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New Annuity Offers Withdrawal Guarantee Option

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The Phoenix Companies Inc. has introduced a flexible-premium deferred variable annuity with a variety of riders, including an optional guaranteed minimum withdrawal benefit.[@@]

The product, the Phoenix Dimensions annuity, also offers a surrender charge option that charges extra fees for only 5 years rather than for the life of the product, Phoenix says.

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Other riders available include a guaranteed minimum accumulation benefit and a guaranteed minimum income benefit.

The death benefit options are a return-of-premium option, an annual step-up option and an earnings enhancement option, Phoenix says.