Sun Life Assurance Group of Canada, a member of Sun Life Financial, has added a principal protection rider to its variable annuity lineup.
Called Secured Returns, the rider allows investors to choose either a guaranteed minimum accumulation benefit (GMAB) or a guaranteed minimum withdrawal benefit (GMWB). The GMAB guarantees that after a 10-year period, the clients account value will be no less than the original investment. The GMWB allows an investor to withdraw up to 7% of the original investment each year. Sun Life is applying this rider to its MFS Regatta, MFS Regatta Masters, Futurity and All-Star variable annuities.