NEWARK, N.J. - Prudential Investments has introduced Strategic Partners Annuity One, a variable annuity issued by its Pruco Life Insurance Co. The annuity has 25 investment portfolios, from advisers including AIM, Alliance Capital Management, Fidelity, Janus, MFS, and Prudential.

An optional bonus of at least 3% is subject to a seven-year vesting schedule and a nine-year surrender period (seven years is standard). Buyers can also select a one-year fixed-rate option and a dollar-cost-averaging fixed-rate option.

There are also four death benefit options:

The base - total purchase payments less any withdrawals, and minus the bonus, if applicable.

A step-up - highest contract value on any anniversary date.

A roll-up - total purchase payments compounded daily at an effective annual rate of 5%, subject to a cap of 200% of total purchase payments.

A combination of step-up and roll-up.

A buyer can elect a guaranteed minimum income benefit, which will lock in a guaranteed retirement income no matter how the portfolio performs. However, there is a wait of 10 to 15 years before that income is available.

A buyer can also arrange for access to assets in case of serious illness.

Minimum payments are $10,000 for the initial purchase and $1,000 for subsequent payments.

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