Create a source of guaranteed income for life
Nationwide High Point 365® Select Lifetime Income rider with Bonus is one of two optional living benefit riders available for an additional charge, should you wish to create a source of guaranteed income. This rider features a predictable source of retirement income through the Minimum Income Benefit Value, which is guaranteed to grow every day for up to 10 years, so long as you follow the terms of the rider and contract.
High Point 365 Select with Bonus features
120% of your initial purchase payment
At contract issue, an additional 20% of your purchase payment will be added to your Minimum Income Benefit Value.¹
8% compound annual growth for 10 years
Your Minimum Income Benefit Value will continue to grow daily at an 8% compound annual rate until the earlier of 10 years or until you begin lifetime income withdrawals.²
Guaranteed income in retirement
You may begin lifetime income after the first contract year or the date the younger covered life reaches age 50 (whichever is later); lifetime income is guaranteed to continue for the rest of your life.³
When you decide to begin taking lifetime income withdrawals, your lifetime income will be based on the high point income benefit base multiplied by a lifetime payout percentage.⁴ The income benefit base is the greater of the Minimum Income Benefit Value or the Highest DAV (Daily Accumulation Value).⁵
Guarantee future income growth for up to 10 years
If you are looking for guaranteed growth potential of your future income, and a source of lifetime income you can’t outlive in retirement, then High Point 365® Select with Bonus may be a potential solution.⁶ This graph shows how your future income may grow before beginning lifetime income. Once your lifetime income withdrawals begin, they’re guaranteed for life.⁷ This graph shows how your future income may grow before beginning lifetime income.
Lifetime income can also be guaranteed for you and your spouse through the joint option. As long as you adhere to the terms of the rider and contract, lifetime income payments are guaranteed to continue for both your life and the life of your spouse, regardless of who passes away first. If the joint option is elected, lifetime payout percentages are lower and based on the age of the younger spouse.
Hypothetical assumptions: 20% Minimum Income Benefit Value bonus, 8% compound annual growth in years 1-10, Single Life, no withdrawals of any kind. Lifetime income is calculated using the High Point Income Benefit Base which is the greater of the Minimum Income Benefit Value or the Highest DAV. The High Point Income Benefit Base is not a cash value and cannot be withdrawn as a lump sum.
¹ A 20% bonus calculated on the purchase payment, will be added to your Minimum Income Benefit Value at contract issue.
² This assumes that no withdrawals are taken.
³ Income is guaranteed to continue for the rest of your life so long as the terms of the contract and rider are followed. Please keep in mind, excess withdrawals that reduce the contract value to zero will result in termination of the rider and contract. Guarantees are backed by the claims-paying ability of Nationwide Life and Annuity Insurance Company.
⁴ Once your contract is issued, the range of payout percentages applicable to your contract will not change; however, payout percentages will increase within that range every year income is deferred until the maximum age or payout percentage is reached or lifetime income begins. Please note that the range of payout percentages vary by rider. Once your lifetime income payments begin, the payout percentage is guaranteed not to change.
⁵ The Highest DAV will be reset daily anytime the Daily Accumulation Value (DAV) exceeds the previous Highest DAV, adjusted for withdrawals. The DAV monitors the combined fluctuations of the elected strategy options and is the greater of (i) the contract value plus any strategy earnings that have not been credited to the contract, or (ii) the Return of Purchase Payment Guarantee amount.
⁶ Only one optional rider may be elected at the time of application for an additional charge. Please refer to the Product Profile and Lifetime Income Guide for additional features and limitations. Availability may vary by state.
⁷ The Minimum Income Benefit Value will continue to grow until the earlier of 10 years or until you begin taking lifetime income withdrawals.
Annuities have limitations. They are long-term vehicles designed for retirement purposes. They are not intended to replace emergency funds, to be used as income for day-to-day expenses or to fund short-term savings goals. Please read the contract, product brochure, and Disclosure Summary for complete details.
Nationwide New Heights Select, an individual, single purchase payment, deferred fixed index annuity is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Please note, the contract does not directly participate in any stock or equity investments. Withdrawals are subject to income tax, and withdrawals before age 59½ may be subject to a 10% early withdrawal federal tax penalty. Nationwide Life and Annuity Insurance Company, Columbus, Ohio 43215.
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