AXA launches drawdown protection product

Before now, a policyholder would have to take out an income guarantee on their drawdown plan in order to also obtain a protected death benefit. AXA Life Invest now allows anyone in their SecureAdvantage+ Pension Plan to take out this straightforward option and provide for their family if they die before age 75.

If the value of the planholder’s income drawdown at the time of their death is worth less than the amount they originally invested, Protect75 pays out a lump sum, minus any withdrawals they have taken.

Priced at 0.15% of the plan value per year, Protect75 is a direct response to the pension reforms which allows people to pass on their pension tax-free if they die before 75. No underwriting or medical evidence is required for this option.
 
Axa research found that people want to pass their pension on to their loved ones: 81% of DC savers approaching retirement say their pension is for ‘me and my family,’ while almost half (43%) disagree with the statement ‘my pension is for me alone.’
 
People who add Protect75 to their Secure Advantage+ Pension Plan will be assured that their family will be well-looked after in the event of their early death and enjoy the peace of mind of knowing that their loved ones will benefit from a valuable tax-free lump sum.