Transamerica Life Insurance Co. has enhanced the guaranteed minimum withdrawal benefit schedule for its Retirement Income Choice 1.2 and Retirement Income Choice 1.4 annuity riders. Each rider now pays one percentage more a year.
New clients between the ages of 65 and 74 who begin taking withdrawals can now receive up to 5% of their withdrawal base annually for life, and those ages 75 and older can receive up to 6% of their withdrawal base. The two riders still offer compounding 5% withdrawal base growth based on the previous year’s highest value.
“We are committed to providing competitive products and innovative retirement income solutions while prudently managing our business,” said Dave Paulsen, executive vice president and national sales manager for annuities at Transamerica Capital. “After careful consideration, we have decided that now is the right time for a product improvement that offers individuals additional assistance in meeting their goal of achieving a comfortable retirement.”