Retirement Cornerstone 15 Variable Annuity Series...

Retirement Cornerstone 15® Variable Annuity

Series B

©2015 AXA Equitable Life Insurance Company (AXA Equitable), N.Y., N.Y. - All Rights Reserved Sales Support – Training Strategy and Content

For Financial Professional use only. Not to be used with or distributed to the general public. IU- 100232 (2/15)

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IU- 99786 (rev. 02/15) For Financial Professional Use only. Not for Use with or Distribution to the General Public. 2

Objectives

After completing this course you will be able to: Explain the Investment Options available with the Retirement Cornerstone Variable

Annuity Series

Describe the Contract Features and Provisions of Retirement Cornerstone Variable Annuity Series

Discuss the Transfer features of Retirement Cornerstone Variable Annuity Series

Identify Charges and Expenses associated with Retirement Cornerstone Variable Annuity Series

Explain the Optional Guaranteed Benefits available with Retirement Cornerstone Variable Annuity Series


Overview Retirement Cornerstone Series products are variable deferred annuity contracts issued by AXA Equitable Life Insurance Company. This series consists of Retirement Cornerstone Series B. The Retirement Cornerstone variable annuity series can: Provide an opportunity for the accumulation of retirement savings and for income. Offer income and death benefit protection. Offer a way to help your clients with an opportunity to accumulate, guarantee and control future income today and protect their families along the way. Retirement Cornerstone variable annuity also offers two distinct accounts within the same variable annuity, with each account serving a somewhat different purpose for retirement planning: Investment Account – give clients access to a wide range of investment portfolios Protected Benefit Account – emphasizes more focused investing and gives your clients access to a number of optional guaranteed benefits. Certain features and benefits may not be available in all firms or jurisdictions. Please refer to the final slide of this course, the product prospectus and other sales materials provided by AXA Equitable or contact the AXA Distributors Sales Desk for additional information.


Retirement Cornerstone – Series B

Series B

Markets Non Qualified Traditional/Roth/SEP IRA Inherited IRA Qualified Plans (DC/DB)

Initial Minimum Contributions

$5,000

Subsequent contributions

NQ, QP & SEP: $500 IRA : $50 Inherited IRA: $1,000

Contract Fee 1.30%

Policy Fee Lesser of 2% or $30 for the first two contract years, then $30 each year thereafter; if account value is less than $50,000

Withdrawal Charges 7 Yrs - 7%,7,6,6,5,3,1

Credit N/A

Earnings Bonus N/A

Dollar Cost Averaging Programs

Special DCA; General DCA


Investment Options Each contract under Retirement Cornerstone is issued with the Investment Account, consisting of a wide range of investment options covering all major asset classes, including sector-focused portfolios and other alternative/specialty investments. In addition to the Investment Account, contracts that are issued with optional guaranteed benefits will have the Protected Benefit Account, whose sole purpose is to be the funding vehicle for the guaranteed benefits. Investment Account: The lineup of investment options under the Investment Account features a broad range of over 100 investment options from well-known and well-respected investment management organizations. This account offers the client the opportunity to choose from a diverse lineup across several dimensions, including single or multiple managers, passive or active management and domestic or international investments. There are some sector-specific choices including science, technology and financial services, and some that are focused on hard assets such as real estate, energy and other commodities. Protected Benefit Account: The Protected Benefit Account offers an innovative selection of investment options that are designed to help the client continue to build assets while, through a Guaranteed Minimum Income Benefit rider, ensuring future income-generating power. With the portfolios available, the owner can choose a portfolio according to his or her specific risk tolerance, and at the same time ensure a solid foundation for the growth of the benefit bases for the elected guaranteed optional benefits.


Contract Features and Provisions Systematic Account Sweep Program: Clients may want to systematically shift money from the Investment Account into the Protected

Benefit Account in order to take increasing advantage of the Guaranteed Minimum Income Benefit (GMIB) and/or Guaranteed Minimum Death Benefit (GMDB). (The GMIB and GMDB are explained later in this course.)

