LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company^® (Jackson^®) today announced the launch of LifePay, the company’s first lifetime income benefit option within the Jackson AscenderPlus Select fixed index annuity (FIA). The new feature, available for an additional charge, offers contract-holders the flexibility to start or stop income payments as needed, as well as the opportunity to manage longevity risk and increase growth potential. Jackson AscenderPlus Select with LifePay will replace the current Jackson AscenderPlus Select contract.

“LifePay allows clients to receive guaranteed income for life from a product that already helps them address two major concerns — low interest rates that may create retirement savings challenges and longevity risk as people continue to live longer, healthier lives,” said Marilynn Scherer, vice president of fixed and FIA product management for Jackson National Life Distributors LLC. “The low-cost structure and flexibility of this benefit will allow financial professionals to offer a product that generates a dependable income stream their clients won’t outlive.”

The LifePay features include:

• Guaranteed Annual Income Payments – Lifetime income payments can begin at age 45 and range between 3 and 7.5 percent annually, based on the contract owner’s age at first withdrawal.¹
• Flexibility – Clients have the flexibility to add or cancel LifePay as needed.²
• Annual Roll Up – An annual 5 percent roll up (in years with no withdrawals during the roll up period) can help grow the lifetime income benefit base (LIBB), the balance from which future income is taken.³
• Annual Step-Ups – Clients can capture investment gains with annual step-ups for the life of the contract.
• Single or Joint Option – Clients can provide guaranteed lifetime income for themselves with the single option, or for themselves and their spouse with the joint option, for an additional charge.

In addition to the new benefit option, Jackson has introduced a new proprietary index, the Strategic4 Index (Strategic4). Strategic4 is exclusive to the Jackson AscenderPlus Select FIA and provides contract-holders the opportunity to further diversify their income through a U.S.-focused market index composed of 120 companies within the S&P 500^® Index. The index is designed for broad diversification across each of its four pre-determined and weighted selection criteria. Already available within Jackson AscenderPlus Select are the S&P 500 Index and the Multi-Strategy Index, which is also proprietary to Jackson. Contract-holders can allocate their premiums in full to any index, or they may elect to divide payments in whole percentages among all three indexes.

“The Strategic4 Index provides clients with an additional opportunity to choose how they’d like to grow their income, and it can help them add greater overall diversification,” said Scherer. “These two enhancements to our top-selling fixed index annuity reinforce our commitment to providing products that deliver long-term value to the customer.”

Financial professionals who would like to learn more about LifePay and the Strategic4 Index can contact Jackson at 800/711-JNLD (5653) or visit www.jackson.com.

About Jackson

Jackson is a leading provider of retirement solutions for industry professionals and their clients. The company offers a diverse range of products including variable, fixed and fixed index annuities designed for tax-efficient accumulation and distribution of retirement income for retail customers, and fixed income products for institutional investors. Jackson subsidiaries and affiliates provide specialized asset management and retail brokerage services. With $218.9 billion in assets*, Jackson prides itself on product innovation, sound corporate risk management practices and strategic technology initiatives. Focused on thought leadership and education, the company develops proprietary research, industry insights and financial representative training on retirement planning and alternative investment strategies. Jackson is also dedicated to corporate social responsibility and supports charities focused on helping children and seniors in the communities where its employees live and work. For more information, visit www.jackson.com.

Jackson is the marketing name for Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York^® (Home Office: Purchase, New York). Jackson National Life Distributors LLC.

*Jackson has $218.9 billion in total IFRS assets and $205.5 billion in IFRS policy liabilities set aside to pay primarily future policyowner benefits (as of 6/30/15). International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards for reporting financial information. IFRS is issued by the International Accounting Standards Board in an effort to increase global comparability of financial statements and results. IFRS is used by Jackson’s parent company.

Jackson National Life Insurance Company is an indirect subsidiary of Prudential plc, a company incorporated in England and Wales. Prudential plc and its affiliated companies constitute one of the world’s leading financial services groups. It has been in existence for over 165 years and has $794.1 billion in assets under management (as of 6/30/15). Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

Annuities are long-term, tax deferred vehicles designed for retirement. Earnings are taxable as ordinary income when distributed and may be subject to a 10% additional tax if withdrawn before age 59½.

Jackson AscenderPlus Select Modified Single Premium Deferred Fixed Annuity With Index-Linked Interest (contract form numbers ICC15 FIA150, FIA150) is issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and distributed by Jackson National Life Distributors LLC. Not available in all states and state variations may apply. This product is a fixed annuity that does not participate in any stock or equity investments and has limitations and restrictions, including withdrawal charges. During the Indexed Option Period the annuity’s cash withdrawal value may be less than the initial premium. Additional premium is permitted in the first contract year. For costs and complete details, contact Jackson.

The design of this annuity contract emphasizes the protection of credited interest rather than the maximization of interest rate crediting. Jackson issues other annuities with similar features, benefits, limitations and charges. Contact Jackson for more information. Fixed annuities with index-linked interest may not be suitable for everyone.

¹ The lifetime income payment (LIP) percentage is determined at the earlier of: a) the time of the first withdrawal after the initiation date, b) the date the contract value reduces to zero, c) the date the lifetime income rider is continued by the spousal beneficiary, or d) upon election of the life income of the LIP income option. The LIP percentage is based on the owner’s (or older joint owner’s) attained age for the single option, younger covered life’s age for the joint option.
² LifePay can be elected at issue or on any indexed option anniversary, up to and including the end of the index option period. LifePay may be canceled at the end of the indexed option period. Once canceled, LifePay cannot be re-elected.
³ The annual roll up is applied in years with no withdrawals taken during the roll up period. The roll up period begins on the initiation date. The roll up period ends on the earlier of a) the 10th indexed option anniversary following the initiation date, b) the date on which the contract value falls to zero, or c) the indexed option anniversary immediately following the owner’s 80th birthday.