You can check everything out and get quotes by visiting Vanguard's Retirement Center. I followed this sequence of links.
Most likely, you are interested in a Vanguard Lifetime Income Program. To come up with an example, I requested a quote with information similar to my own. I selected a $500000 one-time balance with payments beginning on January 1, 2005. I assumed the use of Non-qualified (i.e., after tax) funds. I selected a Life Only policy for a single male of an age close to 59. I had the payments increase by 3% per year as a hedge against inflation.
I received a quote that my annuity payments would start at $2112.62 per month.
I believe that TIAA-CREF offers low fee annuities as well as Vanguard.