The Systematic Account Sweep program, when elected, will transfer amounts from the Investment Account to the Protected Benefit Account in specified intervals (quarterly, semi annually or annually) for a specific duration or until the Investment Account value is depleted. If the Investment Account value is less than $250 on the date of a transfer, the remaining amount will be transferred.


Access to the Value in the Contract Each year your client may withdraw a certain amount from his or her contract without paying a

withdrawal charge. The free corridor under Retirement Cornerstone is calculated separately for the Investment Account and the Protected Benefit Account.

Investment Account: The free corridor for the Investment Account is always 10% of the

Investment Account value at the beginning of the contract year. This free corridor amount can only be withdrawn from the Investment Account.

Protected Benefit Account: If GMIB is not elected, the free corridor is 10% of the Protected

Benefit Account value at the beginning of the contract year. If GMIB is elected, the free corridor is the Annual rollup percentage applicable at the beginning of each contract year times the GMIB rollup benefit base at the beginning of the contract year (the beginning of year rollup amount). This free corridor amount can only be withdrawn from the Protected Benefit Account.

In the first contract year the benefit base amount for free corridor purposes will be determined using

all contributions received in the first 90 days after the contract is issued. (Note: This does not include transfers from the Investment Account investment options.)

If the Protected Benefit Account is first funded with a subsequent contribution or a transfer in the

middle of a contract year after the contract has been issued, there will be no free corridor for the Protected Benefit Account in the contract year in which the account is first funded. If the first funding is as a result of a transfer, the free corridor for the Investment Account will not be reduced by the transferred amount.


Access to the Value in the Contract Withdrawals from the Investment Account and all automated withdrawal programs can only be taken pro rata from the investment options. Under the Investment Account, with the exception of automated programs, the owner can specify investment options from which withdrawals must be taken.

A client can request to take a withdrawal from the Investment Account, or from the Protected Benefit Account or from both. If a withdrawal is requested from the Protected Benefit Account with any shortfall in the requested withdrawal to be supplemented by a withdrawal from the Investment Account, the client must specify the Investment Account investment options from which the withdrawal should be taken. The default withdrawal hierarchy will be from the Investment Account first, then from the Special DCA account (as applicable) and then from the Protected Benefit Account if the value in the Investment Account and the Special DCA account is insufficient to satisfy the withdrawal.


Transfers

1. Transfers from the Investment Account to the Protected Benefit Account are available through the owner’s age 80, or if later, the first contract anniversary. However, if the client elects the GMIB with the “Greater of” GMDB or the RMD Wealth Guard GMDB, transfers to the Protected Benefit Account are permitted through age 70.

2. After the first and any subsequent withdrawals have been taken from the Protected Benefit

Account, transfers from the Investment Account to the Protected Benefit Account will be accepted until a contribution is made to the Investment Account. At that time, all transfers to the Protected Benefit Account, including the Systematic Account Sweep program discussed previously, will no longer be permitted.

3. Transfers out of the Protected Benefit Account into the Investment Account are not permitted.

However, if optional guaranteed benefits are dropped the owner will be able to transfer the entire Protected Benefit Account value to the Investment Account. See the prospectus for additional rules on transfers, including transfers within the Protected Benefit Account.

All transfers from the Investment Account to the Protected Benefit Account will be allocated to the Protected Benefit Account investment options according to allocation instructions on file for the Protected Benefit Account. Transfers to specific Protected Benefit Account investment options are not permitted. If a client has no allocation instructions on file for the Protected Benefit Account investment options prior to a transfer request, then the client has to provide allocation instructions for the Protected Benefit Account investment options before the transaction will be processed. Restrictions on transfers:


