MassMutual recently launched a new single premium fixed deferred annuity, MassMutual Stable Voyage. The product offers customers a guaranteed interest rate for a portion of their retirement savings, even in declining interest-rate environments.

"MassMutual Stable Voyage offers a fixed rate of growth with access to cash when needed, along with the ability to turn it into a predictable income stream that will last a lifetime," said Dana Tatro, vice president, MassMutual, in a statement. "It is designed for people seeking certainty in uncertain times, as well as for more risk-tolerant investors seeking stability for a portion of their assets. It's an ideal component of a broader retirement income plan for many people."

Other features of MassMutual Stable Voyage include:

• Guaranteed interest rates. The credited interest rate will not change during the entire term of the initial guarantee period — five, seven or nine years. Money that remains in the contract is guaranteed to grow in value.

• Banded interest-rate structure. MassMutual Stable Voyage offers an opportunity to earn a higher interest rate via a banded interest-rate structure. Customers whose premium at time of purchase or contract value at renewal is $100,000 or more can potentially receive a higher interest rate for the entire ensuing guarantee period.

• Choice of renewal options. After the initial guarantee period ends, customers can choose a renewal guarantee period of one, five, seven or nine years (if available at the time). The surrender charge period restarts at a reduced rate for all but the one-year option. Because no surrender charge period applies to this option, the one-year period can serve as a "safe haven" for clients who are unsure about, or are unwilling to commit to, a longer guarantee period.

• Time to make decisions. As each guarantee period draws to a close, a 30-day window will permit surrender charge free withdrawals as customers decide whether to renew into a new, long-term (five, seven or nine year) renewal guarantee period (reduced surrender charge period begins), renew into a one-year guarantee period (no surrender charge period), take a partial or full withdrawal with no surrender charge, or begin annuity payments with no surrender charge.

• Access to contract value. In certain cases, clients can access their contract value without incurring surrender charges. During the accumulation period, surrender charges are waived for free withdrawal amounts (up to 10 percent of contract value or required minimum distribution, whichever is greater) for withdrawals in the window period and for contracts in one-year-rate duration.

• Guaranteed lifetime income options. Various guaranteed income options are available, including lifetime-income choices.