Penn Mutual Life Insurance Company has enhanced its Growth and Income Advantage Benefit (GIAB), a living benefit rider offered on variable annuity products.
The company said that the enhancements offer clients the opportunity for increased accumulation potential and to manage risk while providing security for retirement savings under dynamic economic conditions.
According to Penn Mutual, the enhancements to GIAB, which provides guaranteed income growth along with the choice of two withdrawal options, include increases in the guaranteed accumulation rate for the withdrawal benefit base from 4% to 6% and the guaranteed withdrawal percentage for the lifetime income option from 4% to 5%.
In addition to GIAB, the company offers the purchasing power protector rider that adjusts with changes in the US consumer price index, for which the withdrawal percentage will now vary based on the insured’s age at first withdrawal.
Ray Caucci, vice president of product management at Penn Mutual Life Insurance, said: “As a mutual company dedicated to providing for the evolving needs of our policyholders, we’re extremely sensitive to how market fluctuations affect their financial needs now and later in life.
“These new adjustments to our living benefit rider for annuity products provide clients with improved accumulation potential and secure withdrawal rates to assure our products keep pace with our clients’ needs through every life stage.”