Pacific Life Insurance Company has introduced a variable annuity contract that can pay a bonus of 6% or 8%.

Pacific Life, Newport Beach, Calif., says the company’s new Pacific Value Edge annuity will pay an immediate bonus credit of 6% on investments that are less than $100,000 and a credit of 8% on investments that are greater than $100,000.

Purchasers of the annuities can choose between a menu of 3 asset-allocation strategies or a “portfolio optimization” service, Pacific Life says.

Pacific Life is responsible for backing the annuity guarantees.