Optional Guaranteed Benefits – Guaranteed Minimum Income Benefit

Guaranteed Minimum Income Benefit (GMIB): The GMIB is an optional rider that assures your clients that money kept in the annuity’s Protected Benefit Account for at least one contract year can begin generating a guaranteed minimum income stream (initially in the form of withdrawals) each and every year. The GMIB is available for an additional fee. After an initial hold period, increases to the GMIB’s income producing benefit base are based on recent average interest rates of 10-year U.S Treasury notes. The GMIB enables clients to take advantage of periods of rising interest rate environments for building a GMIB benefit base. Should the Protected Benefit Account value decrease to zero, or if the owner reaches age 95 (or the contract maturity date, if earlier), the client is guaranteed to receive an annual income for life. Clients can choose to drop the GMIB after issue either before or after the Protected Benefit Account has been funded. Funding the Protected Benefit Account at issue is not required. Clients have a choice of two Roll-up Rate hold options: • Two-Year Lock — The lock-in Annual Roll-Up and Deferral Roll-Up rates are applicable for the first

two contract years and are renewed annually beginning with the 3rd contract year. For the first two years, rate is set and is NOT the greater of the formula or lock-in rate. After the Two-Year Lock period ends, the Deferral and Annual Roll-Up rates will have a floor of 4% and maximum of 8%.

• Multi-Year Lock — Rate Hold is the length of initial CWC period; 7 years for Series B. For each

year during the rate hold period (including year 1), the rate is the greater of the formula rate or lock-in rate. After the Multi-Year Lock period ends, the Deferral and Annual Roll-Up rates will have a floor of 3% and maximum of 8%.



Issue Ages: GMIB is available for issue ages 20 to 80 Roll-up Rate: There are two roll-up rates associated with the GMIB benefit base for Retirement

Cornerstone. The first is the Deferral Roll-up Rate, which is used to calculate the Deferral Roll-up Amount. The second is the Annual Roll-up Rate, which is used to calculate the Annual Withdrawal Amount and the Annual Roll-up Amount. The crediting rate for the Deferral and Annual Roll-up Rates are locked for the first two contract years for the Two-Year Lock and for the CWC period for the Multi-Year Lock. For contract years after the Rate-Lock period ends, the calculation of each of the roll-up rates is tied to an index, using the formula described below.

Deferral Roll-up Rate: The formula for the minimum Deferral Roll-up Rate for renewal rates each quarter beginning in the third contract year for the Two-Year Lock and after the CWC period ends for the Multi-Year Lock will be the average of the rates for 10-year U.S. Treasury notes on each day for which such rates are reported during the 20 calendar days ending on the 15th day of the month immediately preceding the calendar quarter to which the rollup rate applies, plus 2.00% rounded to the nearest 0.10% increment. AXA Equitable reserves the right to set a higher rate than that derived by this formula. Deferral Roll-up Rate is declared quarterly for new business and changes annually on a contract (if applicable). 75-day rate lock available if funded in first contract year. Beginning in the contract year in which the first withdrawal is taken from the Protected Benefit Account, the Deferral Roll-up Rate is no longer applicable.

Annual Roll-up Rate: The formula for the Annual Roll-up Rate is the same as stated above for the Deferral Roll-up Rate. However, instead of the 2.00% increment, the Annual Roll-up Rate formula uses a 1.00% increment. Annual Roll-up Rate is declared quarterly for new business and changes annually beginning after the Rate-Lock period ends on a contract. 75-day rate lock available if funded in first contract year.



Roll-up Benefit Base Reset: Resets of the roll-up benefit base can lock in gains, which will

increase annual income. The rollup benefit base of the GMIB is automatically reset to equal the Protected Benefit Account Value (if higher) each contract year. The last eligible contract anniversary for a reset will be on the contract anniversary following age 95. Resets can either be set up to automatically to occur or on a manual basis.

Roll-up Amount: There are two roll-up amounts associated with the GMIB benefit base. The first

is the Deferral Roll-up Amount, which applies to the benefit base until the contract year in which the first withdrawal is taken from the Protected Benefit Account. The second is the Annual Roll-up Amount, which applies to the benefit base beginning in the contract year in which the first withdrawal is taken from the Protected Benefit Account.

