The Penn Mutual Inflation Protector variable annuity was launched in November 2010.
This variable annuity product incorporates a living benefit feature and is designed to provide owners with an income base that keeps pace with the rate of inflation.
The income base of the Penn Mutual Inflation Protector increases based upon the greater of:
- The rate of inflation as measured by the consumer price index urban (CPI-U), or;
- Annual market performance.
The inflation increases are capped at a maximum of 6 percent.
Benefit base increases apply to both the deferral and withdrawal periods.
Today, Penn Mutual announced that the annual inflation increase for 2011 is 3.87 percent. This inflation increase applies to the first group of buyers who purchased the product when it launched in November 2010.
Source: Penn Mutual Life Insurance Company
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