Jackson National Life Insurance Company has made new additions to its Optimax family of fixed annuities.

Designed specifically for the banking channel, Jackson’s Optimax Level Rate One and Optimax Level Rate Two fixed annuity contracts offer a choice of interest rate guarantee periods, flexible withdrawal provisions and a guarantee of principal with tax-deferred earnings to help customers preserve and grow their retirement savings.

The company said that a similar contract, Optimax NY Level Rate, will be available in New York, US.

Optimax Level Rate One and Optimax Level Rate Two both offer Jackson’s optional earnings protection death benefit, EarningsMAX, which pays contract holders’ beneficiaries up to an additional 40% of the contract earnings to help cover taxes and other expenses.

Optimax Level Rate Two also features an accelerated benefit that allows contract holders with certain qualified medical conditions to withdraw up to 25% of their accumulated value without incurring a withdrawal charge. Furthermore, both products give contract holders the option of converting the value of their Optimax annuity into a retirement income stream, including the option for guaranteed lifetime income.

Steve Kluever, senior vice president of product management at Jackson National Life Distributors, said: Jackson’s new Optimax fixed annuities offer a menu of standard and optional features that allows advisers to customize the products according to their clients’ needs, while also offering the consistency and clarity of a steady interest rate.