Steady cap. Full term.
The Oceanview LevelCap™ FIA provides long-term planning confidence by keeping your declared cap rate level for the entire 5- or 7-year surrender charge period. With index-linked growth potential, principal protection, and a transparent design that avoids annual cap resets, LevelCap offers a straightforward path to consistent accumulation and clearer retirement planning.
A Cap You Can Count On — for the Entire Surrender Charge Period Selected
The Oceanview LevelCap Fixed Indexed Annuity provides a straightforward way for clients and financial professionals to plan for long-term growth with clarity and transparency.
For the following three Guarantee Cap Rate Index Strategies, the cap rate is declared once at policy issue and remains level for the entire Surrender Charge Period — 5 or 7 years.
That means no annual re-declarations, no mid-term adjustments, and no unexpected changes to the declared cap rate — just clear expectations and consistent interest crediting parameters for long-term planning.
Your cap rate remains the same for your entire selected Surrender Charge Period, providing predictability in how interest is credited. That’s the value of the LevelCap design.
Clients can choose from a range of diversified options designed for stable accumulation potential:
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
*The Cap Rate Guarantee Funds are only available at the time of application. If a client elects to reallocate out of a Cap Rate Guarantee Fund to another fund, the client cannot reallocate back into any of the Guarantee Funds.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
*The Cap Rate Guarantee Funds are only available at the time of application. If a client elects to reallocate out of a Cap Rate Guarantee Fund to another fund, the client cannot reallocate back into any of the Guarantee Funds.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
*The Cap Rate Guarantee Funds are only available at the time of application. If a client elects to reallocate out of a Cap Rate Guarantee Fund to another fund, the client cannot reallocate back into any of the Guarantee Funds.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
Annual point to point with cap rate calculates an interest credit based on the starting index value (i.e. beginning of the term) and the index value 1 year later. This return is subject to a cap which is defined at the start of the term.
*The Cap Rate Guarantee Funds are only available at the time of application. If a client elects to reallocate out of a Cap Rate Guarantee Fund to another fund, the client cannot reallocate back into any of the Guarantee Funds.
Interest, if any, is credited annually based on index performance, excluding dividends, and subject to the applicable cap or participation rate.
Nursing Home Confinement*: After the first contract anniversary, in the event that the contract owner is confined to a nursing home, any applicable MVA or surrender charges will be waived on any withdrawal. Nursing home confinement is defined as at least 90 consecutive days or at least 90 days if there is no more than a 6-month break in the confinement. Confinement must be prescribed by a qualified physician and medically necessary. Proof must be furnished to the Company during confinement or within 90 days after such confinement.
No Charge
Terminal Illness*: After the first contract anniversary, in the event that the contract owner is terminally ill and not expected to live more than 12 months, any applicable MVA and surrender charges will be waived on any withdrawal. Terminal illness must be diagnosed by a qualified physician after the contract’s issue date. Proof of terminal illness must be provided to the Company.
No Charge
*Waiver of surrender and MVA charges based on final review of claim.
Accessing Funds
Free Withdrawals
After the first contract year, clients may withdraw up to 10% of their account value (as of the most recent contract anniversary) each year without surrender charges or MVA.
Minimum withdrawal: $250.
Market Value Adjustment (MVA)
(Not applicable in California)
An MVA may adjust the value of withdrawals exceeding the free allowance, depending on market interest rate changes since issue. It may either increase or decrease the surrender value. The MVA applies only during the surrender charge period.
Required Minimum Distributions
RMDs from qualified contracts are available after the first contract year and will not be subject to surrender charges or an MVA.
End of Surrender Charge Period Options
When the Surrender Charge Period ends, clients may:
If the contract is maintained after the Surrender Charge Period, any funds in the Guaranteed Cap Strategies will automatically transition to a non-guaranteed cap strategy, subject to the then-current declared rates in effect at that time.
Death Benefit & Spousal Continuation
If the owner or annuitant passes away before annuitization, the full contract value is paid to beneficiaries and is not subject to any surrender charges or an MVA.
A spousal continuation provision allows the surviving spouse to continue the contract with full benefits and tax-deferred status. Spousal continuation is available only if the spouse is the sole primary beneficiary.
The Harbourview FIA can provide an income stream for a term of your choosing, including the rest of your life.
Life Only: Equal monthly payments for the annuitant’s remaining lifetime. Payments will end with the payment due just before the annuitant’s death.
Life with 10 Year Period Certain: Equal monthly payments for the greater of 120 months or the annuitant’s remaining lifetime.
Joint and Last Survivor: This option provides payments during the lifetime of the annuitant and the lifetime of a designated second person. If at the death of the survivor, annuity payments have been made for less than 120 monthly periods, the remaining guaranteed annuity payments will be continued to the beneficiary.
*Once annuity payments have begun, no changes can be made.
LevelCap combines the potential for index-linked growth with the principal protection of a fixed annuity.
Interest, if any, is credited annually based on index performance, up to the level cap rate declared at issue. If the index return is negative, no interest will be credited for that term period; however, principal is not reduced due to market declines.
