The company said that this new index annuity will offer upside growth potential with the guaranteed protection of a traditional fixed annuity.
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With AG Lifetime Income Plus, the Income Base will be guaranteed to double to 200% of premiums paid, as long as no withdrawals are taken before the 10th contract anniversary.
According to American General, the rider will also guarantee that retirement income will rise by 7% each year that withdrawals are not taken in the first 10 contract years.
Commenting on the launch, AIG Financial Distributors executive vice president and chief distribution officer for life and A&H, John Deremo, said: "AG Choice Index 10 can provide the individuals with an attractive solution to grow a portion of their assets over the long term, while protecting their principal in a down market.
"Plus, thanks to our new optional guaranteed living benefit rider, AG Lifetime Income Plus, individuals have the opportunity to double their retirement income potential after just 10 years if they wait to take withdrawals.
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By GlobalData"Combining guaranteed income growth with lifetime withdrawals of up to 6% can help individuals secure more income for their future. We are confident that our new index annuity and guaranteed living benefit rider can be an important part of an individual’s retirement savings," Deremo added.
AIG Life and Retirement chief product officer, Rob Scheinerman, said: "AIG Life and Retirement is keenly focused on our mission to be the premier provider of income solutions needed for financial and retirement security."
