To help address the changing financial challenges of retirement, Prudential Annuities, the domestic annuity business of Prudential Financial, Inc. (NYSE:PRU), today announced the launch of its new Prudential Defined Income® variable annuity and Prudential Highest Daily Lifetime Income® v2.1, the latest version of its innovative Highest Daily variable annuity optional benefit.
Prudential Defined Income is a long-term retirement investment that provides clients with the security of knowing exactly what their guaranteed lifetime income will be, whether they take income immediately or in the future.
Prudential’s new defined income product, available to investors as young as age 45, invests 100 percent of the premiums in the AST Long Duration Bond Portfolio, where returns accumulate on a tax deferred basis.
Prudential Defined Income offers:
- Guaranteed lifetime income growth: The income withdrawal amount is guaranteed to grow every day until lifetime income begins, while maintaining the flexibility of access to the investment.
- Defined lifetime income: The amount of income guaranteed for life and the level of deferred income growth is known at issue.
- Flexibility and Control: Investors decide when to take income, how much income to take, and continue to have access to their account value if they need it. Provides investors with control of their assets for legacy planning.
- Bond portfolio: Designed to create higher yield through investment primarily in a diversified mix of longer-duration investment grade bonds.