Aviva Life Insurance Company has introduced a flexible-premium deferred annuity designed for the bank market.[@@]

The new annuity, Saver’s Reward, features a 7-year surrender period, a first-year interest rate bonus, a return of principal guarantee and other options.

Aviva, North Quincy, Mass., recently began marketing the annuity through a number of financial institutions, including M&T Bank, Buffalo, N.Y. The company says it will roll out Saver’s Reward to additional financial institutions later this year.

Aviva, a unit of Aviva P.L.C., London, also sells term life, whole life and single-premium universal life insurance policies through the bank channel.