AXA Equitable Life Insurance Company has launched Athena Indexed Universal Life (Athena IUL), a new permanent life insurance policy with enhanced cash-value accumulation potential and downside protection.
According to AXA Equitable, Athena IUL offers interest crediting linked to the movement of three major market indices (up to a cap) with a built-in guaranteed floor to help protect against index declines.
Athena IUL policyholders can allocate net premiums to any combination of four indexed options where cash value can improve based on movement of major equity indices.
The policyholders will have access to indexed options driven by three different equity indices, enabling participation in a range of market opportunities including US large-cap stocks, US small-cap stocks and foreign stocks.
In addition, policyholders can also allocate premium to a guaranteed interest account, which credits a rate of interest guaranteed to never be less than 2%.
The Athena IUL indexed options deliver growth potential based on index movements, without exposing policyholders to possible downside risk associated with equity markets. This is accomplished through a beneficial way the index options interest credits are calculated in policy, claims the company.
Christopher Condron, chairman and CEO of AXA Equitable, said: “In light of recent market volatility, historic low interest rates, and concerns about the potential for rising taxes, Athena IUL represents a new permanent life insurance product that addresses multiple needs, including beneficiary protection, cash value accumulation and down market risk management.”