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New York Life Insurance and Annuity Corporation Introduces New LifeStages® Premium Plus Elite Variable Annuity Offering Consumers a New Vehicle to Help Save for Retirement

New Product Combines Upfront Premium Credit, an Innovative Fee Structure and a Variety of Investment Options Into One Variable Annuity

NEW YORK, November 29, 2004 — New York Life Insurance and Annuity Corporation introduced today the LifeStages® Premium Plus Elite Variable Annuity. Variable annuities are long-term investment vehicles used for retirement savings. This new annuity product combines an up-front premium credit, an innovative level fee structure unaffected by any potential investment growth or loss (decline) and a wide range of investment options to allow customers to jump-start their retirement savings while providing the freedom to customize their investment in coordination with their financial strategies.

"Consumers' retirement needs change over time, and investment vehicles offering a variety of options are an essential component of a well-rounded portfolio," said John Meyer, senior vice president of New York Life's Individual Annuity Department. "The LifeStages® Premium Plus Elite Variable Annuity provides customers with flexibility in their investment options. Additionally, policyholders can have more money working for them at the outset thanks to the up-front premium credit."

Policy features include:

  • A premium credit, which is an amount calculated as a percentage of the premium payment, is applied immediately to the policy, contributing additional money when the policy takes effect. The credit equals 3 to 5 percent of the policyholder's total accumulated premiums, with the percentage increasing as the total accumulated premiums rise. The premium credit and the accumulated premium bands can be changed at the sole discretion of the company. Keep in mind, however that policies with premium credit may have higher fees and expenses, and may have longer surrender periods than policies that do not provide the credit feature.
  • An opportunity for tax-deferred growth while accumulating money for retirement.(Tax-qualified retirement plans (like IRAs, TSAs and SEPs) already provide tax deferral under the Internal Revenue code, so the tax deferral of an annuity does not provide any additional benefits. Also, variable annuities are subject to additional fees to which other tax-qualified funding vehicles may not be subject.)
  • An innovative fee structure for Mortality & Expense Risk and Administrative Costs Charge that guarantees customers will never pay charges on any potential gains realized in their policy, which may leave more money in investment divisions for potential growth. This fee structure is based on adjusted premium payments and amounts transferred to the investment divisions and not on earnings realized in policyholders' Investment Divisions or Dollar Cost Averaging Advantage Account or the Fixed Account, nor on the premium credit applied to the policy.
  • A wide range of investment options, allowing policyholders to tailor the investment to their financial objectives, time horizon and risk tolerance. Options range from a conservative fixed account to more aggressive funds managed by some of the nation's premier money management firms. Keep in mind that assets allocated to the Investment Divisions are subject to market risks and may fluctuate in value. There are fees and expenses associated with this contract.(The fixed account is backed by the assets in the general account of NYLIAC.)

The LifeStages® Premium Plus Elite Variable Annuity also offers a guaranteed death benefit3 stipulating that if the policyholder dies before the Annuity Commencement Date, the beneficiaries will never receive less than the amount of money invested in the policy less withdrawals and other charges. The minimum initial and additional premium requirements for a non-qualified policy is $5,000. Tax-qualified policies vary based on the type of retirement plan. The LifeStages® Premium Plus Elite Variable Annuity can be customized to fit a consumer's unique needs through the use of a wide variety of riders.(Death benefit payments are dependent on the claims-paying ability of NYLIAC and do not apply to the investment performance or safety of the underlying Investment Divisions in the policy.)

Withdrawals made prior to age 59½ may be subject to a 10% IRS penalty. Surrender charges may also apply.

New York Life and New York Life Insurance Annuities Corporation (NYLIAC) continue to be among the highest rated institutions by each of the four major independent rating agencies for financial strength: A.M. Best (A++), Standard & Poor's (AA+), Moody's Investor Services (Aaa) and Fitch (AAA). Source: Individual Third Party Ratings Reports (as of 10/5/04).(Ratings only apply to the fixed account offered with the variable annuity and not to the performance of the variable investment divisions which will fluctuate with market conditions.)

Please contact your Registered Representative or call 1-800-598-2019 for product and fund prospectuses, which contain more complete information. Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. Both the product prospectus and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Please read the prospectus carefully before investing.

New York Life Insurance and Annuity Corporation is a wholly -owned subsidiary of New York Life. New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), Distributed by NYLIFE Distributors LLC (Member FINRA), and offered through properly licensed Registered Representatives of NYLIFE Securities Inc., (member FINRA, SIPC).

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New York Life Insurance and Annuity Corporation Introduces New LifeStages® Premium Plus Elite Variable Annuity Offering Consumers a New Vehicle to Help Save for Retirement

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