Voya Financial has introduced a new flexible premium deferred index-linked variable annuity, in a bid to provide customers with investment growth associated to the performance of up to four major market indexes.


Part of the retail retirement solutions suite, the new Voya PotentialPLUS will be issued by the Voya Insurance and Annuity Company and distributed by Directed Services, members of the Voya Financial family of companies.

Voya Financial retirement solutions annuities and tax-exempt markets president Carolyn Johnson said: "As Americans face a greater responsibility to plan and save for retirement, many are looking for investment strategies that provide the right balance between risk and return.

"Voya PotentialPLUS is a flexible solution that meets a number of these objectives — helping customers to grow and protect their assets so they can become more secure in retirement."

The new annuity product will permit individuals to allocate their premium payment over a stated period of time across a maximum of four indexed segments, including the S&P 500, NASDAQ 100, Russell 2000 and MSCI EAFE.

It will provide customers protection against a drop in index performance up to a certain level through a built-in downside buffer.

The value associated with the indexed segment is credited by an amount up to the cap rate, if an index goes up during the stated time period, while the indexed segment does not lose any value if the drop is 10% or less, and the value will be reduced, if the drop is greater than 10%.

The product will also allow investors to gather their assets on a tax-deferred basis and allocate their investments or gains across the different equity index segments or to a variable sub account.

Formerly a subsidiary of ING Groep, Voya Financial provides services to around 13 million individual and institutional customers in the US.

Image: Voya Financial has introduced a new flexible premium deferred index-linked variable annuity. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.