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The product series, first introduced in 1995, now includes a living benefit that can seamlessly transition from a Guaranteed Minimum Income Benefit (GMIB) to a Guaranteed Withdrawal Benefit for Life (GWBL), said AXA.
The company added that for the first time in the industry, variable annuity contractholders have the ability, at age 85, to convert a GMIB to a GWBL. The patent-pending enhancement offers clients a method for staying invested in equity-based investment options, while at the same time accessing a predictable stream of retirement income, added AXA.
AXA Equitable's Accumulator responds to the general increase in longevity and the decrease in traditional pensions by reportedly offering clients a way to both secure a guaranteed minimum retirement income stream and keep their options open to pursue continued growth potential in equity-based subaccount investment options.
Christopher Condron, chairman and CEO of AXA Equitable, said: "The current environment of extreme market volatility makes it clear that Americans are in need of reliable guarantees from strong guarantors. Our commitment to act responsibly in all facets of our business is reflected in the prudent design of our products, providing us with adequate resources to meet client promises now and well into the future."
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