A unit of American International Group Inc. is extending its line of Elite Global universal life products.
AIG American General, Houston, has introduced AIG Elite Global Plus and AIG Elite Global Survivor. Compared to AIG Elite Global index universal life, an earlier version of Elite, the new policies offer increased allocation options, greater case design flexibility, monthly index options, a no-lapse guarantee of 30 years or to age 90, and look-back illustrated rates, the company says.
Each version provides death benefit protection along with the opportunity to accumulate cash value through index interest crediting, partly based on the performance of 3 external financial indices. Index interest is credited automatically and the two best-performing indices are overweighted, the company says.
Allocation options include a 5-year or 1-year index account or a declared-interest account, with a guarantee the policy’s cash surrender value will never be less than premium accumulated at 3% interest, AIG American General says.