AIG SunAmerica Retirement Markets Inc. introduced a lifetime income rider Monday for some of its variable annuities.
The MarketLock rider is available on the company's Polaris and Seasons products, according to the unit of American International Group Inc. It offers a guaranteed minimum withdrawal benefit that can never decline due to market volatility. Investors can be guaranteed not to outlive their income if they wait until their 65th birthday or later to begin withdrawing up to 5% of their benefit.
AIG SunAmerica Retirement Markets is a Los Angeles subsidiary of AIG Retirement Services Inc. that specializes in marketing and distributing retirement savings products issued by AIG SunAmerica Life Assurance Co. and First SunAmerica Life Insurance Co.
