Pacific Life Insurance Company has introduced the Foundation10 guaranteed minimum withdrawal benefit.
The option, available with variable annuities, provides an annual 10% credit for up to 10 years if no withdrawals are taken during those years, according to Pacific Life, Newport Beach, Calif.
The option also guarantees access to 5% withdrawals for life for purchasers who comply with product guidelines, and it includes step-up features that can help purchasers lock in investment gains, Pacific Life says.
VA buyers who buy the option must allocate their VA assets using a diversified portfolio allocation strategy.
Pacific Life is responsible for backing the product guarantees.