Principal Financial Group Inc. has introduced the Principal Variable Universal Life Income Plus life insurance policy with a surrender charge adjustment rider.

The VUL policy is designed for the executive benefits and business planning markets, according to Principal, Des Moines, Iowa.

The policy offers a cash value-to-premium ratio of 90% to 95% during the first year, and holders can use the surrender charge adjustment rider to avoid large hits to earnings, Principal says.

A return-of-cost-of-insurance rider can refund 100% of the COI charges that policy owners have paid once they reach age 60 or their 20th policy year, Principal says.

Another feature, a death benefit advance rider, can let policy owners who become terminally ill or suffer a catastrophic health condition get some benefits early.

The investment menu includes 6 professionally allocated “target retirement year” accounts and more than 40 other investment options.