AIG SunAmerica Retirement Markets Inc. said it has added a variable annuity income option.
The rider, called MarketLock, lets investors in the company's Polaris and Seasons annuities create a stream of retirement income for at least 10 years, the Los Angeles unit of American International Group Inc. said Thursday. Income rises with market gains but never declines, it said.
MarketLock also allows up to a 5% immediate withdrawal from the investment. Investors who wait to begin withdrawals can increase annual income to as much as 10% of the initial investment plus investments made during the contract's first two years.
Investors who choose the rider will be charged an additional annual fee of 0.65% of the withdrawal benefit.
