The ING Renuity product offers a guaranteed interest rate for a three- or five-year period with the ability to lock in higher rates if offered in the future. After purchasing ING Renuity, if higher interest rates are offered for new issues of the product, customers can make a one-time election to lock in a higher rate without penalty through its “re up” feature, the announcement said. While surrender charges apply for the first five contract years, ING Renuity offers a return of premium provision prior to electing to re up which ensures clients will, at a minimum, get back the money they placed in the contract, the company said
The product is designed for individuals rolling over retirement plan funds, but is also available as a non-qualified contract. For non-qualified assets, the product allows individuals to defer paying income taxes on the money they earn within the annuity until it is withdrawn.
ING Renuity has a $50,000 minimum initial deposit, with additional deposits of $10,000 or more allowed during the first year of the contract. Individuals can access their money through systematic withdrawal options or through a free withdrawal of 10% of the account value each contract year.
ING Renuity is distributed by ING Financial Advisors Inc.