NU Online News Service, June 17, 11:33 a.m. –American Skandia Life Assurance Corp., Shelton, Conn., is introducing two new deferred variable annuities in New York.

One of the new annuities, the APEX II NY annuity, is designed for investors who might need to cash out early.

The contract offers a relatively short, four-year “contingent deferred sales charge.”

The contract gives the investor a chance to increase the death benefit any time after the fourth contract anniversary.

American Skandia is also introducing the XTra Credit FOUR NY annuity, a contract that replaces the company’s XTra Credit NY annuity.

The new XTra Credit annuity provides a 4% up-front purchase credit on most payments.

American Skandia is distributing the annuities through American Skandia Marketing Inc.

Both companies are units of Skandia Insurance Company Ltd., Stockholm.