LifetimePay Rider

LifetimePay is an optional living benefit rider that can be added to your client's Aviva MultiChoice Indexed Annuity for an annual charge. This benefit guarantees two additional ways to take income from your client's annuity in the form of withdrawals. Your client can elect Income Withdrawals which pay for a selected period of time or Lifetime Income Withdrawals which are guaranteed for their lifetime.

“guaranteed lifetime income without annuitization ”

It provides fexibility and choices that put your client in control of determining when and how much retirement income they receive.

LifetimePay Highlights :

• Guarantees retirement income that your client cannot outlive, no annuitization required.
• Guarantees a lifetime income based on your client's attained age when they elect the LifetimePay benefit regardless of their annuity accumulated value.
• Guarantees prior to any withdrawals under the LifetimePay benefit, a retirement income level that increases at least 6% or 7.2% per year for the first 10 years.
• Guarantees your client can start or stop their income at any time.
• Guarantees no withdrawal charges on LifetimePay withdrawals. Subject to maximum withdrawal limits.

Two Versions:

Lifetime Pay [PDF]

• Rider account value increases at 6% annually for 10 years
• 105% account multiplier at issue

LifetimePay Plus [PDF]

• Rider account value increases at 7.2% annually for 10 years
  

Resources:

LifetimePay Rider Presentation - learn more about this unique benefit in a 5 min. presentation.

Retirement Income Calculator - use this interactive feature to calculate the guaranteed lifetime retirement income.

 

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