LG has released a new G3 variant called the G3 Stylus, equipped with a proprietary Rubberdium pen and other premium G3 features, all wrapped into one affordable package.

LG, the second largest South Korean tech company, has introduced a new phablet with a multi-functional stylus pen and underpowered G3 specs. The unveiling of the G3 Stylus is not a huge surprise, since the Korean tech giant teased the handset in various marketing videos on YouTube.

In an official press release, Tuesday, LG announced the 5.5-inch G3 Stylus and touted the premium G3 UX features along with a pen. The screen size is the only similarity between the G3 and the G3 Stylus.

The G3 Stylus display packs a 960 x 540 pixel resolution compared to G3's 2K display. The processor is also brought down to 1.3GHz quad-core and the camera on both sides is fitted with 13-megapixels on the rear and 1.3MP on the front side of the new stylus phone. The battery is 3,000mAh, sufficient to power the lowered specs for long hours.

"The LG G3 Stylus is the perfect tool for consumers who don't want to be bogged down carrying a laptop, tablet and smartphone," said Jong-seok Park, president and CEO of LG. "It gets things done and lets you have fun while doing without having to compromise on quality, style or user experience."

LG highlighted some of the key features of the G3 Stylus such as QuickMemo+, Dual Window, Smart Keyboard, Gesture Shot, Touch & Shoot and Knock Code. These features are a part of the company's premium G3 UX, which LG promised to integrate in mid-range and low-end smartphones earlier this month.

The introduction of G3 follows other budget smartphones unveiled by the company this month. Last week, the tech giant announced two new smartphones in its latest L series, L Bello and L Fino, targeted towards emerging markets.

The company did not reveal the pricing details of the G3 Stylus, but stated that it will hit markets next month, starting in Brazil, followed by other countries in Asia, the Middle East, and Africa.