An insurer is trying to appeal to consumers with a plain vanilla equity indexed annuity.

Genworth Life Insurance Company, a unit of Genworth Financial Inc., Richmond, Va., has introduced the SecureLiving Classic Indexed Annuity contract.

Genworth designed the product to be easy to understand, the company says.

Genworth Life, which is responsible for backing the product guarantees, has pegged returns to the performance of the S&P 500 stock index.

Annuity holders can participate in 100% of index gains up to a maximum of 7%, according to Genworth.

The surrender charge ends after 7 years, Genworth says.