A New York company has started selling a variable annuity that comes with a flat insurance fee of $20 per month.[@@]

The company, Inviva Inc., says its Jefferson National Life Insurance Company subsidiary will charge just $240 in insurance fees per year for a $100,000 investment in the new Monument Advisor VA contract. That total will be much lower than the industry average, Inviva says.

Inviva has designed the contract for fee-based financial advisors. The contract pays no sales commission and has no product surrender charge, Inviva says.

Jefferson National will require annuity holders to pay the investment charges on the underlying funds. Those charges range from 0.26% to 2.54% per year.

Investment options will include real estate, hard assets and alternative investments as well as conventional stock and bond funds, Inviva says.