AIG SunAmerica Retirement Markets has introduced MarketLock Income Plus - an optional withdrawal benefit in select AIG SunAmerica variable annuities that provide investors with the upside potential of the equity markets and lifetime income that's guaranteed to increase for up to 15 years - even in years when withdrawals are taken or the market declines.

MarketLock Income Plus was designed for investors who need income right away or in the near future, but also want their income to continue to grow and last for the rest of their lives.

MarketLock Income Plus is a guaranteed minimum withdrawal benefit that automatically locks in an investor’s market gains or an annual income credit of up to 7%, whichever is greater.

Other features of MarketLock Income Plus include a minimum floor for retirement income that is equal to 200% of their eligible first-year investments for investors who do not take any withdrawals during the first 10 contract years; annual income credit available for up to 15 years; market gains that are locked in for rising income until at least age 85, for clients who elect to extend the feature at five-year intervals; and guarantees backed by the claims-paying ability of AIG SunAmerica Life Assurance Company.

MarketLock Income Plus’ investment selection includes a choice of model allocations, balanced portfolios or a cash management portfolio. To realize the benefits of the MarketLock Income Plus option, clients must take withdrawals within the parameters of the feature. Depending on the performance of their investment, clients may never need to rely on the protection provided by this optional insurance feature available for an additional fee.

Rob Scheinerman, senior vice president of product management for AIG SunAmerica Retirement Markets, said: People are discovering they need flexibility in their withdrawal strategies, and that they cannot rely on a fixed income to maintain their lifestyles well into retirement. MarketLock Income Plus gives today’s retirees access to the upside potential of the market, protection from market downturns and guaranteed annual increases for their retirement income – even while they’re taking withdrawals.