Transamerica Occidental Life Insurance Company has introduced the TransIndex UL policy.

The policy is an individual, flexible-premium, equity indexed universal life policy, according to Transamerica Occidental, Los Angeles.

The index rates are based in part on changes in the Standard & Poor’s 500 Composite Stock Price Index, minus 3 percentage points, up to a cap of 21%, Transamerica Occidental reports.

The minimum interest rate in the basic interest account is 2%, and the minimum rate in the account linked to the S&P 500 Index is 0%, the company says.

“The policy has a cumulative guarantee that its surrender value will never be less than an alternative accumulated value with an interest rate of 3% in all policy years since inception of the policy, less any surrender penalty,” the company says.

Issue ages range from 16 to 69, and the 5 risk classes available range from Select Nonsmoker to Standard Smoker.

The minimum face amount is $100,000.