Putnam Investments, Boston, and the life insurance arm of Allstate Insurance Co., Northbrook, Ill., have introduced the first of several variable insurance products.

The Putnam Allstate Advisor, launched Monday, includes 22 variable subaccounts, which are similar to mutual funds. The product, managed by Putnam, lets investors withdraw money annually without surrender charges under certain circumstances and includes retirement income guarantees and beneficiary protections. It is available in 41 states, an Allstate spokeswoman said.

The product is being sold through Putnam's distribution network of financial institutions, financial advisers, and broker-dealers.

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