Jackson National Life Insurance Company has rolled out Perspective Advisory II (PAII), a fee-based variable annuity without any surrender charge.

The product is designed to address personal investment challenges and help people pursue financial freedom in retirement, the company said.

The newly launched product will offer institutionally priced subaccounts with no 12b-1 fees, commissions or withdrawal charges.

Advisor compensation will be fee-based, rather than commission-based. The product’s other key feature include no surrender period and zero withdrawal charges or related waivers.

Jackson chief distribution officer Greg Cicotte said: “At Jackson, we’re committed to providing the best product options for our advisors and their clients — and we’ve honored this promise since our company was founded.

“As our industry continues to evolve, we’re proud of our ability to consistently introduce new products and develop relationships with strong investment partners. Our go-to-market process provides our distribution partners with the flexibility to choose quality strategies that can help their clients pursue financial freedom and live the lives they want.”

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Furthermore, the company has teamed up with investment management firm Vanguard.

Around 10 new Vanguard funds have been made available as investment options across Jackson’s suite of product offerings in September this year.

Jackson National Life Distributors LLC (JNLD) senior vice president of product and investment management Brian Sward said: “Following the release of the US Department of Labor fiduciary rules, we fully recognize the need and demand for fee-based products.

“Since entering the fee-based space about a year ago, we’ve formed relationships with new advisors who haven’t traditionally sold our products or done business with Jackson. We look forward to strengthening these relationships and building new ones with advisors who are committed to supporting the best interests of their clients — many of whom recognize annuities can serve as a foundational part of a viable financial plan.”