29, 2024. The initial premium must be received, and the contract must be issued no later than Monday, March 25, 2024.

Electronic Submissions (Appless)

Cash with Application: To receive pre- January 16, 2024, Crediting Rates and GLB rates, the electronic application submission file date received on the electronic order at Corebridge must be no later than Monday, January 15, 2024The electronic transmission, application and initial premium must be received in good order by the Corebridge Financial Annuity Service Center no later than Monday, January 29, 2024.
1035 or Transfer Business: To receive pre- January 16, 2024, Crediting Rates and GLB rates, the electronic application submission file date received on the electronic order at Corebridge must be no later than Monday, January 15, 2024. The electronic transmission, application and transfer paperwork must be received in good order by the Corebridge Financial Annuity Service Center no later than Monday, January 29, 2024. The initial premium must be received no later than Monday, March 25, 2024.