Genworth life insurance and annuities president Lou Hensley said: "With defined pension plans becoming increasingly rare, SecureLiving Growth+ with IncomeChoice rider is a great fit for consumers who are seeking solutions to fund their own retirement.
"SecureLiving Growth+ with IncomeChoice rider can help consumers save for retirement and gives them the added benefit of protection from market losses, growth potential greater than existing interest rates, and guaranteed lifetime income that can keep growing."
Go deeper with GlobalData
SecureLiving Growth+ with IncomeChoice provides the potential for contract owners to double their income for up to five consecutive years when they are confined to a medical care facility.
According to the company, the new product is the only fixed index annuity on the market that cater access to caregiver support advocates who can help answer care-related questions, access care and help identify potential care facilities.
In addition, the new fixed index annuity offers greater growth potential through 50% credit enhancements before incomes begins and while the rider is in effect and four index crediting strategies based on the S&P 500 Index.
It also caters bailout renewal protection that enables the contract owner to make full or partial withdrawals from their contract without surrender charge or market value adjustment.
Its IncomeChoice rider gives a guaranteed lifetime withdrawal benefit, which offers a choice, at retirement, of increasing or level income options for a 1.10% annual charge.
