The Guardian Insurance & Annuity Co. Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Co. of America, has introduced Guardian SecureFuture Income Annuity, a deferred income annuity product designed to provide a future stream of guaranteed lifetime annuity payments.

The product announces comes just one month after an industry group released a promising forecast for the deferred income annuity market in 2013.

With a minimum initial premium payment of $5,000, annuity owners of Guardian SecureFuture can begin receiving lifetime payments, backed by the claims paying ability of GIAC, at a predetermined future date chosen by the annuity owner within the rules of the annuity, says the GIAC. Annuity owners are able to make additional premium payments to increase their future lifetime incomes up until 13 months before the income start date, and can benefit from a variety of annuity features to meet their current or future income needs.

The GIAC says the lifetime annuity payments are calculated based on certain characteristics of the annuitant, such as age at the time of any premium payment and gender; the Lifetime Annuity Payment Option; the amount of time before the annuity payments begin; the frequency of the annuity payments; and the purchase rates in effect at the time of initial premium or any additional premiums made thereafter. The annuity owner can choose to receive payments on a monthly, quarterly, semi-annual or annual schedule, with the flexibility to change the frequency at any time up until the day before the first payment is made.

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