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.

Customers also can continue their contracts without exercising the GMIB riders, or take a lump-sum payment and terminate the contract.

If a contract owner chooses not to exercise the GMIB, the benefit base grows at a 6% annual rate to age 85, assuming no withdrawals, AXA Equitable says.

AXA Equitable is responsible for backing the product guarantees.