Deferral Roll-up Amount: If a withdrawal has never been taken out of the Protected Benefit Account, the Deferral Roll-up Amount is calculated at the beginning of the contract year and credited to the benefit base at the end of the contract year if there are no withdrawals from the Protected Benefit Account during the contract year. The Deferral Roll-up Amount at the end of a contract year is equal to the GMIB benefit base as of the most recent contract anniversary (or issue date for the first contract year) times the Deferral Roll-up Rate in effect on the first day of the contract year plus any prorated Deferral Roll-up Amount for transfers or contributions to the Protected Benefit Account received during that contract year. Beginning in the contract year in which the first withdrawal (including RMD) is taken out of the Protected Benefit Account, and for all subsequent contract years, the Deferral Roll-up Amount will no longer be applicable on the contract. Instead, the Annual Roll-up Amount becomes applicable.


Guaranteed Minimum Income Benefit Annual Roll-up Amount: The Annual Roll-up Amount is calculated at the beginning of each

contract year and credited to the benefit base at the end of the contract year if a withdrawal has ever been taken out of the Protected Benefit Account. The Annual Roll-up Amount at the end of each contract year is the GMIB benefit base as of the most recent contract anniversary (or issue date for the first contract year) times the Annual Roll-up Rate in effect on the first day of the contract year (beginning of year Annual Roll-up Amount) plus any prorated Annual Roll-up Amount for transfers or contributions to the Protected Benefit Account received during that contract year. Beginning in the contract year that follows the year in which the Protected Benefit Account is first funded, the beginning of year Annual Roll-up Amount is reduced on a dollar-for-dollar basis by withdrawals of the Annual Withdrawal Amount. The rollup amount at the end of each contract year is the rollup benefit base as of the most recent contract anniversary (or issue date for the first contract year) times the rollup rate in effect on the first day of the contract year (beginning of year rollup amount). The beginning of year rollup amount is reduced on a dollar-for-dollar basis by withdrawals of the Annual Withdrawal Amount.

Annual Withdrawal Amount: The Annual Withdrawal Amount is the amount available for withdrawal each contract year – beginning in the second contract year – that ensures that there is no adverse impact on the rollup benefit base. The Annual Withdrawal Amount is calculated at the beginning of the contract year and can be withdrawn at any time during the contract year. Any amount that is not withdrawn is credited to the rollup benefit base (as part of the rollup amount) at the end of the contract year on the contract date anniversary. The Annual Withdrawal Amount is equal to the rollup benefit base as of the most recent contract anniversary, times the rollup rate in effect on the first day of the contract year. Withdrawals that are taken in addition to the Annual Withdrawal Amount could cause an adverse effect on the rollup benefit base. (See “Effect of Withdrawals”.)


Optional Guaranteed Benefits - Guaranteed Minimum Income Benefit

Effect of Withdrawals on the GMIB Benefit Base: The GMIB benefit base is not reduced so long as no Excess Withdrawals are made. Beginning in the contract year that follows the year in which the Protected Benefit Account is first funded, withdrawals of the Annual Withdrawal Amount reduce the Annual Roll-up Amount on a dollar-for-dollar basis. Any remaining Annual Roll-up Amount at the end of the contract year is credited to the GMIB benefit base. An Excess Withdrawal is any withdrawal in the contract year in which the Protected Benefit Account is first funded, or the portion of any withdrawal in excess of the Annual Withdrawal Amount beginning in the contract year that follows the year in which the Protected Benefit Account is first funded. The GMIB benefit base is reduced on a pro rata basis as of the date of any withdrawal that is considered to be an Excess Withdrawal. RMD withdrawals: If a client signs up for our Automatic Required Minimum Distribution (RMD) program,

RMD withdrawals from the program are never considered to be Excess Withdrawals. All RMD withdrawals that are taken through the program in the contract year in which the Protected Benefit Account is first funded or that are in excess of the Annual Withdrawal Amount will reduce the GMIB benefit base on a dollar-for-dollar basis only. Such withdrawals will not cause a pro rata reduction of the GMIB benefit base. Please note that the withdrawal hierarchy for RMDs will be taken first from the Investment Account value, then from the Special DCA account and then from the Protected Benefit Account value if there is insufficient account value in the Investment Account and Special DCA account to satisfy the required distribution. Please note that the Deferral Roll-up Amount will no longer be applicable on a contract even if the first

withdrawal from the Protected Benefit Account is an RMD withdrawal.

