Two new indexed annuity products are each offering a choice of three guaranteed minimum withdrawal benefit riders and five indexed account options.
Called Phoenix Index Select and Phoenix Index Select Bonus, both policies are modified guaranteed, single-premium fixed indexed annuities. They are issued by insurance units of The Phoenix Companies Inc. Harford. (NYSE:PNX) The bonus contract provides an upfront 5% premium bonus
All three GMWB riders are available as options in each contract. Advisors can use them to tailor the annuity to the client’s specific income requirement, says Phoenix. The target market is the consumer who wants to buy additional income protection, the company adds.
The Income 25 rider provides an upfront bonus to the benefit base equal to 25% of accumulation value at issue. The Income Plus rider provides a guaranteed minimum 8% compound increase to the benefit base for the first 10 years. The Income Max rider provides high withdrawal percentages, maximizing the guaranteed lifetime income amount available.
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Marketed as the Phoenix Index Select product series, both annuities offer five point-to-point indexed account options: 1-year S&P 500, 1-year DJIA (Dow Jones Industrial Average), 1-year DJ (Dow Jones), EURO STOXX 50, 1-year Balanced Allocation (which includes three indices), and 5-year S&P 500. A fixed account is also available.