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VA Issuer Adds Annual Withdrawal Step-Up Option

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NU Online News Service, Oct. 18, 2004, 3:30 p.m. EDT

Lincoln National Life Insurance Company, Fort Wayne, Ind., is introducing a new type of guaranteed minimum withdrawal benefit.[@@]

The company’s Lincoln Smart Security Advantage option will give variable annuity holders help with locking in investment gains.

Lincoln National Life variable annuity holders already had a chance to buy an option that would let them increase the amount of withdrawals guaranteed every 5 years.

The new option lets annuity holders automatically increase the guaranteed amount every year, according to Lincoln National Life, a unit of Lincoln National Corp., Fort Wayne, Ind.

The feature “automatically steps-up the guaranteed amount on the anniversary date only if the account value is greater than the guaranteed amount,” the company says.