Nationwide Platinum III is an individual single purchase payment, deferred fixed annuity.
Nationwide Platinum III is for clients who want to know their money will experience guaranteed interest rate increases for a specified period of time.
- Ability to create a stream of income for life or a specified time period through annuitization
- Initial interest rate guarantee period is 3 years: Base interest rate in year 1 increases by 0.15% in years 2 and 3 (cumulative). Second interest rate guarantee period is 3 years: base interest rate in year 4 increases by 0.15% in years 5 and 6 (cumulative).
- 30-day window at the beginning of year 4 where the client can keep the money in the contract for the renewal or withdraw it CDSC-free if the renewal rate is lower than the initial credited rate (withdrawals will be subject to ordinary income tax and distributions prior to age 59½ may be subject to a 10% early withdrawal federal tax penalty
- Potential tax-deferred growth
Product literature/support materials
- Maximum issue age: There is no maximum issue age for contract owner; the maximum annuitant issue age is 90
- Plan types: Nonqualified, IRA, Roth IRA
- Minimum initial investment: $10,000 ($3,000 for IRAs)
- Contingent Deferred Sales Charge (CDSC):
- 6 year with a 30 day CDSC-free window in year 4
- CDSC free withdrawals:
- 10% of contract value annually (noncumulative, minimum of $100)
- Terminal illness and long-term care (may not be available in all states)
- Contract annuitized after 2 years (1 year in FL and NY)
- IRA RMD
- During the first 30 days of the 4th contract year if the renewal rate is lower than the initial credited rate
For more information or to make a case, contact the Nationwide Sales Desk at 1-800-321-6064.