Pacific Life Insurance Company has introduced a new optional benefit, Foundation10 for clients who are within 10 years of retiring or in urgency to meet retirement income goals and need additional resources for lifetime income.

Foundation10 provides an annual 10% credit for up to 10 years and also increases the protected amount available for future withdrawals. The new benefit ensures that clients can double first year’s protected amount in 10 years, trap market gains through step-ups and also guarantees 5% withdrawals for life.

Kathleen McWard, vice president of marketing of annuities and mutual funds division, said: Clients need more than a strategy. With Foundation10, what you put into your variable annuity in the first contract year becomes your protected amount, which is guaranteed to double in 10 years. You also have the opportunity for additional growth through market gains.