An insurer has introduced a product designed for consumers who want flexibility and a pre-determined rate of return.

Nationwide Financial Services Inc., Columbus, Ohio, says its Nationwide Life Insurance Company unit has started selling the Nationwide Trio Select Plus Fixed Annuity contract.

The contract is an individual, deferred, fixed-interest annuity contract.

Purchasers can choose a guaranteed interest rate period of 1, 3 or 5 years and pay for the annuity with multiple deposits, Nationwide says.

The contract will offer higher earned interest rates for consumers who make larger purchases or make additional contributions to their accounts, Nationwide says.

Nationwide Life is responsible for backing the contract guarantees.