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New York Life Index Flex Variable Annuity |
New York Life Index Flex Variable Annuity – FP Series |
Regular Mail |
NYLIAC Variable Products Service Center Madison Square Station P.O. Box 922 New York, NY 10159 |
NYL Annuities – TPD Mail Code7390 P.O. Box
7247 Philadelphia, PA 19170-7390 |
Express Mail |
NYLIAC Variable Products Service Center 51 Madison Avenue Floor 3B, Room 0304 New York, NY 10010 |
NYL Annuities – TPD 400 White Clay Center Drive Attention: LOCKBOX 7390 Newark, DE 19711 |
Death Claim forms may also be submitted to |
New York Life
P.O. Box 130539 Dallas, TX 75313-0539 |
The Information in this Updating Summary Prospectus is a summary of
certain policy features that have changed since May 1,
2023. This may not reflect all changes that have occurred since you purchased your policy. | |
Portfolio Performance and
Expenses |
For updated Portfolio performance and expense information, see the Appendix for the
Portfolios Available Under the Policy. |
|
FEES AND EXPENSES |
LOCATION IN
PROSPECTUS |
Charges for Early
Withdrawal |
There are charges for early withdrawal for the first 5,
6, or 7 years you
hold the policy, depending on whether you selected a 5, 6, or 7-year
Surrender Charge Period. If you withdraw more than the Surrender
Charge Free Amount from your policy during the Surrender Charge Period you selected, you will be assessed a surrender charge. The maximum surrender charge is 8% of the amount withdrawn during the first two Policy Years, declining to 0% over the Surrender Charge Period you selected. For example, if you make an early withdrawal within the first Policy Year, you could pay a surrender charge of up to $8,000 on a $100,000 investment. |
CHARGES AND
DEDUCTIONS –
Transaction
Expenses –
Surrender Charges |
Transaction
Charges |
In addition to surrender charges, you may be charged for other
transactions, such as when you transfer cash value between
investment options more than 12 times a year, or if a premium payment
is returned for insufficient funds. Although we do not currently
charge for such transactions, we reserve the right to charge up to
$30 per transaction. |
CHARGES AND
DEDUCTIONS –
Transaction
Expenses |
Ongoing Fees
and Expenses
(annual charges) |
The table below describes the fees and expenses that you may pay
each year, depending on the options you choose. Please refer to your
Policy Data Page for information about the specific fees you will pay each year based on the options you have elected. |
CHARGES AND DEDUCTIONS – Annual Policy Expenses; Annual Portfolio Expenses; Optional Benefit Expenses |
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ANNUAL FEE |
Minimum |
Maximum |
|
|
Base contract1 If you elect the 5 Year Surrender Charge period If you elect the 6 Year Surrender Charge Period If you elect the 7 Year Surrender Charge Period |
1.30% 1.25% 1.20% |
1.30% 1.25% 1.20% |
CHARGES AND
DEDUCTIONS –
Annual Policy
Expenses |
|
Investment options (Portfolio fees
and expenses)2 |
0.39% |
1.14% |
CHARGES AND
DEDUCTIONS –
Annual Portfolio
Expenses |
1 As a percentage of Accumulation Value in the Separate Account. 2 As a percentage of average net Portfolio assets. The
range in fees and expenses is for the year ended December 31, 2023. This
range changes from year to year. | ||||
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Because your policy is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
policy, the following table shows the lowest and highest cost you
could pay each year, based on current charges. This estimate assumes that
you do not take withdrawals from the policy, which could add surrender charges that substantially increase costs. |
|
|
LOWEST ANNUAL COST: $1,480.93 |
HIGHEST ANNUAL COST $2,188.80 |
| |
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Assumes: •Investment of $100,000 in the Portfolios •5% annual appreciation •Least expensive combination of Base Contract Charges, Portfolio
fees and expenses •No sales charges •No transfers or withdrawals |
Assumes: •Investment of $100,000 in the Portfolios •5% annual appreciation •Most expensive combination of Base Contract Charges, Portfolio fees and expenses •No sales charges •No transfers or withdrawals |
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RISKS |
LOCATION IN
PROSPECTUS |
Risk of Loss |
You can lose money by investing in this policy. |
PRINCIPAL RISKS |
Not a Short-Term
Investment |
This policy is not designed for short-term investing and is not
appropriate for an investor who readily needs access to cash.
