A major annuity seller is expanding its portfolio of equity indexed annuities.

Jackson National Life Insurance Company, Lansing, Mich., is introducing 2 new contracts, the Elite Choice and Elite Choice Rewards annuities.

Jackson National, a unit of Prudential P.L.C., London, now has 5 EIA products.

All of the products offer crediting rate options based on the performance of the S&P 500 Composite Stock Price Index.

The Elite Choice contract comes with a minimum interest guarantee of 2% on 100% of premiums and a choice of 6-, 8-, 10- and 12-year index option terms, Jackson National says.

The Elite Choice Rewards contract offers a minimum interest guarantee of 2% on 100% of premiums and a 5% up-front bonus, Jackson National says.