Penn Mutual Life Insurance Company has started selling the Accumulation Builder Indexed Universal Life insurance policy.

Policy holders can allocate premiums to a fixed account and to an account with returns linked to the performance of S&P 500 index, excluding dividends, according to Penn Mutual, Horsham, Pa.

The minimum rate on the fixed rate account is 2% per year.

The indexed account uses a “1-year point-to-point” crediting method, meaning that Penn Mutual will calculate interest based on the positive performance of the S&P 500 index between two points in time, up to a cap, the company says.