New York Life Insurance and Annuity Corp. has introduced the New York Life Select 5 Fixed Annuity contract.

The contract is a single-premium deferred annuity product, according to NYLIAC, a unit of New York Life Insurance Company, New York.

The product offers access to 10% of the assets each year for the first 5 years without requiring holders to pay surrender charges.

After 5 years, holders can withdraw all assets without paying surrender charges.

The product pays a guaranteed interest rate during the first 5 contract years.

“A 100% money-back premium guarantee that ensures you’ll always receive back the premium you paid for your policy less any previous withdrawals,” NYLIAC says.

NYLIAC is responsible for backing the product guarantees.