Massachusetts Mutual Life Insurance Company has reopened the Panorama Passage variable annuity contract for new business.
The Panorama contract comes with no contingent deferred sales charge, according to MassMutual, Springfield, Mass.
The contract offers a choice of 40 investment options and an automatic portfolio rebalancing feature. Separate account annual expenses are set to fall after 10 years.
The annuity is aimed at investors preparing for retirement who want to have easy access to cash, MassMutual says.
MassMutual also is reducing total separate account charges for the MassMutual Transitions Select and MassMutual Evolution deferred variable annuity contracts by 0.1 percentage points.
The total separate account charge, which includes a mortality and expenses along with an administrative charge, will fall to 1.15% for the Transitions Select contract and to 1.55% for the Evolution contract, MassMutual says.
MassMutual will increase fees for the optional guaranteed minimum accumulation benefit feature to 0.45%, from 0.35%, for new Transitions Select contracts, and to 0.50%, from 0.40%, for new Evolution contracts.
“The GMAB sets a minimum floor on future account value and reduces exposure to market volatility,” MassMutual says.
Both the Transitions Select and Evolution contracts are suitable for investors who are saving for retirement, but the Evolution contract is designed for investors who are closer to retirement and may need to collect income sooner, MassMutual says.
MassMutual and a subsidiary that writes Panorama Passage contracts in New York are responsible for backing the product guarantees.