Jackson National Life of Lansing, Mich., has introduced its third equity-indexed annuity.

The Elite 90, unveiled last week, has a nine-year, renewable term. The fixed annuity guarantees a minimum 3% return on 90% of a customer's money. That 90% is linked to the Standard & Poor's 500 index. The annuity also has a 10% withdrawal option and a payout option that clients cannot outlive.

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