The Guardian Insurance & Annuity Company (GIAC) has released its latest fixed deferred annuity featuring flexible renewal and withdrawal options.

Dubbed as the Guardian Fixed Target Annuity, the single premium fixed deferred annuity provides customers the ability to select from multiple guaranteed interest periods.

In addition, the product provides flexible renewal and withdrawal options to help generate income for retirement, according to the GIAC.

Contrary to the many fixed annuities, the Guardian Fixed Target Annuity does not have any market value adjustments on withdrawals made before maturity, providing customers with transparency into what to expect out of their retirement income stream.

Besides this, a policyholder will be able to know the end value of the investments based on the interest rate applied and the time until maturity.

Guardian retirement solutions vice-president Douglas Dubitsky said: "There are a myriad of factors individuals need to consider when preparing for retirement."

"The Guardian Fixed Target Annuity is the latest in a suite of annuity products that Guardian offers to help Americans reduce volatility risk, add stability to their investment portfolio, and prepare for a financially secure retirement."

The company said that at the end of the selected maturity period, the investor can choose to renew the Guardian Fixed Target Annuity into any available guaranteed interest period or to transfer into the One-Year Guaranteed Interest Period.

GIAC operates as a wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian).