SPRINGFIELD, Mass., June 1 /PRNewswire/ -- Massachusetts Mutual Life
Insurance Company (MassMutual) announced today the introduction of an enhanced
Guaranteed Minimum Accumulation Benefit (GMAB) feature. The enhanced GMAB is
available at contract issue with the company's MassMutual Transitions
Select(SM) variable annuity and includes the ability for investors to lock in
accumulated growth in their contract values.
The optional and revocable GMAB rider provides three key benefits for
MassMutual Transitions Select contract owners. "Investors have long been
looking to protect principal and grow their portfolios," said John Carlson,
vice president and chief marketing officer of MassMutual annuity products.
"However, investors deserve and are looking for even more protection today.
Our enhanced GMAB allows contract owners to protect portfolio growth while
also protecting principal. And for investors with longer term investment
horizons, our new 20-year GMAB guarantees to at least double their portfolio."
If elected at contract issue, the 10-year GMAB allows investors to
protect purchase payments made during the first two years of their contract.
At the end of the tenth contract year, their contract value will be the
greater of their contract value or the GMAB value.
The ability to lock-in growth is also available in the 10-year GMAB with a
Reset feature for new contract owners and existing Transitions Select contract
owners who have already elected the 10-year GMAB. Beginning with their second
contract anniversary, contract owners may re-select the 10-year GMAB, thus
locking in any accumulated growth (proportionately adjusted for withdrawals
and assuming the feature is not terminated) as of the reset date for another
A 20-year GMAB (26-year in NY) is also available to new MassMutual
Transitions Select contract owners that guarantees to double the value of
purchase payments made during the first two contract years after 20 years (26
in NY and adjusted proportionately for any withdrawals and assuming the
feature is not terminated). Unlike the 10-year GMAB, there is no reset feature
associated with the 20-year GMAB (26-year GMAB in NY).
David Foster, second vice president of MassMutual annuity sales, said the
10-year or the 20-year GMAB feature could add value to an investor's overall
portfolio. "There is no second chance at saving for retirement and therefore
little, if any, margin for error. Consequently, having the choice to purchase
this benefit is a tremendous value for the overall protection it provides to
investors in today's volatile market."
The guarantees within the 10-year and 20-year GMAB are contingent on the
claims paying ability of the issuing company, Massachusetts Mutual Life
Insurance Company (MassMutual). As of May 1, 2005 MassMutual's financial
strength ratings were among the highest in the industry.
MassMutual's ratings were: Standard & Poor's Corp., AAA (Extremely
Strong); A.M. Best, A++ (Superior); Moody's Investors Service Inc., Aa1
(Excellent); and Fitch, AAA (Exceptionally Strong). Ratings do not apply to
the separate account or the variable investment choices offered under the
contract and are subject to change.
The 10 and 20-year GMAB features are optional, available for a current
charge of 0.35% annually (1.00% maximum) and may be terminated at any time.
Either GMAB may be elected at issue, but not both. The GMAB features may not
be available in all states.
Investors electing either GMAB must invest in a Directed Allocation Model,
which diversifies their portfolio based on risk tolerance and growth
objectives. These models provide investors with the potential to grow the
retirement portfolios within acceptable risk parameters, while the GMAB
ensures against long-term downside risk.
The 10-year GMAB value may be reset by the contract owner beginning on the
second contract anniversary and on subsequent contract anniversary dates until
the anniversary preceding the attained age of 90 (80 in New York).
The 20-year GMAB is available to contract owners at issue ages up to
attained age 80 (64 in New York). Age 64 is the maximum issue age in New York
for clients who select the GMAB 26 Year Benefit Period, since the contract
matures in New York at age 90, 26 years after age 64.
About MassMutual Financial Group
MassMutual Financial Group -- comprised of member companies with more than
$350 billion of assets under management as of March 31, 2005 -- is a global,
growth-oriented, diversified financial services organization providing life
insurance, annuities, disability income insurance, long-term care insurance,
retirement planning products, structured settlement annuities, trust services,
money management, and other financial products and services. Assets under
management include assets and certain external investment funds managed by
The MassMutual Financial Group is a marketing designation (or fleet name)
for Massachusetts Mutual Life Insurance Company and its affiliates, which
include: OppenheimerFunds, Inc.; Baring Asset Management; Babson Capital
Management LLC; Cornerstone Real Estate Advisers, Inc.; MML Investors
Services, Inc.; The MassMutual Trust Company, FSB; Antares Capital
Corporation; MML Bay State Life Insurance Company; C.M. Life Insurance
Company; and MassMutual International, Inc. MassMutual is on the Internet at
MassMutual Transitions Select(SM) variable annuity is sold by prospectus.
Before purchasing a variable annuity contract, investors should carefully
consider the investment objectives, risks, charges and expenses of the
variable annuity contract and its underlying investment choices. For this and
other information, please obtain the prospectuses for MassMutual Transitions
Select variable annuity and its underlying investment choices from your
registered representative. Please read the prospectuses carefully before
investing or sending money.
MassMutual Transitions Select [Policy Form #: TMLS; TMLS (NC)] is a
variable annuity contract issued by Massachusetts Mutual Life Insurance
Company, 1295 State Street, Springfield, MA 01111-0001.
Principal Underwriter: MML Distributors, LLC, 1414 Main Street,
Springfield, MA 01144. Wholly owned subsidiary of Massachusetts Mutual Life
Mark Di Giorgio
SOURCE Massachusetts Mutual Life Insurance Company