An insurer says it is making some of its annuity products more flexible.

Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., says it has introduced a new Participation Rate crediting option for holders of its Protective ProSaver Index Series annuities.

The new strategy credits interest at a rate equal to a specified percentage of any increase in the S&P 500 index during the contract year, with no cap on interest that may be credited, Protective Life says.

Once a contract is purchased, the “participation rate” may change annually, but it is guaranteed to be at least 25% of any increase in the S&P 500 index, Protective Life says

Protective Life is continuing to offer a fixed account option, a “fixed rate plus” strategy, and an “interest rate cap” strategy, Protective Life says.

Protective Life Insurance is responsible for backing the product guarantees.

The company is offering the new Participation Rate strategy with the ProSaver Index Choice II annuity and the ProSaver Index Plus II annuity.

A sister company, West Coast Life Insurance Company, is offering the strategy with the Index Advantage II annuity.