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American General Adds Single-Premium Annuity

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An insurer has introduced an annuity contract that pegs holders’ returns to the performance of the S&P 500 Index.

AIG American General, Houston, a unit of American International Group Inc., New York, says its new AIG VisionMaximizer contract is an indexed single-premium deferred annuity contract.

The contract includes provisions for free withdrawals in all years, a 5% premium bonus and a death benefit, AIG American General says.

American General Life Insurance Company, an AIG unit, is writing the annuities and is responsible for backing the product guarantees.