MassMutual Adds First Retirement Income Withdrawal Benefit

New Asset Allocation Funds Add Flexibility, Protect Against Market Fluctuation

SPRINGFIELD, Mass., Jan. 22 /PRNewswire/ -- Massachusetts Mutual Life
Insurance Company (MassMutual) today announced enhancements to certain
deferred variable annuities in its Retirement Income product portfolio. The
MassMutual Lifetime Payment Plus(SM) guaranteed minimum withdrawal benefit
(GMWB) and MML Asset Allocation fund series are both new enhancements now
available where approved, subject to state availability.(1) These enhancements
offer added flexibility and guarantees against market volatility for those
facing retirement.
With the introduction of Lifetime Payment Plus, MassMutual becomes the
highest rated insurer with a full suite of living benefits, according to data
from Morningstar Annuity Research Center (formerly VARDS) and VitalSigns as of
November 5, 2007.(2)
"With consumers facing retirements of 30 years or longer and increasingly
volatile financial markets, today's long-term guarantees are only as strong as
the company that issues them," says Richard LaVoice, national sales manager,
Retirement Income.(3) "As a 156-year-old mutual life insurance company with a
long history of outstanding financial strength, MassMutual is well positioned
to stand behind the lifetime guarantees we offer our customers."
Guaranteed Minimum Withdrawal Benefit
MassMutual Lifetime Payment Plus is designed to guarantee minimum
withdrawals for life and can be used by those who need lifetime income
immediately or in a few years. It provides a guaranteed minimum payment, which
can help remove the unknown from planning processes, along with an opportunity
for increased income subject to underlying investment performance.
"The last decade or so prior to retirement can be a delicate balancing act
for today's workers," LaVoice said. "They understandably want to preserve
their retirement savings and simultaneously position those assets for growth
to help fuel future income needs. A variable annuity with Lifetime Payment
Plus can help achieve that balance or weigh alternative benefits."
If no withdrawals are taken in any year during the first 10 contract
years, the benefit base automatically grows by six percent simple interest for
that year as part of the following year's allowable withdrawal limit. And 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
percent of first-year purchase payments and 100 percent of any additional
purchase payments. For example, if a 60 year-old rolled $150,000 into an
annuity with this feature, by age 70 they would be guaranteed a lifetime
income of no less than five percent of a benefit base of no less than
$300,000. This generates a minimum income of no less than 10 percent of the
original purchase payment.
MassMutual Lifetime Payment Plus (current/maximum charge -- single life:
0.60%/1.50%; joint lives: 0.85%/1.50%) is available on select proprietary
deferred variable annuities -- new contracts only, and requires 100 percent
participation in a chosen asset allocation program.
New Asset Allocation Funds
MassMutual has also introduced 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. The MML Asset Allocation Funds use
a dynamic approach to asset allocation and manager selection, which may also
include introducing new money managers and additional asset classes in
alignment with certain market environments and opportunities.(4)
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.
Broad Portfolio
MassMutual offers several deferred variable annuities -- flexible- and
single-premium, no-CDSC and simplified solutions -- that help certain
investors accumulate assets for retirement income. Also available from
MassMutual are fixed-deferred and immediate annuities; and an investment
advisory program and IRA with mutual fund model portfolios and a multi-premium
lifetime income annuity.
Important Considerations
A variable annuity is a long-term investment where all interest, dividends
and capital gains accumulate tax-deferred. Variable annuities contain both
investment and insurance components and have fees and charges, including
mortality and expense, administrative and underlying fund expenses.
Taxable withdrawals are subject to ordinary income tax and if taken prior
to age 59 1/2, a 10% federal income tax penalty may apply. Variable annuities
do not provide any additional tax advantage when used to fund a qualified
plan.
Investors should consider buying a variable annuity to fund a qualified
plan for the annuity's additional features such as lifetime income payments
and death benefit protection. Variable annuities are subject to market risk
where the investment return and principal value of an investment will vary so
that units, when redeemed, may be worth more or less than their original cost.
Guarantees are contingent upon the claims-paying ability of the issuing
company.
Annuity contracts offer a free withdrawal provision to withdraw a
percentage of contract value each year without incurring a contingent deferred
sales charge (CDSC). Weigh the additional cost of MassMutual Lifetime Payment
Plus against the benefits provided by this optional benefit. Ensure the
variable annuity contract suits investment goals before MassMutual Lifetime
Payment Plus is elected.
MassMutual Lifetime Payment Plus cannot be elected without purchasing a
variable annuity, which may be inappropriate for investors who do not foresee
a need for lifetime income and whose primary focus is tax deferral.
Withdrawals prior to age 60 or that exceed 5% of the benefit base on an annual
basis will reduce benefit base and negatively impact the value of this
feature. However, waiting to take withdrawals may limit the value of this
benefit as life expectancy will be shorter.
About MassMutual Financial Group
MassMutual Financial Group is a marketing name for Massachusetts Mutual
Life Insurance Company (MassMutual) and its affiliated companies and sales
representatives. MassMutual and its subsidiaries have more than $450 billion
in assets under management at year-end 2006.
Founded in 1851, MassMutual is a mutually owned financial protection,
accumulation and income management company headquartered in Springfield, Mass.
MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital
Management LLC; Baring Asset Management Limited; Cornerstone Real Estate
Advisers LLC; MML Investors Services, Inc., member FINRA and SIPC
(www.finra.org and www.sipc.org); MassMutual International LLC and The
MassMutual Trust Company, FSB. MassMutual is on the Internet at
www.massmutual.com.
(1) Optional features cannot be elected without purchasing a variable
annuity. Ensure the variable annuity contract is suitable for investment goals
before optional features are elected.
(2) Only one of the three living benefit options (guaranteed minimum
accumulation, income or withdrawal benefit) available via certain MassMutual
annuities may be elected per contract.
(3) Guarantees are based on the claims-paying ability of the issuing
company.
(4) Funds offered in a fund-of-funds structure, such as the MML
Allocation Funds, may have higher expenses than a direct investment in the
underlying funds because a fund-of-funds bears its own expenses and indirectly
bears its proportionate share of expenses of the underlying funds in which it
invests.

-- NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION
-- NOT FDIC OR NCUA INSURED
-- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
-- NOT GUARANTEED BY ANY BANK OR CREDIT UNION
-- MAY GO DOWN IN VALUE

Annuity products are issued by Massachusetts Mutual Life Insurance Company
and C.M. Life Insurance Company. C.M. Life Insurance Company, 100 Bright
Meadow Boulevard, Enfield, CT 06082, is non-admitted in New York and is a
subsidiary of Massachusetts Mutual Life Insurance Company, 1295 State Street,
Springfield, MA 01111-0001.
Principal Underwriter: MML Distributors, LLC, 1295 State Street,
Springfield, MA 01111-0001. Wholly owned subsidiary of Massachusetts Mutual
Life Insurance Company.
Variable annuities are 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, obtain the
prospectuses for the variable annuity contract and its underlying investment
choices from your registered representative. Please read the prospectuses
carefully before investing or sending money.
Media Contact: Mark Cybulski
(413) 744-5427

SOURCE Massachusetts Mutual Life Insurance Company

Mark Cybulski of Massachusetts Mutual Life Insurance Company, +1-413-744-5427