SBLI USA Mutual Life Insurance Company Inc. has introduced the Select Choice annuity.[@@]

SBLI, New York, says it will be selling the single-premium, tax-deferred annuity mainly through banks and only to residents of New York.

The annuity comes with a 1-year fixed rate. Although the rate will reset each year, it will never fall below 3%, according to SBLI.

Holders can withdraw up to 10% of annuity funds each year without paying surrender charges.

The minimum investment is $5,000, and purchasers pay no sales charges or administrative charges, SBLI says.