John Hancock Annuities has introduced the Venture Vision variable annuity, a contract that imposes no surrender charge on withdrawals.

Hancock, Boston, a unit of Manulife Financial Corp., Toronto, says purchasers of the annuity can buy the Principal Plus For Life benefit guarantee option.

Customers can buy the benefits guarantees only at issue, and decisions to buy the guarantees are irrevocable, Hancock says.

John Hancock Life Insurance Company (U.S.A.), Bloomfield Hills, Mich., will issue the Venture Vision annuity and be responsible for backing its guarantees, Hancock says.