Axa Equitable Life Insurance Co. introduced a variable annuity Monday with an optional guaranteed withdrawal benefit for life.
The rider was added to the New York-based insurer’s Accumulator variable annuity series. It lets Axa customers select either a guaranteed withdrawal benefit for life or a guaranteed minimum income benefit when buying a variable annuity.
According to Axa, most variable annuities offer only one or the other.
The Accumulator guaranteed withdrawal benefit for life permits withdrawals to begin at a guaranteed rate of 4%, 5%, 6%, or 7% of the benefit base, depending on the age of the annuity owner when withdrawals begin.
Axa Equitable Life is the principal life insurance subsidiary of Axa Financial Inc., the U.S. arm of the Paris-based Axa Group. Axa Financial had $643.4 billion of assets under management at Dec. 31.
