American International Group (AIG) has enhanced its index annuity products, issued by American General Life Insurance Company, to offer guaranteed rising income, principal protection and growth potential to customers.
The improved version of Lifetime Income Plus guaranteed living benefit rider in AIG’s suite of index annuities will provide guarantee rising income for the first ten contract years, as long as withdrawals do not exceed the annual limit.
The rider is automatically included in Power Index Plus Income, a new index annuity focused on retirement income, and is available as an optional rider with the AG Choice Index 10 and Power Index Plus annuities offered through brokerage general agencies.
AIG Life and Retirement Individual and Group Retirement executive vice president Rob Scheinerman said given concerns about market volatility, rising retirement costs and longer life expectancies, many individuals are looking for a retirement savings vehicle that can help them grow and protect their assets, while also ensuring their retirement income will rise and last for life.
"With the enhanced Lifetime Income Plus rider, individuals can have the confidence of knowing their retirement income can grow for up to 10 contract years, even in a down market and after withdrawals begin," Scheinerman added.
AIG also introduced two additional enhancements to its range of index annuities – the Monthly Average Index Interest Account; and a streamlined product lineup for the financial institution and broker/dealer markets consisting of Power Index Plus and Power Index Plus Income.
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