Dubbed Pacific Index Dimensions, the new offering will be exclusively available for agents as well as agencies that contract with the company through its Pacific Life producer alliance programme.

Pacific Life said the product will offer simplicity and transparency through index-linked crediting options based on the Standard & Poor’s 500 and the MSCI EAFE indexes.

It will also offer an enhanced participation rate option that offers an alternative crediting method to capped interest or traditional fixed-interest-rate crediting methods.

The product will offer benefits such as a seven-year surrender charge schedule, as well as optional guaranteed minimum withdrawal benefit for lifetime income.

Pacific Life retirement solutions division vice president of marketing, Christine Tucker, said: "Independent agents have told us that annuities from strong, well-known providers are particularly appealing to clients."