NU Online News Service, Sept. 9, 2003, 3:45 p.m. EDT – Scudder Investments, Chicago, is now selling the Scudder Advocate Rewards bonus variable annuity in New York state.
The product is a flexible premium deferred variable annuity contract issued by The Travelers Insurance Company, a unit of Citigroup Inc., New York.
Investors who buy the annuity can receive a purchase credit of 4.50% on their payments before age 81. The annuity also offers an optional guaranteed minimum withdrawal benefit, the Guaranteed Income Solution benefit, for an extra cost of 0.40%.
The flexible guaranteed minimum withdrawal benefit helps to protect the contract holder’s principal, Scudder says.
The claims-paying ability of Travelers Insurance backs the annuity guarantees.
Scudder Investments is a unit of Deutsche Bank A.G., Frankfurt.