NEW YORK, Oct. 10, 2011 /PRNewswire/ -- AXA Equitable Life Insurance Company announced today an update to its flagship, variable annuity, Accumulator®, first introduced in 1995. The product series now offers an enhanced, competitive 5 1/2 percent deferral bonus roll-up rate, which delivers compounded growth on Accumulator's income producing rider's benefit base to age 85. Once withdrawals of lifetime income begin, the benefit base continues to compound at 5 percent, which the client can either take immediately or leave in the contract to further increase the lifetime income going forward.
One of Accumulator's most compelling features is the optional Guaranteed Minimum Income Benefit (GMIB). The optional GMIB rider, pioneered in the industry by AXA Equitable and available for an additional fee, provides a "floor" of future, predictable lifetime income, regardless of investment performance.
"The 'new normal' environment of unsettling market volatility and prolonged low interest rates has Americans seeking investment growth opportunities with solid guarantees for building predictable retirement income," said Nick Lane, president of the Retirement Savings division of AXA Equitable. "AXA Equitable's Accumulator variable annuity has remained resilient since we first introduced it, delivering a guaranteed retirement income stream, regardless of market conditions."
In addition to protecting retirement income, Accumulator can also play an important role in helping to preserve assets for legacy planning. Today's updated Accumulator features a choice of three different death benefit options that focus on preserving a legacy in up or down markets, locking in investment gains or preserving principal. Two of these choices offer, for an additional fee, the opportunity to grow the benefit base to age 85."Over 16 years, Accumulator has helped nearly one million contractholders save for and protect their retirement income," said Steve Mabry, senior vice president, Individual Annuity Product Development. "Today, our enhanced Accumulator is among a full suite of variable annuities designed to address a wide range of client needs and risk mitigation strategies, under various economic conditions." AXA Equitable's suite of complementary individual variable annuities also includes: