AIG SunAmerica Retirement Markets has announced several new enhancements to its variable annuity platform. The company is adding a 7% annual retirement income bonus option to its MarketLock For Life Plus guaranteed minimum withdrawal benefit, a retirement planning feature available in its select variable annuities.

The new option offers a lifetime retirement income guarantee that is based on a growth rate of 7% a year or the actual growth rate of their portfolio, whichever is higher, during each of the first 10 years in which they do not take a withdrawal.

And, if clients don’t take any withdrawals during the first 10 years of their contract, the option also ensures a minimum ‘floor’ for their retirement income that’s double their eligible first-year investments.

Investors also have the flexibility to choose from three asset allocation models depending on their investment profile. This allows them to benefit from a rising market, while protecting them from a declining market.

The guarantees associated with MarketLock For Life Plus are backed by the claims-paying ability of AIG SunAmerica Life Assurance Company.

AIG SunAmerica has also announced the introduction of two C-share, or ‘no withdrawal charge’ products that offer a guaranteed minimum withdrawal benefit. The new products offer investors freedom and flexibility for their retirement investment.

The company has added two portfolios from Franklin Templeton Investments to the investment options available in its Polaris variable annuity product line.

Rob Scheinerman, senior vice president of product management for AIG SunAmerica Retirement Markets, said: Our new MarketLock For Life Plus 7% option can help our clients retire stronger, with a more secure and predictable retirement income stream.