Population aging on the one hand and increasing of expenditures for medical services via technology development on the other hand have created some problems for the insurance industry and have converted it into one of the most risky areas. Thus, it is obvious that designing the innovative product is one of the most basic needs in the field of health insurance. This study proposes a new variable annuity product that includes the benefits of guaranteed lifelong withdrawal benefit option, long-term care coverage and limited hospitalization coverage. This innovative product has been evaluated under two investment funds. A Monte Carlo algorithm has been employed to calculate the fair value of the product and numerical study has been conducted to illustrate the capability of this product. The innovative product may provide a more comprehensive solution for the aging problem of the population that is challenging in the current societies.