The enhanced version will offer built-in death benefit with a no-lapse guarantee for 20 years or until age 80 plus upside potential and downside protection.

The new policy will also offer access to the cash value of the policy anytime after the first year of issue.

Elite Survivor 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.

In addition, Elite Survivor Index II will be a smart choice for consumers such as couples who need tax-advantaged supplemental retirement income, couples with children from previous marriages and who want to leave charitable gifts, grandparents who wish to leave a legacy for a grandchild, and other business partners.

AIG Global Consumer Insurance president, life insurance James Mallon said: "This is permanent life insurance with the potential for cash value accumulation, tax advantages and premium flexibility — and we believe it can serve as an appropriate solution for many family and business needs."

AIG Global Consumer Insurance vice president of product strategy and implementation Tim Heslin said: "Elite Survivor Index II provides the benefits of traditional universal life insurance along with the potential for greater growth in policy value."

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"With increased cap rates, now at 13%, and higher participation rates, now at 70%, the product offers strong upside potential for growth if the market performs well. Further, a new Choice Loan1 option allows access to the funds while they remain eligible for index interest, so this is life insurance you don’t have to die to use," he added.