In recent years, manufacturers of variable annuity products have added optional features to their products to protect against declines in the values of underlying investments. These are collectively known as living benefits, and they come in three categories. Guaranteed minimum accumulation benefits an assure a stip8lated increase in contract value at a chosen future date. Guaranteed minimum withdrawal benefits assure that policyholders can withdraw a percentage of contract value each year until premium payments are returned (if contract value has declined), or beyond (if contract value has risen). For policyholders who intend to annuitize, guaranteed minimum income benefits assure that the contract value used for calculating the income stream grows, even during bear markets.