This is not a recommendation of the product. Just information.
Some people seem to have an interest in those types of products. This looks like the low cost version of it.
Here is a boglehead discussion about it.
Bogleheads • View topic - Vanguard adds a GLWB to its variable annuity
If anyone is considering this type of product... they should read Milevsky's writings. He has some interesting thoughts about VAs. Otar's "Unveiling the Retirement Myth" has some good information on VA also. Otar's book describes it in context of a broader financial plan.