Transamerica has worked with Annexus — an indexed annuity designer — to develop a new indexed annuity contract, the Transamerica Secure Retirement Index II Annuity contract.
The contract offers purchasers access to the NYSE Expanded Opportunities Index.
The NYSE Expanded Opportunities Index comes from ICE Data Indices. Like the New York Stock Exchange, ICE Data is a division of the Intercontinental Exchange.
The new contract may also give users access to the S&P 500 index, the MSCI EAFE index and other investment index options, according to a contract form filed with insurance regulators in the District of Columbia.
Transamerica has also updated the optional Transamerica Income Plus lifetime income benefit.
If a consumer pays for that benefit, the consumer will get guaranteed lifetime income that grows at a 10% simple annual rate during the first 10 policy years, in each policy year without a withdrawal, according to Transamerica.
The cost of the benefit is 1% of the contract’s withdrawal base.
Transamerica is writing the contracts through its Transamerica Life Insurance Company unit, which is based in Cedar Rapids, Iowa, and distributing the contracts through Annexus.
Transamerica itself is a unit of Aegon N.V. of The Hague, in the Netherlands.
— Read Transamerica Launches Fee-Based Variable Annuity: Top Portfolio Products, on ThinkAdvisor.