ING SmartDesign Multi-Rate Index Annuity Named Product Innovation of the Year By the Advantage Group
PRNewswire-FirstCall
ATLANTA
Nov 11, 2002
ING's U.S. financial services operations announced today that its ING SmartDesign Multi-Rate Index Annuity, which was launched in April 2002, has been recognized by The Advantage Group as the Index Annuity Product Innovation of the year. The Advantage Group is the leading provider of research and consulting services to insurance companies and financial service firms in all aspects of index annuities.
When it was launched in April 2002, the ING SmartDesign Multi-Rate Index Annuity was one of the first indexed annuities available exclusively for registered representatives. The ING SmartDesign Multi-Rate Index Annuity product has generated more than $1 billion in sales through October 2002.
"I give all the credit for the success of this product to ING's people -- this product launch was a tremendous team effort," said Jim McInnis, president, Wholesale Distribution, ING's U.S. financial services operations. "The ING SmartDesign Multi-Rate Index Annuity reflects the innovative spirit that exists throughout ING. We had exceptional talent from Product Development, Marketing, and Wholesale Distribution, collaborate for this outstanding product introduction. And, it's particularly satisfying when investors respond favorably, which has definitely been the case with ING's product."
The ING SmartDesign Multi-Rate Index Annuity is a single premium, modified guarantee deferred annuity that has three allocation strategies for investors with varying degrees of risk tolerance. The ING SmartDesign Multi-Rate Index Annuity offers three asset allocation accounts. Investors can select the Interest Account, the Term Indexed Account, or the Annual Indexed Account. Each account offers a 5-, 7- or 10-year term.
* The Interest Account provides a guaranteed, fixed interest rate for the
length of the investors selected term.
* The Term Indexed Account links investors' earnings to the S&P 500
Index. The growth of the S&P 500 is measured over the investor's
selected term and the calculated earnings are credited to the annuity
at the completion of the term.
* The Annual Indexed Account is also linked to the performance of the S&P
500 Index. The growth of the S&P 500 is measured annually and the
calculated earnings are credited to the annuity annually throughout the
duration of the investor's selected term.
"When we launched the product, investors were clamoring for more conservative ways to participate in an attractive, yet uncertain, stock market," said Bill Lowe, senior vice president, Wholesale Distribution, ING's U.S. financial services operations. "Market uncertainty, combined with declining interest rates, created an environment that was very open for the introduction of the ING SmartDesign Multi-Rate product, particularly through the registered representative distribution channels. Registered Representatives were looking for an attractive story to share with their clients during a challenging period."
Investors can allocate a percentage of their total assets in more than one account; however, each account must have the same term. Plus, ING SmartDesign Multi-Rate Index Annuity investors gain the other protection features associated with traditional annuities, such as tax-deferred growth, death benefits, lifetime income features and more.
"ING's product fills a void for representatives that weren't selling index annuities," said Jack Marrion, president, The Advantage Group. "ING SmartDesign Multi-Rate Index Annuity sales come from a broad and diverse spectrum, including banks, wirehouses, planning boutiques and regional firms. ING has successfully opened the door to markets that had either ignored or dismissed index annuities in the past, and ING has made it easier for the entire index annuity industry to move up to the next level."
For more information about ING SmartDesign Multi-Rate Index Annuity, financial advisors should contact ING at 800-238-6254. The ING SmartDesign Multi-Rate Index Annuity is underwritten by Golden American Life Insurance Company and distributed by Directed Services, Inc., member NASD. It is sold by prospectus only, which can be obtained by calling 800-366-0066.
ING's U.S. financial services operations (www.ing-usa.com ) offer a comprehensive array of products and services, including retirement programs, fixed and variable annuities; life insurance; employee benefits; and mutual funds, through a variety of distribution channels. ING U.S. Financial Services is part of Amsterdam-based ING Groep N.V. (NYSE: ING), one of the largest integrated financial services organizations in the world.
SOURCE: ING Americas
CONTACT: Dana E. Ripley of ING Americas, +1-770-980-3317, or cellular,
+1-404-668-8244
Web site: http://www.ing-usa.com/