American General Life Insurance Company (AGL), a part of AIG Life and Retirement, has launched its new index annuity, Power Index Plus, which offers a combination of principal protection, growth potential and lifetime income for retirement.
Its new product provides clients with an optional guaranteed living benefit rider to help them double their retirement income potential in ten contract years, provided no withdrawals are taken.
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Specifically designed to be distributed by financial institutions and independent broker-dealers, Power Index Plus enables customers to increase their retirement income without the risk of market loss. Power Index Plus will be issued by AGL in 49 states.
The product offers three interest-crediting strategies – a one-year fixed interest account, an annual point-to-point index interest account as well as a monthly point-to-point additive index interest account.
The index interest accounts offers opportunity to earn interest based in part on the performance of the S&P 500 index without dividends.
AIG Financial Distributors Retirement Income Solutions executive vice president and chief distribution officer Mike Treske said American General is committed to developing innovative solutions that help meet the ever-evolving needs of today’s consumers.
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By GlobalData"By launching Power Index Plus in banks and independent broker-dealers, we’re reaching new clients and providing them with another valuable option to help grow and protect their retirement assets," Treske added.
The company is offering Lifetime Income Plus, an optional guaranteed living benefit rider available with the Power Index Plus annuity, for clients who need lifetime income.
