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DISCONTINUED PRODUCT - Product not available to new enrollees.

Thrivent Financial Flexible Premium Deferred Annuity - Security Plus
Product ID: 3

Vendor:
Thrivent Financial AKA Thrivent Financial for Lutherans, Thrivent Mutual Funds
Type:
Fixed Annuity 
Discontinued Discontinued


2.25%
AM Best:
A++
Moody's:
Aa2
7 Years / 7.00%
Yes





Thrivent Financial offers a tax-deferred fixed annuity for the conservative investor. A fixed annuity is an insurance contract that offers a guaranteed interest rate, avoiding the market volatility. Thrivent supports these guarantees by investing in a well-balanced portfolio of quality corporate and government securities leaving you with a guaranteed retirement income. This will add a degree of safety and stability to your overall investment plan. During retirement you can choose to receive an income that you can't outlive or to receive income for a specified number of years....it's your choice.

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An owner can select payments based upon Life Expectancy tables, satisfying the Required Minimum Distribution, in a settlement option. There are several ways of doing this, depending upon if the owner is deceased or not. For further information, please speak to a financial representative.
This settlement option provides a guaranteed income for two people for life, based on the life expectancy of the individuals. The two payees do not have to be spouses, however. For example, two sisters could establish a joint life income. A guaranteed period may be elected for up to 360 months, but cannot exceed the joint life expectancy of the individuals.
This settlement option provides the owner with an income that cannot be outlived. If the owner dies before receiving payments equaling the original principal, there is not an additional death benefit. However, as long as the owner lives, payments continue even after the payments equal the amount of the original principal. In other words, it provides a guaranteed income for as long as the owner lives.
This settlement option provides the owner with an income for a certain period of time, or longer, if the owner lives longer than that certain period. In other words, it provides a guaranteed income for as long as the owner lives. If the contract owner selects a period certain and dies before the end of the period certain, a death benefit is paid to the beneficiary. If the contract owner dies after the period certain, no death benefit is paid. A guaranteed period may be elected for up to 360 months, but cannot exceed your life expectancy.
In lieu of a payout agreement, the entire contract value may be payable in a lump sum, less any applicable charges.
Owner chooses the period of time over which the periodic payments are to be made, from 13 months to life expectancy. If the contract owner selects a period certain and dies before the end of the period certain, a death benefit is paid to the beneficiary. If the contract owner dies after the period certain, no death benefit is paid.
Specified Amount:
Specified Amount: Provides owner with a fixed amount paid at agreed upon intervals. Income will be paid until the proceeds are paid in full, and must be paid within your life expectancy.
These rates may change without notice. Contact your provider for the most current rates.



All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact of fees, and the different types of fees please refer to the Explanation of Fees piece located in the Help & Resources.

Fees

$30.00 Annually Flat Dollar Amount Yes No Yes
Fee Waiver
For contracts in the 1st and 2nd year, the contract fee is waived. For contracts with a value of over $5,000.00 in the 3rd contract year or later, the contract fee is waived.

Surrender Charges

Surrender Period* Surrender Percentage
1 7.00%
2 6.00%
3 5.00%
4 4.00%
5 3.00%
6 2.00%
7 1.00%

*Expressed in contract years


Surrender Penalty Charge assessed on a "rolling" basis: Each premium will have its own surrender charge period. Withdrawals, for surrender charge purposes only, will be determined on a First In First Out (FIFO) basis, based on the premium payment plus any interest earned by that premium.
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Percent of purchase payments:
0.00%
Death:
Yes
Nursing Home or Other Medical Expenses:
Yes
Other Restrictions:
Substantially Equal Payments - Yes; Annuitization of the contract if 3 years old or older -Yes; Terminal Illness of Annuitant or Spouse as defined in contract - Yes.

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