The Phoenix Index Select series was designed to meet the increasing demand for growth potential while limiting exposure to market risk. Created as a single-premium annuity, the product features a full premium payment at the time the annuity is issued, with a minimum of $15,000 and a maximum of $1 million. The series also offers a handful of "point-to-point indexed accounts" along with the option of selecting a "fixed account that credits interest daily at a specified rate."
The second product, Phoenix Index Select Bonus, applies a premium bonus equal to 5 percent of the single premium to the account value. Additionally, "If the consumer makes an excess withdrawal or surrenders the contract during the surrender charge period, the withdrawal or surrender will be subject to a market value adjustment and [for these customers] a portion of the bonus will be recaptured." Finally, for customers desiring more income protection, Phoenix Index Select Bonus offers several guaranteed minimum withdrawal benefit riders.
