The Penn Mutual Life Insurance Co. unveiled its new Smart Foundation Variable Annuities and optional benefits.
The Smart Foundation product suite gives consumers three variable annuity options, which can be customized with additional benefits that allow for competitive withdrawal rates, flexible account access and death benefit protection.
The Smart Foundation offering includes:
- The Smart Foundation Variable Annuity, a traditional variable annuity;
- The Smart Foundation Flex Variable Annuity is designed for consumers nearing retirement who may need their income in the near future;
- The Smart Foundation Plus Variable Annuity aims to kick-start retirement savings and provide greater accumulation potential over a longer period by providing a purchase payment enhancement on all deposits made into the contract.
The optional benefits that may be paired with these annuities enable customization to best fit the consumer’s income needs, risk tolerance and death benefit/protection needs. They include:
- The Guaranteed Growth and Income Benefit offers guaranteed growth of 8 percent of net deposits applied to the withdrawal benefit base during the deferral phase of the contract and guaranteed annual lifetime income when withdrawals begin ranging from 4 percent to 6 percent of the withdrawal benefit base, which is available as early as age 55;
- The Guaranteed Minimum Accumulation Benefit guarantees the return of purchase payments made during the first year of the benefit period after 10 years;
- The Enhanced Death Benefit provides added death benefit protection where heirs will receive the greater of the Standard Death Benefit or the highest anniversary account value.