Jackson National Life Insurance Company is making a new benefit guarantee option available with an existing guaranteed minimum withdrawal benefit.
Jackson National, Lansing, Mich., a unit of Prudential P.L.C., London, says the new LifeGuard Freedom DB GMWB feature will be available to clients who choose to get the LifeGuard Freedom GMWB option.
Jackson National sells the original option and the new option with the company’s Perspective variable annuities and the Retirement Latitudes variable annuity.
The LifeGuard Freedom DB option gives purchasers the ability to guarantee a lifetime withdrawal stream of up to 7%, with a 7% benefit increase each year for at least the first 10 years of the contract, when no withdrawals are taken in that year, the company says.
Jackson National also has extended the bonus period for the LifeGuard Freedom optional living benefits, providing the potential for a bonus period of greater than 10 years.
The LifeGuard Freedom now offers a 200% guaranteed withdrawal benefit adjustment for premiums received prior to the first contract anniversary, the company says.
Jackson National also has updated VA death benefit options, and it has removed the 300% cap on its FutureGuard 6 guaranteed minimum income benefit base, the company says.
Jackson National is responsible for backing the product guarantees.