IU- 99786 (rev. 02/15) For Financial Professional Use only. Not for Use with or Distribution to the General Public.

GMIB Exercise

Issue Age Earliest Exercise Date Owner Ages 20 - 44 15 Years

Owner Ages 45 - 49 Age 60

Owner Ages 50 – 80 10 Years

The latest the GMIB can be exercised is the contract anniversary following age 95. The earliest exercise date is based on issue age. See the table below for the earliest exercise dates. If the rollup benefit base is reset, the waiting period to exercise GMIB will be the original exercise date or 10 years from the last reset, whichever is later. However, the latest exercise date will never be later than the contract date anniversary following age 95, regardless of the last reset date.

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Optional Guaranteed Benefit - Guaranteed Minimum Income Benefit

GMIB rider charge: The charge for GMIB is 1.15% of the benefit base annually. The charge is deducted from the Protected Benefit Account Value on each contract anniversary that the benefit is in effect. A pro rata portion of the GMIB charge is assessed upon contract surrender, when GMIB is dropped, when a death benefit is paid or the contract is annuitized on a date other than a contract anniversary.

The maximum charge for the GMIB is 2.30%. Ability to increase or decrease fees is at AXA-Equitable’s discretion starting in the third contract year. Clients will be given at least 30 days notice before any fee increase. If the fee is changed, the client can drop the rider within 30 days of the announcement of the fee change or annuitize their GMIB.

Asset Transfer Program (ATP): The asset transfer program is required if the GMIB is elected. The ATP uses predetermined mathematical formulas to move the account value between the AXA Ultra Conservative Strategy investment option and the variable investment options.

IU- 99786 (rev. 02/15) For Financial Professional Use only. Not for Use with or Distribution to the General Public.

Asset Transfer Program – How it Works

All values throughout the contract year are interpolated from those shown above

ATP Program designed to allow AXA Equitable to move a certain amount of a contract’s AAV into and out of the AXA Ultra Conservative Strategy Portfolio (10/90 ATP fund) on a monthly basis. As market conditions improve, values in the AXA Ultra Conservative Strategy portfolio may be moved back into the investment options of your choice; however, it is possible that you will miss an equity market increase during the period of time you are allocated to the AXA Ultra Conservative Strategy portfolio. Although this layer of protection cannot prevent investment losses, it could lessen losses during a volatile market.

ATP applies when the Protected Benefit Account is first funded The contract year in which the Protected Benefit Account is first funded is the first ATP Year. (first day of that contract year is time 0)

Current transfer point at the time of funding will be determined by the current month you are in for the contract year.

Subsequent contributions/transfers to the Protected Benefit Account: The weighted average years of contributions/transfers in relation to the benefit base may cause a “set-back” in the allowable gap shown in the table above.

The ATP Year retains the current month after the “set-back” (you will be in the current month of the new ATP year)

ATP Exit Option Formula Exit Option available to move out of “AXA Ultra Conservative Strategy Portfolio”

Benefit Base will be reduced to meet “target” ratio plus a 3% cushion

An investor may not transfer out of the AXA Ultra Conservative Strategy investment option during the first contract year. Beginning in the second contract year, an

investor may make a transfer out of the AXA Ultra Conservative Strategy investment option only once per year. 100% of the account value must be transferred out.

