Aviva, the world's sixth largest insurer, has launched its latest retirement offering in the US - Aviva For Life.

The US life assurance arm of the London, UK-based insurance heavyweight is targeting the baby boomer generation that is turning 60 with Aviva For Life, which it claims helps deliver reliable, inflation-adjusted income without investment risk.

Aviva For Life offers the opportunity to supplement fixed pensions that offer a guaranteed stream of income, by investing these funds. The company says the strategy is built on the strong guarantees and features of Aviva’s portfolio of fixed annuities including immediate, tax-deferred and tax-deferred indexed products.

There are about 76 million boomers approaching retirement age, and overall, some $20 trillion in retirement savings are at stake. And, according to a recent industry survey, 76% of boomers have no plan in place to create reliable retirement income, said Kevin McCoy, marketing vice president at Aviva.

As we enter this unprecedented distribution era, Aviva For Life addresses the critical challenge of safely converting retirement assets into retirement income that will last a lifetime.