ING Americas announced that it has introduced ING Life Pay Plus, a variable annuity with a guaranteed 7% annual minimum increase in the withdrawal base during the first 10 years of the annuity contract.
The annuity also includes features such as automatic quarterly increases during the growth phase and automatic quarterly decreases during the withdrawal phase, ING USA Annuity and Life Insurance Co. said on Monday. The latter is the New York unit of the Atlanta-based ING Americas that introduced the annuity on Monday.
ING Group NV, the parent of ING Americas, is an Amsterdam-based global financial company.
In the United States the ING family of companies offers an array of financial services to retail and institutional clients, including life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. Variable annuities are long-term insurance contracts designed for retirement investing.
