American International Group (AIG) has launched Elite Index II, a new cost-effective universal life insurance that provides clients with a greater opportunity for growth.

The new policy comes with simplified guarantees, increased cap rates and higher participation rates.

It also features the Accelerated Access Solution, an new rider that provides policy owners the option to accelerate the death benefit, income tax free during chronic illness.

AIG Global Consumer Insurance Life Insurance president James Mallon said Elite Index II will not only be a smart choice for the distribution partners to sell, but also a smart solution for many consumers to buy, as it offers upside potential and downside protection.

"Elite Index II offers an affordable death benefit and a simplified no-lapse guarantee for 20 years or until age 80, whichever comes first, as well as the potential for growth in policy value and the ability for clients to access the funds while still living. It is life insurance you don’t have to die to use," Mallon added.

Elite Index II offers three interest-crediting accounts to fit individual needs – a declared interest account with a 2% guaranteed minimum annual interest rate; a choice between two index interest accounts with interest crediting linked to the S&P 500 with a minimum annual guaranteed interest rate of 0.25 percent, regardless of index performance; and a Choice Loan option.

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