Where will your income come from when your paycheck stops? Voya Lifetime Income Annuity  is a single premium fixed annuity that helps you turn a portion of your savings into supplemental retirement income that you can’t outlive. Your benefit value has the potential to grow with guaranteed increases the longer you wait to start that income stream.1  

Key Features

  • Begin your Lifetime income payments when you decide
  • Built-in indexed minimum guaranteed withdrawal benefit
  • Guaranteed boosts to your benefit value if you defer income for at least five years
  • Potential for index-linked growth to your benefit value
  • Optional added death benefit protection
  • Issued by Voya Insurance and Annuity Company 

Suitable For

  • You’re nearing retirement and want to secure a future lifetime income stream
  • You’ve reduced your working hours and need to supplement your reduced income
  • You want flexibility to start your income stream when it works best for you  


Issue Ages

50–80 owner and annuitant(s)

Premium Minimum Single Premium, Qualified & Non-qualified:

$15,000; subject to change without notice

State Availability

Not available in all states

Fees & Charges

Surrender charges
Contract Year 1 2 3 4 5 6 7 8 9 10
Surrender Charge % 9 8 7 6 5 4 3 2 1 0
  • Surrender charges may vary by state
Optional Death Benefit:

The cost is a reduction in your income withdrawal percentage compared to if the optional death benefit were not elected. 

Additional Details

1All guarantees are based on the claims-paying ability of Voya Insurance and Annuity Company (VIAC).

2Available for an added cost.

This is a summary only. Read the contract for complete details.

The product and its features may not be available in all states and are subject to change. All increases related to the guarantees and any index-linked growth increase your benefit value, which is used to determine your income withdrawal amount and do not increase your account value.  This product is not designed for accumulation of assets.

All withdrawals reduce the death benefit and may reduce the value of any optional benefits. Early withdrawals and other distributions of taxable amounts may be subject to ordinary income tax, a surrender charge, and if taken prior to age 59½, an IRS 10% premature distribution penalty tax unless an exception applies. 

The contract does not directly participate in any stock or equity products. Annuity income is defined as a series of periodic payments, a part of which may be return of your premium or principal, which is guaranteed by the issuing insurance company for a specified period of time or for the life of the annuitant. 

Next Steps

Additional Resources

Contract Form Series: IU-IA-3119; IU-RA-3120; IU-RA-3121; IU-RA-3122; IU-RA-3123, may vary by state and may not be available in all states.

Contract is issued by Voya Insurance and Annuity Company (VIAC). Guarantees are based on the claims-paying ability of Voya Insurance and Annuity Company (VIAC).

Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.

IRAs and other qualified plans already provide tax deferral like that provided by an annuity. Additional features and benefits such as contract guarantees, death benefits and the ability to receive a lifetime income are contained within the annuity for a cost. Please be sure the features and costs of the annuity are right for you when considering the purchase of the annuity.