New twists on living benefits.
Axa Equitable Life Insurance Co. has added a new variable annuity to its Accumulator Series by adding a guaranteed withdrawal benefit for life to the product line's traditional guaranteed minimum income benefit, The withdrawal benefit begins at 4% to 7% of the benefit base, and the base grows in the 10-year period before withdrawals at no less than 5% a year. The income-benefit base grows at no less than 6% annually up to age 85. The two benefits may not be combined.
Earlier this summer, MetLife Inc. introduced a lifetime withdrawal guarantee rider for most of the new variable annuities it sells. Withdrawals at age 59 or later can be up to 5% of the benefit base.
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|Title Annotation:||introduced a lifetime withdrawal guarantee rider|
|Article Type:||Brief article|
|Date:||Nov 1, 2006|
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