AXA Equitable Life Insurance Company has been an innovator in the variable annuity industry.
The company was a pioneer in the area of guaranteed living benefits with the launch of the first guaranteed minimum income benefit.
AXA has recently launched a new variable annuity product named "Retirement Cornerstone."
Retirement Cornerstone features a "dual account platform" that provides the potential for long-term asset accumulation and growth as well as downside protection through a guaranteed income benefit option.
The income benefit has a novel feature that is intended to protect account owners from the hazards of increasing interest rates.
The "roll-up" rate of the income benefit is declared annually at 1 percent above the average of the 10-year Treasury rate to a mximum of 8 percent (the minimum rate is 4 percent). This roll-up rate adjusts in light of rising interest rates and is applied to the guaranteed minimum income (or withdrawal amount).
Source: AXA Equitable
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