A Nationwide Mutual office (Photo: Shutterstock)

Annexus — an indexed annuity designer — has helped Nationwide develop a new lifetime withdrawal feature for a family of Nationwide indexed annuities.

(Related: Envestnet Aims to Open Its Insurance Exchange in June)

The new feature is the Nationwide High Point 365 Lifetime Income Benefit rider with Purchase Payment Bonus.

Consumers can combine the feature with the Nationwide’s Nationwide New Heights indexed annuities.

The new feature is available only with the Nationwide New Heights contracts.

The rider “guarantees that the amount used to calculate future income will be at least 110% of the purchase payment plus 7% compound annual growth for up to 10 years,” Nationwide says in the product launch announcement.

Another feature “automatically locks in every daily high point of the accumulation strategy, providing an opportunity for continued income growth after 10 years,” Nationwide says.

Don Dady, co-founder of Annexus, says in a statement that the new feature creates a rider that can offer the same accumulation strategies that the base product offers without limiting the client’s accumulation potential.

— Read Nationwide and Penn Mutual Launch Permanent Life Products, on ThinkAdvisor.

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