The Hartford is introducing three personal protection options as a part of its Personal Retirement Manager variable annuity suite.
The new options, unveiled today, provide a range of solutions to meet customers' retirement accumulation, income and legacy needs.
The products are part of a series of investments The Hartford is making in its annuity business in recent months to better serve clients and support growth.
In 2011, the Hartford launched a new annuity-focused advertising campaign.
"We are excited to offer consumers and distributors an expanded suite of variable annuity offerings with very competitive benefits at attractive prices," said David N. Levenson, president of Wealth Management at The Hartford. "Across Wealth Management, we want to help customers in their pursuit of security in retirement. Growing our annuity business is an important component of that strategy."
The three new personal protection options being added to its Personal Retirement Manager variable annuity suite are:
Future6: A lifetime guaranteed minimum withdrawal benefit that provides income protection and a 6 percent deferral bonus with market participation through the new Personal Protection Portfolios, which are designed to reduce the volatility of a consumer's investment portfolio.
Future5: A lifetime guaranteed minimum withdrawal benefit that provides income protection and a 5 percent deferral bonus with market participation through diversified investment portfolios; and
Safety Plus: A 10-year guaranteed minimum accumulation benefit that provides principal protection with market participation through the new Personal Protection Portfolios and a bonus to future payout rates if it is transferred to the annuity's Personal Pension Account at the end of 10 years.
Future6 and Safety Plus include Personal Protection Portfolios. These required asset allocation models provide access to investment managers while helping reduce the volatility of a consumer's investment portfolio in various market environments. The product also offers legacy protection through two optional death benefit options.
"Even as the investment markets continue to rebound, our clients remain worried about meeting their basic retirement needs," said Rob Arena, executive vice president of The Hartford's Global Annuity business. "Investment risk, longevity risk and the fear of running out of money are top-of-mind and The Hartford has enhanced its offering to help address these concerns."