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Jackson National Life Insurance Company has introduced a sequel to its Elite Access Advisory variable annuity contract.

The Nashville, Tennessee-based unit of Prudential P.L.C. has rolled out the Elite Access Advisory II contract.

Like the first version of the product, which was introduced two years ago, the product is an investment-only variable annuity (IOVA) contract aimed at fee-based advisors.

(Related: Jackson National Aims at Fee-Based, Investment-Only Market)

Contract holders pay no any mortality, expense or administration charges.

The is no surrender period, and there are no withdrawal charges.

Any portion of the contract can be withdrawn at any time prior to the income date.

Contract holders do have to pay a monthly contract charge of $20, and the funds in the investment subaccounts have charges for operating expenses.

The version of the contract introduced two years ago came with a three-year surrender period and a monthly contract charge of $10.

— Read Jackson Adds Annuities With Lifetime Benefits Option, on ThinkAdvisor.

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