HORSHAM, Pa., Nov. 17, 2021 /PRNewswire/ -- The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 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."
About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.
©2021 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
All guarantees are based on the claims-paying ability of the issuer.
Guarantees do not relate to the performance of the variable investment options. A variable annuity is a long-term financial retirement vehicle, subject to market fluctuations. It may lose value, including the potential loss of principal, and is subject to certain fees and expenses not normally associated with other investment vehicles. Withdrawals are subject to contract provisions and will reduce the contract value and the accumulation benefit base, the amount used to calculate withdrawal or income payments and death benefit amounts. Withdrawals may be subject to income taxes and surrender charges; and, when taken before age 59 ½, may be subject to an additional 10 percent penalty tax.
Clients should consult their trusted financial professionals before taking income or other withdrawals. If the annuity contract is held in a qualified account or plan, such as an IRA, the tax deferral feature provides no additional benefits beyond that provided by the qualified account or plan.
Product and/or features may not be available in all states. Policy form number: ICC11-VA-C. Rider form number: Guaranteed Minimum Accumulation Benefit ICC21-GMAB. Form numbers may vary by product and state. Optional riders carry additional cost and may not be available in certain combinations.
Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/ SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company.
Investors should carefully consider funds' objectives, risks, charges and fees before investing. This information, as well as other information, is contained in the product and underlying funds' prospectuses, which should be read carefully before investing.
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SOURCE The Penn Mutual Life Insurance Company