An insurer will adjust the benefits paid by a new retirement income product due to increases in the cost of city living.

Lincoln National Corp., Philadelphia, says its Lincoln SmartIncome Inflation Annuity combines a lifetime income stream along with annual income adjustments based on changes in the federal Consumer Price Index-Urban.

The contract death benefit is equal to the remaining balance and also will be adjusted each year for inflation, Lincoln says.

Lincoln National Life Insurance Company is responsible for backing the product guarantees.