NU Online News Service, Nov. 6, 2003, 12:28 p.m. EST – Transamerica Life Insurance Company, Cedar Rapids, Iowa, has introduced the Guaranteed Principal Solution Rider, a variable annuity rider that combines three different guarantee options.
The rider lets purchasers choose between a principal protection accumulation benefit, a 7% principal back withdrawal benefit, and a 5% For Life withdrawal benefit, Transamerica Life says.
Purchasers who are at least 60 years old can switch between the withdrawal guarantees at any time.
The annual fee for the rider is 0.75% of the total withdrawal base on the principal back withdrawal benefit.
Transamerica Life will issue the rider and back its guarantees. Transamerica Life will distribute the rider through a sister company, AFSG Securities Corp., and market it through another sister company, Transamerica Capital Inc.
Transamerica and its sister companies are units of AEGON N.V., The Hague, Netherlands.