New York Life Insurance and Annuity Corp. launched a fixed deferred annuity product.

The single-premium New York Life Select 5 Fixed Annuity offers a competitive interest rate guaranteed for five years, with full liquidity at the end of the guarantee period, the New York Life Insurance Co. unit said this week.

The annuity offers tax-deferred growth, and a 100% money-back premium guarantee, the unit said.

Investors who require access to their money can get it through a 10% surrender-charge-free window during the first five years after issuance. There is no surrender penalty after the initial five-year period, New York Life said.

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