Bennett, who hails from Nelson, finished eighth overall at the recent Giro d'Italia, and will be looking to continue to improve with the team he joined in 2015.
"I've come a long way as a cyclist since joining Team LottoNL-Jumbo," Bennett said on the team's website. "It's been a result of a lot of hard work from the staff and riders. The whole team has put a lot of faith in my abilities, and we share the same vision for the future."
"I'm excited about taking the next steps with the team and seeing how far I can go as a GC rider in the world's biggest races," he added. "I feel at home here and feel that I'm in the best place to get the most out of myself."
At the same time, LottoNL-Jumbo also announced a two-year contract extension for 24-year-old Antwan Tolhoek, who currently sits 87th overall at the Tour de France, where the Dutchman is riding in the service of Steven Kruijswijk and Primoz Roglic, and has been a constant presence at the front of the bunch during the opening week.
Tolhoek was one of three LottoNL-Jumbo riders sent home early from a training camp in Girona last December for using sleep medication that was unauthorised by the team.
"As a team, we're evolving, and I am too," Tolhoek said. "I'm perfectly happy here, and I’m showing that on the bike. I like the the staff and my teammates. That's important, too."