InsPro Technologies LLC, a provider of an insurance policy administration system, has added fixed and indexed annuity product support to its platform. InsPro supports group and individual life, health, annuities and hybrid products on a single, web-based system. It enables business users to add multiple product variations without custom modification.
InsPro says annuity product support includes systematic withdrawal programs for required minimum distributions and systematic subsequent payments that can be tied to maximum statutory IRA limits; support for guaranteed lifetime withdrawal benefits and other organized withdrawal plans; and additional benefits and riders with or without charges.
Also included is support for non-qualified, qualified and IRA annuity products; support for beneficiary annuities; penalty-free withdrawal rules, surrender charges and market value adjustments; and a flexible multi-tiered rate structure, immediate bonus, loyalty bonus and non-forfeiture value calculations, InsPro adds.
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