Massachusetts Mutual Life Insurance Company says it has improved the guaranteed minimum income benefit riders sold along with its MassMutual Transitions Select and MassMutual Evolution variable annuity contracts.
MassMutual, Springfield, Mass., says it has increased 3 age limits associated with the MassMutual Guaranteed Income Plus 5 and MassMutual Guaranteed Income Plus 6 GMIB options.
The rider maximum issue and reset ages have increased 5 years, to age 80, MassMutual says.
The maximum exercise age also has increased 5 years, to 90, the company says.
Once a holder reaches age 90, if the GMIB has not been exercised, the “contract value will equal no less than 60% of the GMIB value, guaranteed, contingent upon the claims-paying ability of MassMutual,” MassMutual says.
MassMutual also has reduced the contingent deferred sales charge schedule for the MassMutual Evolution contract to 4 years, from 5 years, and it has expanded the menu of investment options available with the underlying annuities.
MassMutual is responsible for backing the product guarantees.