AXA Equitable has launched a variable annuity package designed to guarantee regular income payments and offer growth potential.

The company, which is a subsidiary of French group AXA, says that the product bridges the gap between accumulating wealth and guaranteeing retirement income payments. The AXA Equitable Retirement Income for Life product provides payments for life which will not decrease, but may increase depending on market performance.

Christopher Condron, chairman and CEO of AXA Equitable Life, said: AXA Equitable Retirement Income for Life is an innovative way for people to manage their retirement funds with a significant degree of security. It allows them to convert the money they’ve earned during their working years into a steady, guaranteed stream of income payments for life, while maintaining control of remaining funds.

The funds in the annuity are invested among AXA Equitable’s five asset allocation investment options, ranging from conservative to aggressive. The product also features a death benefit to protect the owner’s heirs.