An insurer has added a variable annuity product feature for consumers who are leery about putting large sums in variable investment options all at once.

John Hancock, Boston, a unit of Manulife Financial Corp., Toronto, has introduced the Enhanced Dollar Cost Averaging program for holders of its Venture Variable Annuity contract.

The EDCA program gives users the ability to funds into variable subaccounts from a fixed account over a 6-month period.

Cash in the fixed account earns a guaranteed rate of return, Hancock says.