Target market
Nationwide Platinum Edge is designed for clients looking for a guaranteed rate of return and the flexibility to split their money among different guarantee periods.
Product details
- Product type: Flexible-purchase-payment, modified guaranteed annuity
- Plan type: Nonqualified, IRA, IRA Rollover, Roth IRA, SEP IRA, CRT, SIMPLE IRA, 401(a) Investment Only
- Maximum issue age: There is no maximum issue age for contract owner; the maximum annuitant issue age is 85
-
Minimum initial purchase amount:
- $10,000 initial investment for nonqualified contracts
- $2,000 initial investment for IRAs and Roth IRAs
Please note: Utilizing an annuity within an IRA does not provide any additional tax-favored status.
-
Subsequent purchase payments:
- $1,000 for subsequent payments; $100 for electronic transfer of funds
- Electronic funds less than $1,000 are held in the transition account until the $1,000 minimum investment is met
-
Account options:
- Interest rate guarantee periods include 3, 4, 5, 6, 7, 8, 9 and 10 years and correspond to a matching surrender charge schedule
- The guaranteed rate is valid only if the investment is held until the end of the guarantee period
Please note: not all guarantee periods are available at all firms
-
Transition account:
At the end of each guarantee period, assets are moved to a transition account that offers a minimal interest rate. Withdrawals from the transition account are not subject to a contingent deferred sales charge1 (CDSC) or a market value adjustment (MVA). If assets are transferred from the transition account to a guarantee period, a new CDSC schedule will apply.
- Access to money: Withdrawals at any time may be subject to ordinary income taxes. If a withdrawal is made before age 59½, it may be subject to a 10% early withdrawal federal tax penalty.
- Contingent deferred sales charge1 (CDSC):
| CDSC percentage by year |
| |
Year |
| Guarantee Period |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
| 3-year |
5% |
5% |
4% |
|
|
|
|
|
|
|
| 4-year |
5% |
5% |
4% |
4% |
|
|
|
|
|
|
| 5-year |
5% |
5% |
4% |
4% |
3% |
|
|
|
|
|
| 6-year |
5% |
5% |
4% |
4% |
3% |
3% |
|
|
|
|
| 7-year |
5% |
5% |
4% |
4% |
3% |
3% |
2% |
|
|
|
| 8-year |
5% |
5% |
4% |
4% |
3% |
3% |
2% |
2% |
|
|
| 9-year |
5% |
5% |
4% |
4% |
3% |
3% |
2% |
2% |
1% |
|
| 10-year |
5% |
5% |
4% |
4% |
3% |
3% |
2% |
2% |
1% |
1% |
-
Free withdrawals: 10% of contract value (noncumulative) is available annually (MVA applies)
- Minimum withdrawal amount is $100
- Required minimum distribution (RMD) amounts are not subject to CDSC (MVA applies)
- Death benefit distributions are not subject to CDSC (MVA waived)
- Annuitization distributions are not subject to CDSC (MVA applies)
- Market value adjustment: A market value adjustment (MVA) may apply to any withdrawals, excluding death benefit distributions, made before the end of a guarantee period. The MVA reflects the impact of any changes in interest rates. Generally, upward movement of interest rates will cause market value adjustments to be negative, while downward rate movement will cause positive adjustments. Therefore, an MVA could increase or decrease the amount of the withdrawal.
- Nursing home waiver: Yes; may not be available in all states (MVA applies)
- Terminal illness waiver: Yes; may not be available in all states (MVA applies)
- Annuitization: After 2 years (1 year in FL and NY); may vary by state/firm (MVA applies)
- Death benefit: Return of contract value; spousal continuation available (MVA waived)
Key features
- Flexible purchase payment
- Modified guaranteed annuity
View the prospectus. (pdf)
Annuity buyer's guides
Nationwide Platinum Edge is an individual, flexible purchase payment, modified guaranteed annuity and is issued by Nationwide Life Insurance Company, Columbus, Ohio.
Nationwide Platinum Edge is a service mark of Nationwide Mutual Insurance Company.