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Great American Life is working with Raymond James to introduce the Index Summit 6 indexed annuity contract.

Great-American has filed the product with the U.S. Securities and Exchange Commission as a variable annuity.

Related: Great American Adds Indexed Annuities)

Great American and Raymond James plan to distribute the new annuity through banks and other financial institutions as well as through independent broker-dealers.

Great American is promising to absorb up to 50% of the original contract value losses, while allowing annuity holders to take gains equal to up to 120% of the original contract value.

The product investment option menu includes S&P 500 index, the iShares U.S. Real Estate exchange-traded mutual fund, and the iShares MSCI EAFE exchange-traded fund.

The contract offers an early withdrawal charge schedule that ends after six years.

In 2017, Great American Life added an indexed annuity that would absorb up to 10% of the annuity holder’s losses during the first contract term.

Great American is part of American Financial Group Inc.

— Read Great-American Adds Variable Indexed Annuityon ThinkAdvisor.

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