American Skandia launches XTra Credit Six variable annuity. (New Products and Services).XTra credit Six Variable Annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. : American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Skandia, Shelton Shelton, city (1990 pop. 35,418), Fairfield co., SW Conn., on the Housatonic River opposite Derby; settled 1697, set off from Stratford 1789, inc. as a city 1915. Metal products, furniture, and electronic equipment are among the city's manufactures. , Conn., has raised the ante on bonus products with its new XTra Credit Six variable annuity, which pays a 7% bonus on premium deposits above $75,000. The product carries a 0.65% mortality-and-expense charge and a 1 % distribution expense that vanishes after 10 years. The company also announced that more than 5,000 variable annuity contract owners with more than $425 million in account value have purchased its guaranteed-return option, a risk-management feature launched last June June: see month. . At an annual cost of 0.25% of account value, the option guarantees that after seven years, an annuity's value will be at least what it was when the contract owner started the program, minus any withdrawals. |
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