NU Online News Service, June 23, 2004, 5:21 p.m. EDT
Inviva Inc., New York, has introduced 2 variable annuities with relatively short surrender periods.[@@]
The company is writing the annuities, the Advantage Reward annuity and the Advantage Reward 2Plus2 annuity, through a recently acquired subsidiary, Jefferson National Life Insurance Company, Louisville, Ky.
The Advantage Reward annuity offers a 3-year surrender-charge period.
The 2Plus2 annuity combines a 4-year surrender-charge period with a bonus that is available on the seventh-year and eighth-year anniversaries of each purchase payment. Each contract bonus is 2% of the accumulated purchase payment amount, Inviva says.
Both contracts offer a choice of more than 100 investment funds, and both offer features such as dollar cost averaging, death benefits and optional guaranteed income benefits.