Aviva Life Insurance Company is selling an equity-indexed annuity designed to provide enhanced growth potential when index returns are strong.[@@]
Aviva, North Quincy, Mass., says its new Aviva Progressive Index Annuity contract includes a special “Breakthrough Account.” Account returns are based on the performance of the S&P 500 stock index. When S&P 500 returns exceed a preset “breakthrough level,” then assets in the account enjoy 100% participation in growth above that breakthrough level, according to Aviva.
The contract also offers a guaranteed fixed account and a cap account.
Annuity holders can withdraw up to 10% of assets per year without paying surrender charges, Aviva Life says.
Aviva is a unit of Aviva P.L.C., London.