Allianz Life Insurance Company of North America has started selling a universal life insurance policy aimed at customers who want a vehicle for sharing in growth in stock prices.

The new GenDex-RP equity-indexed universal life insurance policy offers a return-of-premium guarantee, according to Allianz Life, Minneapolis, a unit of Allianz A.G., Munich.

Policyholders who hold a policy 20 years can receive a guaranteed lump sum of all premium paid into their policy on the 20th policy anniversary, according to Allianz.

Policyholders who would rather keep their policies can keep their coverage with no additional underwriting, or they can choose to receive some of the policy cash value and retain some death benefit coverage, Allianz says.

Policyholders can link accumulation value to a fixed-interest option or 1 of 2 market indices, or divide assets in 25% increments, Allianz says.

Premiums and accumulation value can be re-allocated on each policy anniversary, the company says.

The policy also offers an accelerated benefit rider for insureds who suffer from qualifying terminal illnesses, and the policy will pay an interest rate bonus of 0.5% annually on the policy’s non-loaned accumulation value starting on the 11th policy year through age 99 in Florida and through age 100 in other states, Allianz says.

Allianz is responsible for backing the product guarantees.