Pacific Life Insurance Company has introduced the Lifetime Income Access Plus contract option.[@@]

The contract option can guarantee return of principal for variable annuity contract holders who withdraw up to 5% of contract assets each year, according to Pacific Life, Newport Beach, Calif.

Pacific Life is offering the rider at a cost of 4 cents per $1,000 of assets protected for customers who stay invested in one of the company’s Pacific Life Portfolio Optimization asset-allocation funds.

If an option holder starts making withdrawals after age 65, Pacific Life guarantees that the annual 5% withdrawal will last for the holder’s lifetime, Pacific Life says.

Holders also have the ability to lock in market gains by increasing the amount protected on any contract purchase anniversary, Pacific Life says.

Customers who already own Pacific Life’s Income Access or Income Access Plus options can switch to the Lifetime Income Access Plus option on any contract anniversary, the company adds.

Pacific Life notes that it is responsible for backing the income guarantees.