American General Life Insurance Company has rolled out its latest index annuity that provides a powerful grouping for retirement, including principal protection, growth potential and lifetime income for financial institutions and independent broker-dealers.

Known as Power Index Plus, the current rates of this latest income solution may help clients earn potentially more interest in today’s rate environment, claims the insurer.

Moreover, the new annuity caters an optional guaranteed living benefit rider, which has been designed to assist double their retirement income potential in 10 contract years, when no withdrawals are completed.

Helping individuals to grow their retirement income without the risk of market loss, Power Index Plus will be distributed by financial institutions and independent broker-dealers, although it will also be available to brokerage general agencies.

The new product delivers three interest-crediting strategies, including a one-year fixed interest account, an annual point-to-point index interest account, and a monthly point-to-point additive index interest account.

According to the company, when the market spirals downward, the annuity contract is guaranteed never to lose value due to market fluctuations.

AIG Financial Distributors retirement income solutions executive vice president and chief distribution officer Mike Treske said that the company is committed to developing innovative solutions that help meet the ever-evolving needs of consumers.

"By launching Power Index Plus in banks and independent broker-dealers, we’re reaching new clients and providing them with another valuable option to help grow and protect their retirement assets," said Treske adding.