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.