The Standard recently added new features to its flagship Fixed Index Annuity product, the Enhanced Choice Index Plus.
The additions are built-in guarantees, crediting strategies and the introduction of the S&P 500 Dynamic Intraday TCA Index. The ECI Plus is a single-premium, deferred index annuity designed for clients seeking growth and protection.
“We’re incredibly excited to expand The Standard’s already strong portfolio of annuity product options,” said Alan Assner, assistant vice president and head of Individual Annuities at The Standard. “With new crediting strategies and additional guarantees, clients can further customize their annuity to meet their financial needs.”
The ECI Plus now offers 10 allocation options with guaranteed rates for five to 10 years, depending on the selected strategy. This includes fixed interest crediting, now enhanced with a multiyear rate guarantee, according to The Standard. Additionally, the newly added Locked Cap Rate and Locked Trigger Rate strategies allow clients to secure an annual locked rate on the S&P 500 that will not change for five or seven years.
The newly introduced Trigger Rate and Trigger Rate Plus strategies aims to help clients achieve growth, even when an index underperforms. With the Trigger Rate strategy, clients may benefit from any flat or positive movement in the index, while the Trigger Rate Plus strategy offers built-in growth in the case an index performance declines.
The S&P 500 Dynamic Intraday TCA Index is set to adapt quickly to changing rate environments and is rebalanced up to 13 times a day. Clients can access this newly added index using a Cap Rate, Participation Rate, Trigger Rate or Trigger Rate Plus strategy — all of which offer guaranteed rates throughout the withdrawal charge period.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.