Two new indexed annuity products are each offering a choice of three guaranteed minimum withdrawal benefit riders and five indexed account options.

Called Phoenix Index Select and Phoenix Index Select Bonus, both policies are modified guaranteed, single-premium fixed indexed annuities. They are issued by insurance units of The Phoenix Companies Inc. Harford. (NYSE:PNX) The bonus contract provides an upfront 5% premium bonus

All three GMWB riders are available as options in each contract. Advisors can use them to tailor the annuity to the client’s specific income requirement, says Phoenix. The target market is the consumer who wants to buy additional income protection, the company adds.

The Income 25 rider provides an upfront bonus to the benefit base equal to 25% of accumulation value at issue. The Income Plus rider provides a guaranteed minimum 8% compound increase to the benefit base for the first 10 years. The Income Max rider provides high withdrawal percentages, maximizing the guaranteed lifetime income amount available.

Marketed as the Phoenix Index Select product series, both annuities offer five point-to-point indexed account options: 1-year S&P 500, 1-year DJIA (Dow Jones Industrial Average), 1-year DJ (Dow Jones), EURO STOXX 50, 1-year Balanced Allocation (which includes three indices), and 5-year S&P 500. A fixed account is also available.

In addition, both contracts have:

- A 10-year surrender charge schedule and offer guaranteed principal protection.

- A single-premium minimum of $15,000, and a maximum of $1 million.

The interest and any premium bonus credited to the contract are allocated to a separate account, says the company. Under state law, the separate account assets are segregated from the general account, Phoenix continues, so “the separate account assets may not be used to pay liabilities arising out of other business Phoenix may conduct and are insulated from any creditors of the Phoenix Companies.”

The guarantees are based on the claims-paying ability of the issuing insurance company, Phoenix says.