Jackson National Life Insurance Company has introduced 2 guaranteed minimum withdrawal benefit options for its Perspective variable annuity products.[@@]
The AutoGuard feature gives purchasers the ability to take out up to 5% of a designated value each year, regardless of market performance, according to Jackson National, Lansing, Mich. Automatic annual increases in the guaranteed value are available for the first 12 years.
The MarketGuard feature guarantees purchasers the ability to take annual withdrawals of up to 5%, but without providing increases in the amount of benefits guaranteed.
Jackson National also will allow customers who have owned other Jackson National guaranteed minimum withdrawal benefits features for at least 5 years to convert to options that will allow them to take out 4% or 5% of the designated value for life, without annuitizing the contract.
Jackson National is a unit of Prudential P.L.C., London.