NEW YORK — Mony Life Insurance Company of America has increased the payout to holders of its corporate-sponsored variable universal life policy who cash out early.

The cash surrender value has been increased by 5% for the first year of the policy and 7% for the second and third years, the Mony Group Inc. subsidiary said last week.

The policy is designed to help companies fund nonqualified benefit plans, including supplemental executive retirement plans.

Mony Group, with $55 billion of assets under management, provides life insurance, annuities, mutual funds, brokerage, asset management, business and estate planning, trust, and investment banking products and services to individual and institutional clients.

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