ATP Year 0 1 2 3 4 5 6 7 8 9 10+

Min Gap (all money out of ATP fund)

15% 18% 21% 24% 27% 30% 33% 36% 39% 42% 45%

Max Gap (all money not in SDCA transferred to ATP fund)

25% 28% 31% 34% 37% 40% 43% 46% 49% 52% 55%

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Optional Guaranteed Benefits – Death Benefits

There are three Guaranteed Minimum Death Benefit (GMDB) options available in Retirement Cornerstone: Greater of Roll-up or Highest Anniversary Value to age 85 The benefit base for the “Greater of” GMDB is the greater of annually compounded roll-up to owner’s age

85 or Highest Anniversary Value to owner’s age 85. The Highest Anniversary Value component of the benefit base for this GMDB increases and decreases as described below.

The roll-up benefit base component of this GMDB is increased and decreased in the same manner as the GMIB benefit base except the Deferral Roll-up Amount (if applicable), the Annual Roll-up Amount and any roll-up benefit base reset end on the contract anniversary following the owner’s age 85. Also, beginning on the contract anniversary following age 85, the GMDB roll-up benefit base will be reduced on a dollar-for-dollar basis up to the GMIB Annual Withdrawal Amount, then pro rata.

Determination of the rollup rate is based on the same GMIB rollup rate formula described previously. The “Greater of” GMDB can be elected in place of the Return of Principal GMDB at application and is

only available if the owner does not opt out of the GMIB. It is available for issue ages 20 to 65 at a cost of 1.15% of the benefit base annually, deducted from the Protected Benefit Account Value on each contract anniversary. A pro rata portion of the GMDB charge is assessed upon contract surrender, when the GMDB is dropped, when a death benefit is paid or the contract is annuitized on a date other than a contract anniversary. The maximum charge is 2.30%. Ability to increase or decrease fees is at AXA-Equitable’s discretion starting in the third contract year. Clients will be given at least 30 days notice before any fee increase. If the fee is changed, the client can drop the rider within 30 days of the announcement of the fee change.

The “Greater of” GMDB is only available through the funding of the Protected Benefit Account. Not available in New York


Optional Guaranteed Benefits Death Benefits

Highest Anniversary Value to age 85 GMDB

The benefit base for this GMDB is increased to equal the Protected Benefit Account Value on each contract anniversary (if higher) up to the contract anniversary following the owner’s age 85. It is adjusted for withdrawals on a pro rata basis. This GMDB can be elected in place of the Return of Principal GMDB at application and is available without GMIB if the owner opts out of the GMIB at application or later drops GMIB after the contract is issued. The Highest Anniversary Value GMDB is available for issue ages 0 to 80 at a cost of 0.35% of the benefit base annually, deducted from the Protected Benefit Account Value on each contract anniversary. A pro rata portion of the GMDB charge is assessed upon contract surrender, when the GMDB is dropped, when a death benefit is paid or the contract is annuitized on a date other than a contract anniversary.

When elected with the GMIB, withdrawals up to the Annual Withdrawal Amount or RMD withdrawals from AXA’s Automatic RMD program will reduce the Highest Anniversary Value Death Benefit on a dollar for dollar basis after the first contract year in which the Protected Benefit Account is funded. When not elected with the GMIB, withdrawals will reduce the Highest Anniversary Value Death Benefit on a pro rata basis

Return of Principal Death Benefit

This GMDB option will be issued automatically with all eligible contracts if the owner does not elect either of the two other optional GMDBs discussed above. The Return of Principal GMDB is a return of all contributions and transfers made to the Protected Benefit Account, adjusted for withdrawals on a pro rata basis. It is available at no additional cost for issue ages 0 to 80. This GMDB can be available without GMIB if the owner opts out of GMIB at application.

NOTE: The death benefit under the Investment Account is a return of the Investment Account Value as of the date all properly

completed paperwork is received in good order.


