RBC Insurance is rolling out the RBC Index Enhanced Universal Life policy.
The policy is a flexible-premium, adjustable life insurance policy that includes a no-lapse guarantee, according to RBC Insurance, Greenville, S.C., a unit of Royal Bank of Canada, Toronto.
Holders can allocate assets to a fixed account, which pays a minimum interest rate of 2%, compounded daily, and an indexed account, which pays a rate linked to the performance of the S&P 500 stock index.
The minimum crediting rate for assets in the indexed account is 0%, RBC says.
The policy includes a 20-year no-lapse guarantee benefit and a waiver-of-surrender-charge benefit, according to RBC Insurance.
RBC Insurance writes the policy through Liberty Life Insurance Company, which is responsible for backing the product guarantees.