Massachusetts Mutual Life Insurance has announced enhancements to certain deferred variable annuities in its retirement income product portfolio. The MassMutual Lifetime Payment Plus guaranteed minimum withdrawal benefit and MML Asset Allocation fund series are both new enhancements now available where approved, subject to state availability.

Massachusetts Mutual Life has claimed that the proposed enhancements will offer added flexibility and guarantees against market volatility for those facing retirement. MassMutual Lifetime Payment Plus is designed to guarantee minimum withdrawals for life and can be used by those who need lifetime income immediately or in a few years. It provides a guaranteed minimum payment, which can help remove the unknown from planning processes, along with an opportunity for increased income subject to underlying investment performance.

MassMutual has also introduced five MML Asset Allocation fund-of-funds investment choices within several deferred variable annuities. The asset allocation funds are diversified with varying risk profiles to meet an investor’s risk tolerance and time horizon. The MML Asset Allocation Funds use a dynamic approach to asset allocation and manager selection, which may also include introducing new money managers and additional asset classes in alignment with certain market environments and opportunities.

Richard LaVoice, national sales manager for retirement income portfolio at Massachusetts Mutual Life, said: With consumers facing retirements of 30 years or longer and increasingly volatile financial markets, these new long-term guarantees are only as strong as the company that issues them.