Optional Guaranteed Benefits Death Benefits

RMD Wealth Guard GMDB Death Benefit value will equal contributions & transfers to the Protected Benefit Account plus Annual Ratchet Death Benefit will not be reduced for RMD withdrawals (withdrawals in excess of the annual RMD amount will cause the

Death Benefit to be reduced on a pro rata basis) The last reset is the earlier of the 1st contract anniversary following the 1st RMD withdrawal from the PBA in the calendar

year in which the client turns 70½ or the contract anniversary following age 85. If the first RMD withdrawal occurs between January 1 and April 1 of the year after attained age 70½, then resets stop immediately.

RMD Wealth Guard Refund Feature Available if the Protected Benefit Account Value falls to $0 before the client passes away or turns age 95 AXA Equitable will provide periodic payments to the client until we have returned the value of the Death Benefit value

minus cumulative RMD withdrawals RMD Wealth Guard Refund Period equals 95 minus owner’s age at the time the Protected Benefit Account Value goes

to $0 - Example: RMD Wealth Guard GMDB value equals $100,000; Client takes $60,000 in cumulative RMD withdrawals

before the account value went to $0 at age 85 - Client and/or his/her beneficiary will receive a payment of $4,000 per year until age 95

Issue age is 20–65

Asset Transfer Program does not apply when the RMD Wealth Guard GMDB is elected

Cost is 0.90% (1.80% max)

Fee can be increased at our discretion

AXA Equitable cannot change the fee for the first two contract years

Clients will have a minimum of 30 days’ notice before a fee change will apply

Clients can drop the rider if a fee change is announced


Optional Guaranteed Benefits – Funding and/or Dropping

Funding/Dropping Optional Guaranteed Benefits After the Issue Date: All elected optional benefits must be issued with the contract. They cannot be added after a

contract has been issued. However, under limited circumstances, elected GMDBs can be changed prior to funding the Protected Benefit Account. Note that until the Protected Benefit Account is funded, any optional benefit on a contract will be without value. If the Protected Benefit Account is not funded when the contract is issued, the owner must make a subsequent contribution to the Protected Benefit Account or make a transfer from the Investment Account to the Protected Benefit Account in order to fund all optional benefits on a contract.

Funding after issue: If either GMIB and/or GMDB is elected without funding, the first contribution

or transfer to the Protected Benefit Account investment options becomes the initial benefit base for both benefits. Any transfer/contribution into the Protected Benefit Account investment options increases the benefit base(s) for the elected optional benefit(s). If a GMDB is elected with GMIB, a contribution/ transfer into the Protected Benefit Account investment options increases the benefit bases for both optional benefits simultaneously. Note that the ability to fund the Protected Benefit Account and increase any benefit will end if the owner reaches the maximum contribution/transfer age. Also, see the effect of restrictions on contributions and transfers into the Protected Benefit Account Investment Options in the prospectus.


Optional Guaranteed Benefits – Funding and/or Dropping

Dropping after issue: The rules for dropping an optional benefit varies depending on whether the Protected Benefit Account has been funded. Dropping a benefit prior to funding the Protected Benefit Account is called a “pre-funding drop” and dropping a benefit after funding the Protected Benefit Account is called a “post-funding drop”. Pre-funding drop: Prior to funding the Protected Benefit Account, the owner can drop the GMIB

and (with the exception of the “Greater of” GMDB) retain the elected GMDB. The owner may also choose to drop the GMIB and switch the elected GMDB or drop both the GMIB and GMDB. The GMDB cannot be dropped without first dropping the GMIB. Note that if both the GMIB and GMDB are dropped, the GMDB will default to the Return of Principal GMDB. The Return of Principal GMDB cannot be dropped if the Protected Benefit Account has not been funded. Please see the prospectus for more details on the effect of a pre-funding drop on the optional benefits.

Post-funding drop: If the Protected Benefit Account is funded at issue, the GMIB/GMDB can be dropped if there are no CWC pending on the contract. This includes any CWCs applicable to subsequent contributions. Clients have the option to drop both the GMIB and GMDB or drop the GMIB and retain the GMDB (with the exception of the “Greater of” GMDB). If the GMDB is retained the client has the option to drop it at a later date.


