Close Close
ThinkAdvisor

Life Health > Annuities

ING Adds Riders To VA

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

ING USA Annuity and Life Insurance Company has tweaked the withdrawal options of one of its variable annuities.

ING USA, West Chester, Pa., a unit of ING Groep N.V., Amsterdam, says it added options to the living-benefit riders of the ING LifePay Plus VA contract.

The ING LifePay Plus withdrawal benefit offers a 7% annual minimum increase to the living benefit withdrawal base during the first 10 years of the annuity contract.

Using the new version, annuity owners can take a withdrawal during the first 10 years without ending the 7% compounding step-up, ING USA says.

In the past, the 7% compound increase would end once the owner began taking withdrawals before the end of the 10 years.

Another new ING LifePay Plus option offers maximum annual withdrawals of 6% at age 70. In the past, the maximum withdrawal was 6% at age 76.