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VALIC Adds Single-Pay Annuities

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AIG VALIC is aiming at the retirement market with 2 new single-payment annuities and a new bundle of support services.[@@]

VALIC, Houston, is introducing the Secure Pension contract, a single-premium, immediate fixed annuity that provides a monthly, lifetime income stream.

VALIC also is introducing the Personal Pension contract, a single-premium, immediate annuity that allows buyers to choose a fixed or variable payout or a combination of both. The payout is based partly on the performance of underlying investments.

Personal Pension includes an optional inflation protection rider for the fixed plan and provisions for withdrawals and transfers for the variable plan.

VALIC, a unit of AIG, New York, also introduced IncomeEdge, a program that combines the new annuities with retirement planning tools and advice.

Educational materials offered through IncomeEdge include a “Retirement Income Solutions for Life” seminar examining retirement strategy. Investors also can get assistance from a VALIC financial advisor and use planning tools, such as Monte Carlo simulations, to analyze the likelihood of success for a specific financial plan.