ING Group NV has introduced a living benefit rider that guarantees lifetime retirement income with investment flexibility.
ING LifePay, which was introduced Monday, is available only with ING GoldenSelect variable annuity contracts.
The benefit guarantees annual withdrawals of up to 7% of premiums paid, for as long as the annuity's owner lives, even if the account's value declines.
Once every quarter, annuity owners can lock in withdrawal increases, which are based on the account's value. Once an investor begins taking income through withdrawals, the guaranteed income amount can be reset by the annuity owner on an annual basis.
Annuity owners can choose investment options from the full range of subaccounts available within ING GoldenSelect, as long as 20% is invested in the designated fixed-allocation fund.
