An insurer says it has come up with a different approach to structuring annuity holders’ retirement benefits.

Directed Services L.L.C., West Chester, Pa., a unit of ING Groep N.V., Amsterdam, has started selling the ING LifePay Plus “minimum annual deferral enhancement” rider with variable annuities written by its sister companies, ING USA Annuity, Life Insurance Company and ReliaStar Life Insurance Company of New York.

The MADE rider provides a “guaranteed 7% annual minimum increase to the withdrawal base during the first 10 years of the annuity contract,” ING says.

The rider also comes with an “income for life” option, ING says.

ING USA Annuity and ReliaStar Life are responsible for backing the product guarantees.