Nationwide Financial, in collaboration with Annexus, is set to introduce a fixed indexed annuity product - Nationwide New Heights - to capitalize on market growth.

New Heights is designed for risk-averse clients, who want stability along with upside growth potential and a return of principal.

The annuity product is available with two optional riders – Nationwide High Point 365 Lifetime Income Benefit and Nationwide High Point Enhanced Death Benefit – for an additional cost. Each rider is available with a purchase payment bonus option.

The 365 Lifetime Income Benefit rider is designed to help clients in meeting their retirement income needs and the Enhanced Death Benefit rider is designed to offer legacy planning options.

The new product will be marketed and distributed by Annexus, a fixed indexed annuity product designer, through independent marketing organizations (IMO).

Besides IMOs, the new product will also be available to Nationwide’s exclusive agents, independent distributors and bank and wirehouse channels in March 2014.

Annexus co-founder Don Dady said: "Our strategic partnership will uniquely allow clients to capitalize on uncapped market upside potential without risking principal loss."