ING said that its US operations, which merged its annuity and rollover businesses to form ING Financial Solutions last year, has added a low-cost variable annuity, ING Select Opportunities Variable Annuity, to its new product suite that are issued by ING Life insurance and Annuity Company.

The company said that the new product offers many of the benefits and features of variable annuities packaged together at an efficient price. The contract has one death benefit and a minimum guaranteed withdrawal benefit, both of which come standard with the product.

According to company, with the new product, contract holders can get income for life that may never run out and may increase as they get older. Passive investment options utilizing index-tracking portfolios rather than actively managed portfolios also help keep management costs lower for investors.

Lynne Ford, CEO of ING Financial Solutions, said: “As the Boomer generation approaches retirement, there is no one-size-fits-all approach to planning a secure retirement income. How they get there and what it looks like will be quite different for each individual.

“With our new suite of annuity and non-annuity retirement products, we will offer financial professionals and their clients a broader range of retirement solutions to meet their varied needs.”