Structured Capital Strategies Plus 21 Select review

Yes, with a clear caveat. This is a strong accumulation RILA for buyers who do not need regular access to their principal and who want more than a basic buffer-and-cap design. The no-surrender structure is genuinely useful — it means an advisor can move a client out of the strategy without exit penalties if circumstances change. The caveat is that the segment mechanics impose their own liquidity constraint: once allocated, money stays until segment maturity. Anyone who might need to access principal before a segment matures should understand that clearly upfront.

The main reason is structured market participation without a surrender schedule. RILAs with surrender penalties are common; RILAs without them are less so. A buyer who wants RILA-style upside and downside management, but whose advisor needs the ability to reposition without exit costs, has a real reason to look here. The secondary reason is the segment menu depth. Most RILAs offer two or three crediting structures. This one offers seven, including some that credit positively on flat markets (Dual Direction, Step Up) and some that limit downside more aggressively in exchange for lower caps (Loss Limiter).

I think this product is best for someone in or near retirement with a meaningful accumulation block — at least $100,000 is worth considering as a practical threshold even though the minimum is $25,000 — who wants equity-linked growth potential with a defined floor, and whose primary account type is an IRA or brokerage account. It is a natural fit for RIA or fee-based advisory relationships where the advisor prefers no-surrender products. It is a poor fit for someone who might need to access principal between now and the end of any segment, or for someone whose primary goal is guaranteed lifetime income.

You are not buying direct exposure to the S&P 500, Russell 2000, NASDAQ 100, MSCI EAFE, MSCI Emerging Markets, or Euro STOXX 50. You are buying a structured insurance contract that uses those indices as measurement tools. In each segment, the insurer credits performance up to a cap while absorbing losses up to a buffer. If the index falls more than the buffer, you absorb the rest — that is the residual risk. If it rises above the cap, you do not participate in the excess. What you are buying is a defined-outcome shape: bounded downside, bounded upside, no annual fees eating into either.

The product uses segments — fixed periods during which your allocation tracks an index subject to specified rules. Seven segment types are available. The Standard segment is the familiar buffer-and-cap design: the insurer absorbs the first 10%, 15%, 20%, or 30% of index loss, and you keep gains up to a cap. Dual Direction credits positive performance when the index falls within the buffer and also credits positive performance on the upside. Step Up and Dual Step Up credit a fixed rate if the index finishes at or above a trigger level. Annual Lock locks in gains annually within the segment rather than measuring only at maturity. Enhanced Upside applies a higher cap in exchange for a more limited buffer. Loss Limiter caps both the upside and the downside more tightly, reducing the total range of outcomes.

Durations run one year or six years. The 6-year segments exist to offer higher caps — the spec cites a range of 6% to 550% across all strategies and durations, with the high end applying to longer durations on certain indices. Those headline figures reflect the structural range; actual rates depend on market conditions at the time of segment start. The full rate sheet as of April 17, 2026 was not separately reviewed, but the spec reflects medium confidence on the cap figures — take the specific percentages as directional, not contractually fixed.

The no-surrender structure is the secondary feature worth dwelling on. Most RILAs come with 3-, 5-, or 7-year surrender schedules that penalize early exits. Here, there are none. That matters in two ways. First, it gives the advisor flexibility to move client assets if the strategy no longer fits — without triggering surrender charges. Second, it removes the psychological pressure of feeling "locked in" on a multi-year contract. The product still has segment-level illiquidity (money committed to a segment stays there until maturity), but that is a feature of how segments work — not a penalty imposed by the carrier.

There is no surrender schedule on this product. No surrender charges, no market value adjustment. This is a C-share RILA designed for advisor channels where no-surrender is a meaningful structural requirement.

The liquidity tradeoff lives inside the segments themselves. During a segment period, withdrawals are not available. Segments run for one year or six years, depending on the type selected. If a buyer chooses a 6-year segment, that capital is effectively locked for six years — not because of a surrender penalty, but because that is when the segment matures and crystallizes the outcome.

For RMDs, the product handles these thoughtfully. RMD withdrawals in excess of the free withdrawal amount are not subject to withdrawal charges. An automatic RMD withdrawal service is available. Systematic withdrawals (monthly, quarterly, or annual) are also allowed. Segment transfers prior to maturity are permitted without waiting until the contract anniversary. This last feature is meaningful — it provides a mechanism to exit a segment early if needed, though the treatment of partially elapsed segments on transfer should be reviewed in the contract documents.

The base contract carries no explicit annual fee. The caps and participation rates are the implicit cost — the insurer builds its economics into the spread between actual index performance and the capped or buffered outcome you receive.

The one optional fee to know is the Return of Premium Death Benefit rider at 0.20% annually. This rider, available for issue ages 0–75, guarantees that the death benefit is at least the sum of premiums paid, adjusted proportionally for withdrawals. Without the rider, the death benefit is the account value as of the date paperwork is received in good order — no minimum floor. Whether 0.20% per year is worth the guarantee depends on account size, age, and how much the account value could decline in a stressed scenario. For younger accumulation buyers with long horizons, it may be unnecessary. For buyers in their 70s using short-duration segments, it could make more sense.

There is also a variable investment option available (EQ/Money Market underlying) with a 0.68% fee on that sleeve. Most buyers in a structured segment product will not use this option, but it exists and carries a cost.

Legal Entity: Equitable Financial Life Insurance Company of America

Parent: Equitable Holdings Inc.

A.M. Best Rating: A

Equitable Financial Life Insurance Company of America is the issuing entity for this contract. Equitable is a well-established carrier with a long history in the structured annuity space — the SCS product line has been sold in various forms since 2010. An A rating from A.M. Best reflects strong financial strength for an insurer of this scale.