Guardian Life Insurance Company of America is adding a single-premium immediate annuity to its retirement annuity series.

The new Guardian Guaranteed Income Annuity is a fixed annuity. Contract owners can elect one of several annuity payment options, including the option to start annuity payouts the first month after policy issue.

The policy is issued by the Guardian Insurance & Annuity Company Inc., a subsidiary of Guardian Life Insurance Company of America, New York.

Other policy options include:

- A payment increase benefit option: This increases the annuity payment each year by a fixed dollar amount. If elected, earlier payments will be lower than they would be without the benefit.

- A payment acceleration rider: This allows contract owners to make a one-time withdrawal from certain policies upon satisfaction of eligibility requirements.

- Several payment options that offer joint life and survivor benefits.

The policy is being distributed by Guardian agents and third-party distributors, the company says.

All guarantees are backed by GIAC, the company says.