Aviva Expands Bank Product Portfolio with Multi-Rate Deferred Annuity

QUINCY, Mass., Aug. 21 /PRNewswire/ -- Aviva Life Insurance Company (Aviva) recently launched Saver's Select, a multi-rate flexible premium deferred annuity designed for financial institution sales. The addition of Saver's Select fortifies Aviva's position as the only major carrier to offer banks a "full-line" portfolio, which also features term life, whole life and single-premium universal life insurance policies.

Saver's Select features four guaranteed interest rate periods, enabling customers to allocate premiums among one-year, three-year, five-year and seven-year new money periods at the time of purchase. The product also features a guaranteed interest rate, a first-year interest rate bonus, a jumbo annuity value bonus, an optional return of principal guarantee, strong liquidity and a seven-year surrender schedule.

"The Saver's Select annuity solution is nicely packaged to give our clients all the benefits they come to expect from a fixed annuity and more," notes Lou George, Chief Operating Officer, M&T Securities Inc. "The ability to ladder money across four different rate periods, along with a return of principal option, flexible withdrawal options and no Market Value Adjustment -- all in the convenience of one contract -- really makes this annuity unique. I'm not sure if I have ever seen anything quite like it."

Aviva Life Insurance Company and its wholly owned subsidiary, Aviva Life Insurance Company of New York, are subsidiaries of London-based Aviva plc. Aviva plc has roots dating back to 1696 and is one of the 10 largest insurance groups in the world. One of the fastest-growing U.S. life insurers, Aviva Life Insurance Company offers a competitive portfolio of fixed life insurance and annuity products through select independent agents, banks and brokers.