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.