AXA Equitable Life Insurance Company says it has changed the structure of the benefits guarantees sold with the Accumulator variable annuity contract.
AXA Equitable, New York, a unit of AXA.S.A., Paris, says owners of the Accumulator VA products now can shift from having a guaranteed minimum income benefit to having a guaranteed withdrawal benefit for life at age 85.
Customers who buy the GMIB feature can chose to stop paying for the GMIB rider while keeping the Accumulator contract and the contract death benefit; exercise the GMIB from any time between 10 years after election until age 85; or convert their GMIB option to a GWBL option.