Conventional preventive maintenance (PM) policies generally hold same time interval for PM actions and are often applied with known failure modes. The same time interval will give unavoidably decreasing reliabilities at the PM actions for degradation system with imperfect PM effect and the known failure modes may be inaccurate in practice. Therefore, field managers would prefer policy with an acceptable reliability level to keep system often at a good state. A PM policy with the critical reliability level is presented to address the preference of field managers. Through assuming that system after a PM action starts a new failure process, a parameter so-called degradation ratio is introduced to represent the imperfect effect. The policy holds a law that there is same number of failures in the time intervals of various PM cycles, and same degradation ratio for the system reliability or benefit parameters such as the optimal time intervals and the hazard rates between the neighboring PM cycles. This law is valid to any of the failure modes that could be appropriately referred as a'general isodegrading model', and the degradation ratio as a'general isodegrading ratio'. In addition, life cycle availability and cost functions are derived for system with the policy. An analysis of the field data of a loading and unloading machine indicates that the reliability, availability and cost in life cycle might be well modeled by the present theory and approach.