This paper proposes a modified polarization converter for generating radially and azimuthally polarized beams. Based on a Mach-Zehnder-like interferometric structure, the device consists of a pair of lateral displacement beamsplitters (LDBs) and two half-wave plates that manipulate the states of polarization of incident linearly polarized light. Through the coherent superposition of two orthogonal Hermite-Gaussian modes in the far field, radially and azimuthally polarized beams can be obtained simultaneously. A prototype was assembled to demonstrate the feasibility of the design. The proposed design has the advantage of having a simple, symmetric, compact, and robust structure. In addition, the introduction of LDBs substantially reduces the cost of this device. Moreover, the design can be applied to a broadband pulsed laser with considerable potential in high-power applications.