Underwritten by Securian’s subsidiary Minnesota Life Insurance Company, the policy has been co-developed with Annexus and its product design partner, Genesis Financial.

While many traditional IUL policies only offer interest up to a cap, Balanced Growth Advantage provides clients the ability to benefit from the growth of the S&P 500 Price Index, subject to an index allocation factor.

The providers said policyholders also benefit from protection from downside markets and partial credits applied to accumulation value withdrawn from the Balanced Indexed Accounts, including policy charges.

Securian retail product distribution vice president, Larry Cochrane, said: "Balanced Growth Advantage IUL is for clients who want permanent life insurance and the ability to build cash value with protection from negative market performance.

"In addition to providing death benefit protection, the policy can help clients accumulate assets to supplement retirement income or cover other financial needs that may arise later in life."

Balanced Growth Advantage is available through the Annexus network of independent marketing organisations and Securian Financial Network-affiliated advisers.