Though insurance companies' sales of on-line annuity offerings have proven disappointing, one underwriter is taking a new tack with a product that it says is the first purely on-line annuity.

Lincoln National Corp. of Fort Wayne, Ind., introduced eAnnuity in late September. The variable annuity, which is sold only over the Internet, boasts fees about three-quarters of a percentage point lower than those charged by financial advisers on the average variable annuity.

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