AIG American General Life Insurance Company has introduced a variable universal life policy that offers a variety of benefits not available with the company’s existing VUL products.

Another version of the new AIG Income Advantage Select policy will be issued by U.S. Life Insurance Company, New York.

Both AIG American General and U.S. Life are subsidiaries of American International Group Inc., New York.

Product features include death benefit guarantees and a choice of 47 managed investment options.

The product also offers a 15% to 40% increase in death benefits, for maximum funded cases, in the 35-to-60 year old age group.

Other benefits include a new, standard plus non-tobacco underwriting class and an enhanced early cash value term rider.

AIG is positioning the product as an executive benefits product and as a savings vehicle for individuals who have maxed out individual retirement accounts.