An insurer has developed a new registered group variable universal life insurance product designed as a funding vehicle for nonqualified benefit plans.

Prudential Financial Inc., Newark, N.J., says its new PruBenefit Select GVUL policy can be used in a variety of corporate-owned life insurance arrangements.

The product includes a return of charges feature, a choice of 70 variable investment options, optional target term insurance, and coverage amount flexibility, Prudential says.

Prudential is issuing the product through its Prudential Insurance Company of America unit.