US-based Guardian Insurance & Annuity Company (GIAC) has unveiled its new deferred income annuity product, known as SecureFuture Income Annuity.

The new annuity product has been designed to offer a future stream of guaranteed lifetime payments, claims the underwriter.

Purchased at an initial premium of $5,000, the policy offers payments at a predetermined future date selected by the annuity owner within the set rules.

By paying additional premium, the policy holders can increase their income until 13 months before the start date and can get advantage from a variety of annuity features to meet their current or future needs.

The payments provided by Guardian SecureFuture Income Annuity are calculated based on the age at the time of any premium payment and gender; and the Lifetime Annuity Payment Option.

It also includes the amount of time before the annuity payments begin; the frequency of the annuity payments; and the purchase rates in effect at the time of initial premium or any additional premiums made thereafter.

GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America, which was established in 1860 and provides long term care insurance, disability income, dental insurance, and 401(k), annuities and other financial products.