Principal Life Insurance Co. plans to roll out a variable annuity called Principal Lifetime Income SolutionsSM on Aug. 1.

Three underlying fund-of-funds mutual funds are available in the account: Diversified Balanced Account,Diversified Growth Account and Diversified Income Account according to the registration filing. Total underlying mutual fund expenses range from 57 basis points to 55 bps. Total separate account expenses are 140 basis points.

The initial premium payment must be at least $15,000 for non-qualified contracts and at least $5,000 for all other contracts.