What You Need to Know
- Athene will AccuMax guarantee fixed and indexed crediting rates during a withdrawal charge period.
- AIG is making a new protected lifetime income benefit available solely through IMOs.
- Transamerica's new optional rider can plug into a variable annuity.
Athene USA has introduced the Athene AccuMax non-variable indexed annuity contract.
Like other indexed annuities, the AccuMax contract can connect a holder’s crediting rate, or rate at which interest is credited to the annuity contract value, to the performance of an investment index.
The AccuMax contract offers holders access to crediting rate choices linked to two new investment indexes: the AI Powered Multi-Asset Index, from EquBot Inc., and the Shiller Barclays CAPE Allocator 6 Index, from RSBB-I LLC.
The crediting rate choice linked to the EquBot index comes with an annual servicing cost equal to 0.75% of the contract value.
A purchaser of the new annuity can choose between a crediting rate term that will last for just one year or for a term that will last for multiple years.
“All fixed and indexed strategy crediting rates are guaranteed for the duration of the withdrawal charge period,” according to Athene USA.
Athene USA is a West Des Moines, Iowa-based subsidiary of Athene Holding Ltd., and it’s also the parent of Athene Annuity and Life Company. Athene USA is issuing the new AccuMax annuity through Athene Annuity and Life
In other annuity product news:
AIG Life & Retirement, a division of American International Group Inc., has introduced the Lifetime Income Choice benefit for The Power Series of Index Annuities.
An annuity owner can use the benefit to create guaranteed lifetime income, and to choose between maximizing income early in retirement or having income hold steady throughout retirement, according to AIG.
AIG is offering the new benefit only through independent marketing organizations, or IMOs.
The underlying annuities are issued by AIG’s American General Life Insurance Company unit.