A unit of StanCorp Financial Group Inc. is starting to sell equity indexed annuities.

Standard Insurance Company, Portland, Ore., says its first index annuity, the Index Growth Annuity, will offer an “annual, point-to-point design.”

Contract holders can share in 100% of the growth in the S&P 500 index, up to a declared index rate cap.

The contract also offers a fixed account with a 1-year rate guarantee.

The contract will not lose value as a result of a decrease in the S&P 500 index, and there are no provisions for automatically resetting the surrender period, Standard says.

Standard is responsible for backing the product guarantees.