Surrender charges apply for up to 7 years following your premium
payment. They will reduce the value of your policy if you withdraw
money during that time. The benefits of tax deferral and living benefit
protections also mean the policy is more beneficial to investors
with a long time horizon. |
PRINCIPAL RISKS |
Risks Associated
with Investment
Options |
•An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of the variable investment options (e.g., Portfolios) and guaranteed options (e.g., the Index-linked Account and the Fixed Account) you choose. •Each variable investment option has its own unique risks. •Investments in the Fixed Account and the Index-linked Account have their own unique risks. •You cannot lose money on an investment in the Index-linked Account, but Index-linked Credits are not guaranteed. •The Index-linked Credit, if any, on a Segment in the Index-linked Account is limited by a Cap Rate or a Flat Rate, which means the return on your investment could be lower than if you had invested directly in a mutual fund or exchange traded fund designed to track the performance of the Index, and the performance is greater than the Cap Rate or Flat Rate. •You should review the prospectuses for the available Portfolios, and the descriptions in this prospectus of the Index-linked Account and the Fixed Account, before making an investment decision. |
PRINCIPAL RISKS |
Insurance
Company
Risks |
An investment in the policy is subject to the risks related to the
Depositor, including that any obligations under the Index-linked Account
and the Fixed Account, as well as guarantees and benefits of the
policy are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its obligations
to you. More information about NYLIAC is available upon request
from NYLIAC by calling 1-800-598-2019 (for New York Life IndexFlex
Variable Annuity policies) or the New York Life Annuities Service
Center at (800) 762-6212 (for New York Life IndexFlex Variable Annuity
– FP Series policies). |
PRINCIPAL RISKS |
|
RESTRICTIONS |
LOCATION IN
PROSPECTUS |
Investments |
•You can invest in Initial Term Strategies only when you purchase the policy. Recurring Term Strategies are available beginning on the day after the policy issue date. •We reserve the right to charge $30 for each transfer when you transfer money between Investment Divisions in excess of 12 times in a Policy Year. •We reserve the right to limit transfers in circumstances of frequent
transfers or to prevent market timing. •We reserve the right to remove, close or substitute Portfolios as investment options that are available under the policy. •You can transfer from an Investment Division and the Fixed Account to a Recurring Term Strategy in the Index-linked Account only twice a year. •You cannot have more than 20 active Segments in your Policy at one
time. •You can make transfers out of a Segment to another investment option only on the Segment Maturity Date. |
PRINCIPAL RISKS
THE
POLICIES—Policy
Application and
Premium Payments,
Transfers and
Limits on Transfers
NYLIAC AND THE SEPARATE ACCOUNT— Additions, Deletions, or Substitutions of Investments |
Optional Benefits |
•Certain optional benefits are only available after your policy has been in force for at least one year. •You are required to have a minimum Accumulation Value for some optional benefits. See “DESCRIPTION OF BENEFITS –Living Needs
Benefit/Unemployment Rider” and “DESCRIPTION OF BENEFITS –
Living Needs Benefit/Surrender Charge Reduction Rider” for
more information. •Certain optional benefits are not available if you have attained age 86 on the Policy date. •We may modify or discontinue an optional benefit at any time. •You can lose eligibility for an Enhanced Rate on an Initial Term Strategy if you make certain withdrawals or transfers such that after the withdrawal or transfer your Enhanced Rate Allocation falls below 50%. Enhanced Rates are available only on policies applied for on or after November 13, 2023. |
DESCRIPTION OF
BENEFITS |
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TAXES |
LOCATION IN
PROSPECTUS |
Tax
Implications |
•Consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this policy. •If you purchase the policy through a tax–qualified plan or individual
retirement account (IRA), such plan or IRA already provides tax
deferral under the Code and there are fees and charges in an annuity
that may not be included in such other investments. Therefore, the
tax deferral of the annuity does not provide additional benefits.
