An annuity manufacturer is replacing three guaranteed minimum withdrawal benefit options with two new GMWB options.

Jackson National Life Insurance Company, Lansing, Mich., has started selling the LifeGuard Freedom and LifeGuard Freed with Join Option GMWB options in place of the older LifeGuard Advantage, LifeGuard Ascent and LifeGuard Ascent with Joint Option guarantees.

The new options are available with Jackson National’s Perspective and Retirement Latitudes variable annuity contracts.

Option purchasers who follow the product rules can collect a guaranteed lifetime withdrawal stream of up to 7% and receive a 7% benefit increase each year during the first 10 years of the contract, Jackson National says.

Purchasers also can lock in market gains through automatic annual step-ups, the company says.

Consumers who buy the option must be between the ages of 45 and 80.

Jackson National also has introduced the SafeGuard Max GMWB option. That option permits contract holders to withdraw up to 10% of the guaranteed withdrawal balance each year, the company says.

Jackson National is responsible for backing the product guarantees.