The Guardian Life Insurance Company of America has added a new guaranteed lifetime withdrawal benefit rider to its variable annuities designed for individuals who want to invest more for retirement and supplement their retirement income.

The new rider will be available with variable annuities issued by The Guardian Insurance & Annuity Company, a wholly owned subsidiary of The Guardian Life Insurance Company of America.

The optional rider, which is available with The Guardian Investor Asset Builder and The Guardian Investor Income Access Variable Annuities, offers the potential for quarterly step-ups, a 7% annual minimum guarantee, a 200% cumulative guarantee and a 300% cumulative guarantee. The rider also includes age-banding, which guarantees annual withdrawal percentages based on an individual’s age when withdrawals begin.

Withdrawals of taxable amounts will be subject to ordinary income tax and possible mandatory federal income tax withholding and, if taken prior to age 591/2, a 10% internal revenue service penalty may also apply. Withdrawals affect the variable annuity’s death benefit, cash surrender value and any optional living benefits and may be subject to surrender charges. Withdrawals have the effect of reducing the variable annuity’s death benefit, cash surrender value and any optional living benefits, including Guardian Target Now, Guardian Target 200 and Guardian Target 300.

Margaret Skinner, executive vice president of individual products distribution at Guardian, said: People are living longer and need the security that they won’t outlive their finances. Having supplemental long-term retirement payments enables individuals to plan for the future. This new rider was added to assist people in planning for the long term so they don’t have to worry as much about adequate savings once they are retired.