A unit of Ohio National Mutual Holdings Inc. has introduced 3 variable annuity riders.
Ohio National Financial Services, Cincinnati, is selling the Guaranteed Minimum Income Benefit Plus With Annual Reset rider, the Guaranteed Minimum Income Benefit Plus With 5-Year Reset rider, and the Annual Reset Death Benefit Rider.
The GMIB Plus riders can guarantee access to lifetime income. Purchasers of the annual reset rider can increase the base amount used in income guarantee calculations each year, and purchasers of the 5-year reset rider can reset the amount every fifth rider anniversary.
Customers can use the death benefit rider to protect the value of assets that will be passed on to contract beneficiaries, Ohio National says.
The annual cost of the riders is 0.7% of the guaranteed income base for the GMIB Plus AR rider, 0.55% of the guaranteed income base for the GMIB Plus 5YR rider, and 0.6% of the annual reset death benefit amount for the death benefit rider.
Ohio National’s life insurance units are responsible for backing the product guarantees.