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.

Since the stock market has been performing so well, many customers have been less interested in annuities with lower than an 80% participation in the market, said Bradley J. Powell, the president of Jackson National's institutional marketing group, which oversees sales through banks.

"The fact that the rate is locked for nine years should be attractive to some," Mr. Powell said.

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