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June 13, 2010 at 08:00 PM
ING is introducing two new fixed index annuities that are registered as securities products with the U.S. Securities and Exchange Commission.
Called ING Select Multi-Index 5 and ING Select Multi-Index 7, both are registered FIAs that use a modified single-premium deferred annuity chassis. The issuing company is ING Life Insurance and Annuity Company, Windsor, Conn., a U.S. business unit of ING Groep N.V., Amsterdam (NYSE: ING).
In each policy, the policyowner can choose to link the contract’s annual interest crediting, in part, to any combination of the S&P 500 Index, S&P MidCap 400 Index, Russell 2000 Index and EURO STOXX 50 Index. Investors are not invested directly in the indexes, the company says.
The four indexed options have an interest rate floor of 0, according to a spokesman. That means “you can’t lose money” in any of these options, he says.
Both policies also offer a traditional fixed-rate interest crediting strategy, the spokesman says. The crediting strategy has a guaranteed minimum interest guarantee of 1%.
