OM Financial Life Insurance Company is introducing the MasterElite IUL equity-indexed universal life product.

The policy guarantees holders a minimum interest rate of 1% and a chance to earn a higher rate of return pegged to the performance of the S&P 500 stock index, according to OM Financial, Atlanta, a unit of Old Mutual P.L.C., London.

Holders who borrow against policy assets can choose between fixed or variable crediting for the loaned amount, OM Financial says.