An annuity issuer has changed a contract feature.

New York Life Insurance and Annuity Corp., a unit of New York Life Insurance Company, New York, says the Lifetime Income Annuity’s Annual Increase Option now allows policy owners to elect to have the income benefit on their income annuity increase in 1 percentage point increments between 1% and 5% per year.

The Annual Increase Option feature had previously offered only 3% or 5% annual adjustments, NYLIAC says.