•A premium payment that is made on a pre–tax basis as well as earnings on your policy are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a 10% penalty tax if you take a withdrawal before age 59 ½. |
FEDERAL TAX
MATTERS |
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CONFLICTS OF INTEREST |
LOCATION IN PROSPECTUS |
Investment
Professional
Compensation |
Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset–based
compensation, allowances for expenses, and other compensation
programs. Your registered representative may have a financial incentive
to offer or recommend this policy over another investment. |
DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS |
Exchanges |
Your registered representatives may have a financial incentive to offer
you a new policy in place of the one you own. You should only
consider exchanging your policy if you determine, after comparing
the features, fees, and risks of both policies, that it is in your
best interest to purchase the new policy rather than continue to
own your existing policy. |
THE POLICIES – Tax–Free Section 1035 Exchanges |
Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/23) | ||
1 year |
5 year |
10 year | |||
Asset Allocation |
MainStay VP Income Builder — Service Class Adviser: New York Life Investment Management LLC (“New York Life Investments”) / Subadvisers: Epoch Investment Partners, Inc. and MacKay Shields LLC |
0.87% |
9.78% |
5.78% |
4.75% |
Asset Allocation |
MainStay VP Janus Henderson Balanced —
Service Class Adviser: New York Life Investments / Subadviser:
Janus Henderson Investors US LLC |
0.82% |
15.23% |
9.48% |
7.78% |
Large Cap Equity |
MainStay VP S&P 500 Index — Service Class Adviser: New York Life Investments / Subadviser:
IndexIQ Advisors LLC |
0.37% |
25.83% |
15.25% |
11.53% |
Asset Allocation |
American Funds IS Asset Allocation Fund — Class
4 Adviser: Capital Research and Management CompanySM (“CRMC”) |
0.80% |
14.02% |
8.92% |
6.98% |
Large Cap Equity |
American Funds IS Growth Fund — Class 4 Adviser: CRMC |
0.84% |
38.13% |
18.38% |
14.07% |
Large Cap Equity |
American Funds IS Washington Mutual Investors
FundSM — Class 4 Adviser: CRMC |
0.77% |
16.97% |
12.33% |
9.64% |
Type |
Portfolio
Adviser/Sub-adviser |
Current
Expenses* |
Average Annual Total Returns
(as of 12/31/23) | ||
1 year |
5 year |
10 year | |||
Asset Allocation |
BlackRock® Global Allocation V.I. Fund — Class
III Adviser: BlackRock Advisors, LLC Subadvisers: BlackRock (Singapore) Limited and BlackRock International Limited |
1.02% |
12.49% |
7.39% |
4.63% |
Investment
Grade Bond |
Fidelity® VIP Bond Index Portfolio — Service Class
2 Adviser: Fidelity Management & Research Company LLC (“FMR”) / Subadvisers:
Other investment advisers |
0.39% |
5.13% |
0.64% |
N/A |
Asset Allocation |
Fidelity® VIP FundsManager® 60% Portfolio —
Service Class Adviser: FMR |
0.71% |
14.17% |
8.61% |
6.26% |
International/
Global
Equity |
Fidelity® VIP International Index Portfolio —
Service Class 2 Adviser: FMR / Subadviser: Geode Capital Management, LLC |
0.42% |
15.88% |
6.89% |
N/A |
Asset Allocation |
Franklin Templeton Aggressive Model Portfolio —
Class II Adviser: Franklin Templeton Fund Adviser, LLC ("FTFA”) / Subadviser: Franklin Advisers, Inc.
(“Franklin Advisers”) |
0.91% |
18.05% |
N/A |
N/A |
Asset Allocation |
Franklin Templeton Moderately Aggressive Model
Portfolio — Class II Adviser: FTFA / Subadviser: Franklin Advisers |
0.88% |
15.53% |
N/A |
N/A |
Asset Allocation |
Franklin Templeton Moderate Model Portfolio —
Class II Adviser: FTFA / Subadviser: Franklin Advisers |
0.85% |
13.18% |
N/A |
N/A |
Asset Allocation |
Franklin Templeton Moderately Conservative
Model Portfolio — Class II Adviser: FTFA / Subadviser: Franklin Advisers |
0.85% |
10.31% |
N/A |
N/A |
Asset Allocation |
Franklin Templeton Conservative Model
Portfolio — Class II Adviser: FTFA / Subadviser: Franklin Advisers |
0.89% |
8.31% |
N/A |
N/A |