New York Variations GMIB Benefit Base Cap

There is a 350% cap on the Roll-Up Benefit Base at ages 20 to 49 based on a percentage of total contributions The cap is determined by the age of the owner at the time of first funding of the Protected Benefit Account. If the Protected Benefit Account is funded at age 50 or later, there is no cap If the Protected Benefit Account is funded at ages 20 to 49, the cap percentage is set to 350% of the Roll up Benefit Base and does not change for the life of the contract unless there is a reset at age 50 or later. If there is a reset prior to age 50, the Roll-up Benefit Base amount will be capped at 350% times the Protected Benefit Account Value at time of reset, plus 350% times all contributions and transfers made to the Protected Benefit Account after the reset. Neither a reset nor withdrawals will lower the cap amount.

Guaranteed Minimum Death Benefit

Greater of Roll-up or Highest Anniversary Value to age 85 is not available RMD Wealth Guard GMDB is not available Highest Anniversary Value to age 85 GMDB is available. Annual charge = 0.35% Return of Premium Death Benefit is available. No additional charge.


Contact Information

For further information or questions, please contact:

AXA Distributor’s Sales Desk: 1-888-517-9900 OR

Visit our website at: www.axa-equitable.com


Important Information Retirement Cornerstone variable annuity two distinct accounts within a tax-deferred single product; one account, the Investment Account, offers an extensive selection of over 100 investment options from well-known investment managers and the other account, the Protected Benefit Account, offers a reduced selection of investment portfolios which fund the Guaranteed Minimum Income Benefit (GMIB). The GMIB, which is optional and available for an additional fee, ensures that you will be able to generate lifetime income no matter how your investment portfolios perform, and no matter how long you live, as long as you stay within certain withdrawal guidelines. As needs change over the years, you can simply transfer assets from the Investment Account to the Protected Benefit Account . Transfers from the Protected Benefit Account to the Investment Account are not allowed. Retirement Cornerstone offers a variety of different death benefit options, some of which are subject to an additional cost. A variable annuity is a long-term financial product designed for retirement purposes. In essence, an annuity is a contractual agreement in which payment(s) are made to an insurance company, which agrees to pay out an income or a lump sum at a later date. Typically, variable annuities have mortality and expense charges, account fees, investment management fees, administrative fees, and charges for special contract features. In addition, annuity contracts have exclusions and limitations. Variable annuities are subject to market risk including loss of principal. Distributions taken prior to annuitization are generally considered to come from the gain in the contract first. If the contract is tax-qualified, generally all withdrawals are treated as distribution of gain. Withdrawal of gain are taxed as ordinary income and, if taken prior to 59.5, may be subject to an additional 10% federal tax. Retirement Cornerstone issued by AXA Equitable Life Insurance Company, New York, NY co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC. (members FINRA, SIPC) AXA Equitable, AXA Advisors and AXA Distributors are affiliated companies and do not provide tax or legal advice. All guarantees are based on the claims-paying ability of AXA Equitable. The guarantees do not apply to the investment portfolios of the variable annuity. AXA Equitable may discontinue contributions and transfers among investment options or make other changes in contribution and transfer requirements and limitations. If we discontinue contributions and transfers into the Protected Benefit Account, you will no longer be able to create a benefit base or actively increase the benefit(s). Amounts invested in the Protected Benefit Account variable investment options can be transferred only among the Protected Benefit Account variable investment options. Transfers out of the Protected Benefit Account variable investment options into the Investment Account variable investment options or Guaranteed Interest Option are not permitted. Your clients should carefully consider the investment objectives, charges and expenses of Retirement Cornerstone as stipulated in the prospectus before investing. For a prospectus containing this and other information, please call the AXA Distributors Sales Desk at 888-517-9900. Please encourage your clients to read it carefully before investing or sending money.

Retirement Cornerstone 15 Variable Annuity Series...

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