ING USA Annuity and Life Insurance Company has refined and improved its annuity living benefit rider ING LifePay Plus, with more flexible withdrawal options.

According to ING USA Annuity and Life Insurance, the ING LifePay Plus withdrawal benefit features a guaranteed 7% annual minimum increase to the living benefit withdrawal base during the first 10 years of the annuity contract, a guarantee that combines with other features like automatic quarterly ratchets during the growth phase and automatic quarterly resets during the withdrawal phase.

Valerie Brown, president of ING retail annuity, said that the new ING LifePay Plus withdrawal options represent the next step in the evolution of lifetime income solutions for retired Americans.

Mr Brown added: The continuing popularity of ING LifePay Plus withdrawal benefit rider reflects what savers and their financial professionals view as the right balance of guaranteed growth, control over how the money is invested, and guaranteed future income benefits – all combined with backing of a diverse global insurance and financial services company.