HORSHAM, PA — The Penn Mutual Life Insurance Company recently introduced the Guaranteed Minimum Accumulation Benefit Rider II (GMAB II) as an optional benefit to its Smart Foundation Variable Annuity products. This new rider offers downside protection in a variable product and guarantees at shorter durations.
GMAB II protects against potential market loss by guaranteeing the minimum value of the annuity contract. It also provides flexibility in investment options with 29 diverse variable funds with no allocation restrictions. Contract owners can lock in market gains through an offering of multiple accumulation benefit periods. They can also reset or switch periods annually.
“The GMAB II Rider is one of the most client-friendly, flexible guaranteed minimum accumulation riders in the marketplace,” said Heather Yonosh, vice president, product development and pricing. “The optional rider meets client needs through flexible options that can protect up to 100% of their initial premium payment and allow them to lock in growth at various durations.”
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