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.