A new portfolio guaranteed minimum benefit option is developed that can be seen as consisting of a guaranteed minimum maturity benefit, a guaranteed minimum death benefit and a guaranteed minimum withdrawal benefit, recorded as guaranteed minimum death and withdrawal benefit. By studying the possible losses of insurance company, the closed form of the fair fee are given by two different valuing methods under the premise of no arbitrage assumption, random mortality rate and interest rate. The fair premium valuing method by considering the bankruptcy moment of policyholder's investment account is compared with the traditional classic valuing method. Monte Carlo method is used to simulate and compare the insurer's loss and fair cost obtained by the two different methods. The traditional pricing method overstates the likelihood that the investment account will go bankrupt at an early time, thereby increasing the possibility of extreme expected losses of insurance company.