The Penn Mutual Life Insurance Company announced enhancements to its lineup of variable life and annuity products.

In addition to a new variable universal life policy, Diversified Growth, the company has added riders for its variable annuity products designed to help increase or protect retirement income.

The new products can provide growth opportunities through a wide selection of investments, says Penn Mutual, Horsham, Pa.

Its Diversified Growth VUL provides life insurance with no-lapse guarantees. The product offers an indexed fixed account with guaranteed downside protection, Penn Mutual says. Other new options include a cash value enhancement rider, enhanced coverage and an extended no-lapse guarantee.

Added to its VA line-up are new riders for its Pennant Select, PennFreedom and Enhanced Credit annuities, including a Growth & Income Advantage benefit, which guarantees to double retirement income over 10 years with a 7.2% compound annual growth rate. Another rider, Purchasing Power Protector, offers to protect income from inflation, the company says.