Regardless of market volatility, your principal and credited interest are protected from market losses.
Q: How does LevelCap differ from other Fixed Indexed Annuities (FIAs)?
Traditional FIAs generally reset their cap rates annually, creating uncertainty about future returns. LevelCap provides greater predictability by locking the cap rate declared at issue for the full surrender charge period. After the Surrender Charge Period, any funds in Guaranteed Cap Rate Strategies automatically transition to non-guaranteed cap strategies based on the current declared cap rates in effect at that time.
Q: What does it mean that the cap is “level”?
The cap rate is fixed and does not change throughout your chosen Surrender Charge Period (5 or 7 years). It provides stability and consistency for clients building long-term retirement strategies.
Q: When can a client allocate to a Guarantee Cap Rate Index Strategy?
The Cap Rate Guarantee Index Strategies are only available at the time of application. If a client elects to reallocate out of a Cap Rate Guarantee Fund to another fund, the client cannot reallocate back into any of the Guarantee Cap Rate Index Strategies.
Q: Are returns guaranteed?
No. The cap rate is guaranteed to remain unchanged, but actual credited interest depends on index performance. If the index performs poorly, the credited interest for that period may be zero; however, your principal will not decline due to market performance.
Q: What happens at the end of the Surrender Charge Period?
At the end of the Surrender Charge Period, clients can reallocate among available crediting strategies, or fully withdraw their account value without surrender charges or MVA. If the contract continues beyond the Surrender Charge Period, funds in Guaranteed Cap Rate Strategies will transition to non-guaranteed strategies based on the rates declared at that time.
Q: Can allocations be changed during the Surrender Charge Period?
Yes. Allocations between the available strategies can be made annually.
The Cap Rate Guarantee Funds are only available at time of application. If a client elects to reallocate out of a Cap Rate Guarantee Fund to another fund, the client cannot reallocate back into any of the Guarantee Funds.
If the contract is maintained after the Surrender Charge Period, the client can reallocate to any non-guaranteed index strategies, If the client does not reallocate into other available Index Strategies, any funds in the Guaranteed Cap Funds will be placed into a non-guaranteed cap strategy subject to current declared cap rates.
Q: Is the money invested in the market?
No. The annuity does not directly invest in the stock market. Interest, if any, is credited based on index performance and subject to a cap or participation rate. The performance of the external index is used only as a reference to determine credited interest and does not reflect dividends or direct market participation.
Q: Can the contract lose value due to market declines?
No. Principal and previously credited interest are protected from market losses. All guarantees are backed by the claims-paying ability of Oceanview Life and Annuity Company.
Q: How is interest determined?
Interest is credited at the end of each crediting period, typically one year, based on the index’s performance and your selected crediting method. Interest crediting formulas vary by index strategy and are described in the contract.
Q: What are the liquidity options?
After the first contract year, up to 10% of the account value can be withdrawn annually without surrender charges or MVA. RMDs are also considered free withdrawals. Withdrawals may be subject to income tax and, if taken before age 59½, an additional 10% federal tax penalty.
Q: What is a Market Value Adjustment (MVA)?
(Not applicable in California.) The MVA adjusts the value of withdrawals beyond the free allowance based on interest rate changes. It may either increase or decrease surrender value. The MVA does not apply after the Surrender Charge Period and cannot reduce the value below the minimum guaranteed surrender value.
Q: What charges apply?
There are no explicit annual policy or administrative fees. Withdrawals exceeding 10% of account value during the Surrender Charge Period are subject to surrender charges and, if applicable, an MVA.
Q: Are any riders included?
Yes. Two built-in riders are provided at no cost:
Availability and specific terms may vary by state. See contract for details.
Q: What happens upon the owner’s death?
Beneficiaries receive the full contract value, free from surrender charges and MVA. A spousal continuation option allows the surviving spouse to continue the contract.
Q: Is LevelCap available in all states?
LevelCap is available in most U.S. states but not currently offered in New York or Vermont. California versions are non-MVA.
Q: Who backs the guarantees?
All guarantees are backed by the claims-paying ability of Oceanview Life and Annuity Company, rated A (Excellent) by A.M. Best and supported by Bayview Asset Management’s institutional investment expertise. A.M. Best rating as of December 11, 2024; ratings are subject to change and do not apply to the investment performance of any index.
Q: What are the tax advantages of an FIA?
FIAs grow tax-deferred, meaning taxes are only due when funds are withdrawn, allowing potential compounding over time.
Q: Who is LevelCap best suited for?
LevelCap may be appropriate for investors seeking:
Product suitability should be determined based on the client’s financial situation, investment objectives, and time horizon. Clients should consult their financial professional to determine whether this product meets their needs and objectives.
*For most states, this annuity contract is issued on FIA Policy Form: ICC19OLASPDA. Product features, options, form numbers and availability may vary by state. This is a brief description of the FIA contract and is meant for informational purposes only. It is not individualized to address any specific investment objective. It is not intended as investment or financial advice.
Steady Cap. Full Term.
LevelCap Fixed Index Annuity
