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May 13, 2005 at 08:00 PM
John Hancock has added a guaranteed minimum withdrawal benefit rider for its Venture family of variable annuities.[@@]
The new, optional Principal Plus For Life rider lets purchasers withdraw up to 5% of their initial payment each year for 20 years, regardless of market performance.
For annuity holders who are at least 65, the rider can guarantee payments for the life of the owner, according to Hancock, Boston.
The new rider also provides a bonus that adds 5% per year in any of the first 10 contract years during which no withdrawals are taken, up to age 80. The bonus feature can guarantee up to 150% of clients’ original payments, Hancock says.
