Massachusetts Mutual Life Insurance Co. has introduced a fixed deferred annuity that offers a higher rate than its predecessor and flexible income features for conservative investors.
MassMutual Odyssey Plus is targeted to investors who are focused on earning a competitive rate of return but want to convert their assets into a lifetime income stream, the Springfield company said Thursday.
The product includes an enhanced rate in the first year, a choice of surrender charge periods, and more flexible annuitization features than its predecessor, MassMutual Odyssey. Free access to earned interest, as well as the choice of partial or full annuitization as early as the 13th month from contract issue, are two features that give investors flexibility in creating their own retirement paycheck, MassMutual said.
The new annuity will be offered through agents, financial advisers, and banks, and MassMutual expects it to have equal appeal in all channels, a spokesman said.
MassMutual Odyssey Plus joins MassMutual Odyssey in MassMutual's fixed annuity lineup. Both products offer annuitization features, a guarantee of principal, and a two-year rate guarantee.
