ING offers high-growth-rate VA

ING USA Annuity and Life Insurance Company is introducing a variable annuity today that ensures the withdrawal base will grow at least 7% annually during the first 10 years of the annuity contract. The steep 7% annual increase during the deferral phase of the contract is one of the highest in the industry, executives from The Des Moines, Iowa-based believe. And they suspect that this is the “next generation” of products aimed at baby boomers. “We’re really excited about this. We think this is really good for consumers and advisers,” said Mike Buchholz, ING retail annuities senior vice president and national sales manager for the independent broker channel. The product, named ING LifePay Plus, is a variable annuity which offers the 7% increase to the withdrawal base and also combines automatic quarterly ratchets during the growth phase, according to the company.