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Hartford Jumps Into Lifetime Withdrawal Fray

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Hartford Financial Services Group Inc. is leaping into the competition to give consumers more options for generating lifetime retirement income streams.[@@]

Hartford, Hartford, is introducing the Lifetime Income Builder rider, a rider that can guarantee purchasers of variable annuities the right to withdraw a minimum amount of benefits from the annuities during the remaining years of their lives.

Hartford is promising purchasers of the rider that they can receive guaranteed return of principal; a guaranteed lifetime retirement income stream; and annual opportunities to review and possibility to increase the income payments.

The Phoenix Companies Inc., Hartford, and a U.S. unit of ING Groep N.V., Amsterdam, announced guaranteed minimum withdrawal benefit features earlier this month.