Jackson National Life Insurance Company has unveiled 3 guaranteed minimum withdrawal benefits and a guaranteed minimum accumulation benefit for purchasers of its Perspective family variable annuities.
One of the new GMWB options, the AutoGuard 6 option, offers a "guaranteed annual withdrawal amount" of 6%. The existing version of the option has offered a withdrawal guarantee of 5%, according to Jackson National, Lansing, Mich., a unit of Prudential P.L.C., London.
The other two new GMWB options, the LifeGuard Ascent and LifeGuard Ascent with Joint Option, will replace the current LifeGuard Protector and LifeGuard Protector Plus options, Jackson National says.
The new GMWB options continue to offer annual increases in the amount used to calculate minimum withdrawal benefits, and they also offer pricing structures that may offer higher guaranteed minimums for older purchasers, or for purchasers who cross from one age category into another, Jackson National says.
The other addition, the guaranteed minimum accumulation benefit, provides contract holders with a return-of-premium guarantee at the end of the guarantee period, Jackson National says.
Jackson National is responsible for backing the product guarantees.
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