A new variable annuity feature may give purchasers the ability to guarantee a large cumulative increase in the withdrawal amount after 15 years.

Guardian Life Insurance Company of America, New York, is making the option available through a new guaranteed lifetime withdrawal benefit rider along with variable annuities issued by the company’s Guardian Insurance & Annuity Company subsidiary.

The optional rider, sold along with the Guardian Investor Asset Builder and the Guardian Investor Income Access variable annuity contracts, offers options for quarterly step-ups, a 7% annual minimum guarantee, a 200% cumulative guarantee or a 300% cumulative guarantee.

The rider also includes age-banding, which guarantees annual withdrawal percentages based on an individual’s age, or the age of a spouse who happens to be younger, Guardian says.

Guardian Insurance & Annuity is responsible for backing the rider guarantees.