The Empire Life Insurance Company Wednesday announced two new segregated funds available in Class Plus, its guaranteed minimum withdrawal benefit feature within its Empire Class Segregated Funds product.

The new balanced funds combine an Empire Life flagship equity fund with core fixed income exposure for diversification. Empire Life Dividend Balanced Fund is comprised of 80% Empire Life Dividend Growth Fund and 20% Empire Life Bond Fund. Empire Life Elite Balanced Fund is comprised of 80% Empire Life Elite Equity Fund and 20% Empire Life Bond Fund.

Both new balanced funds will be managed by the Empire Life investment team, led by Gaelen Morphet, chief investment officer, using a value-oriented, disciplined investment approach.

“Making our most popular funds available to our Class Plus customers is another way we can help Canadians meet their retirement goals,” says Julie Yoshikuni, vice president, retail wealth marketing.

The new funds mark the second enhancement to Class Plus this year. In January, Empire Life announced that Class Plus clients now receive the 5% annual income base bonus each year for life if no withdrawals are made that year, and clients are eligible to receive their guaranteed lifetime withdrawal amount a year earlier, at age 65.

Based in Kingston, Ont., Empire Life is a subsidiary of E-L Financial Corporation Limited.

IE