The MassMutual Lifetime Payment Plus guaranteed minimum withdrawal benefit (GMWB) and MML Asset Allocation fund series are now available where approved, subject to state availability, the announcement said.

MassMutual Lifetime Payment Plus provides a guaranteed minimum payment along with an opportunity for increased income subject to underlying investment performance. If no withdrawals are taken in any year during the first 10 contract years, the benefit base automatically grows by 6% simple interest for that year as part of the following year’s allowable withdrawal limit.

If no withdrawals are taken for at least 10 years or before age 70, whichever is later, the benefit base will be reset to a minimum value that equals 200% of first-year purchase payments and 100% of any additional purchase payments.

MassMutual Lifetime Payment Plus is available on select proprietary deferred variable annuities – new contracts only, and requires 100% participation in a chosen asset allocation program.

According to the announcement, MassMutual now offers five MML Asset Allocation fund-of-funds investment choices within several deferred variable annuities. The asset allocation funds are diversified with varying risk profiles to meet an investor’s risk tolerance and time horizon.

Investors who opt for a guaranteed living benefit must either invest in an asset allocation fund or select from a broad array of funds across various asset classes within defined asset allocation parameters via Custom Allocation Choice, the announcement said.

More information is available at www.massmutual.com.