Nationwide Platinum V Plus is an individual single-purchase payment, deferred fixed annuity.
Nationwide Platinum V Plus 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 5 years: base interest rate in year 1 increases by 0.15% in years 2 - 5 (cumulative). Second interest rate guarantee period is 5 years: base interest rate in year 6 increases by 0.15% in years 7 - 10 (cumulative).
- 60-day window at the beginning of year 6 during which the client can keep the money in the contract for the renewal or withdraw it CDSC-free (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: $5,000 single purchase payment
- Contingent Deferred Sales Charge (CDSC): 10 year with a 60 day CDSC-free window in year 6
- 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)
- IRA RMD
- During the first 60 days of the 6th contract year
- Other features
- Return of purchase payment – standard. Can waive this feature which will increase interest rates by a minimum of 0.15%
- If purchase payment greater than or equal to $100,000, receive an additional rate is credited to the base interest rate, added to future rates
For more information or to make a case, contact the Nationwide Sales Desk at 1-800-321-6064.