American General Life Insurance Company has launched a new index single-premium deferred annuity that offers clients different time options for benefit payout.

The company, a unit of American International Group Inc., New York, says its new VisionAdvantage Annuity comes with a choice of 5-, 7- and 9-year terms. The varying terms give clients a chance to benefit from potential market growth and to reevaluate their financial situation later if their needs change, American General says.

VisionAdvantage buyers can allocate funds among 4 indexed accounts that credit interest based partly on the performance of the S&P 500 Index. The annuity also includes a fixed-interest component that earns a minimum guaranteed rate.

Clients can reallocate their contract values among the fixed and variable accounts on each contract anniversary.

Clients can also make free withdrawals in all contract years when they withdraw up to 10% of the annuity value as of the previous contract anniversary.