Guardian Insurance and Annuity Co. Inc., a subsidiary of Guardian Life Insurance Co. of America in New York, said Thursday that it has added an optional guaranteed minimum withdrawal benefit rider.
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The rider allows an investor, if certain conditions are met, to recover potentially the entire premium paid in the form of partial withdrawals over time regardless of investment performance. The rider lets clients withdraw up to 5% of the guaranteed withdrawal balance, as determined on the first contract anniversary, each subsequent contract year until the balance is depleted.
