NU Online News Service, Nov. 18, 2003, 2:10 p.m. EST – Travelers Life & Annuity, a unit of Citigroup Inc., New York, has introduced a new version of its Travelers Variable Life Accumulator product, a variable universal life insurance policy that combines investing, insurance and professional money management.

Travelers says it has restructured the mortality and expense risk and administrative charges on its Travelers Variable Life Accumulator product, resulting in higher cash values for policyholders and increasing its distribution potential up to 8%, compared to the original product.

Recent improvement in the equity markets and growing investor confidence convinced Travelers that this was a good time to introduce the improved product, says Gene Lunman, vice president, life products, Travelers Life & Annuity.

The policy offers customers increased access to its cash value through policy loans at net zero cost after 16 years; free withdrawal privileges up to 10% of the account value each year without a surrender charge beginning in year two; and premium and death benefit flexibility.

If also offers optional lapse-protection guarantee riders for 10 years, 20 years or lifetime, Travelers adds.

The product offers 44 investment options from 19 fund families.