The New York Life Income Plus Variable Annuity is a long-term investment that provides consumers the opportunity for tax-deferred savings, a variety of investment options to pursue market growth, access to their savings and future protection for beneficiaries through a death benefit.

First, a consumer purchases a deferred income stream that starts from two to 40 years in the future. Between the purchase date and the income date, consumers can invest in a selection of mutual funds and benefit from potential equity growth. If the value of their investment account grows to exceed what is needed to fund their future income stream, participants can take the surplus as additional income or use it as they wish. The guaranteed future income payments cannot decrease from poor equity investment performance.

Income Plus also includes a free Income Benefit Rider, enabling clients to use their money in the annuity to purchase guaranteed lifetime income streams that begin when they want them to, but does not provide the minimum level of guarantee at purchase.

The optional Guaranteed Future Income Benefit Rider provides a minimum level of guaranteed lifetime income payments, which can be increased if markets perform well. The rider is available for an annual cost and can only be purchased with a single premium amount at the time of application.

More information is available here .