North American Company for Life and Health Insurance has launched a new Charter Plus fixed index annuity product, which provides an upfront premium bonus and fixed and indexed crediting options.

Charter Plus provides six index crediting options, which can be executed differently in various market scenarios.

It also offers fixed interest account, providing flexibility for policyholders to design a strategy for their retirement dollars based on their changing needs and personal situation.

North American Annuity Service Center chief distribution officer Ann Hughes said: "Multiple recessions coupled with uncertainty about Social Security and stock market volatility have created doubt about retirement readiness for many Americans.

"The Charter Plus fixed index annuity provides policyholders with the opportunity to be financially prepared for retirement by jumpstarting their retirement savings with a premium bonus.

"The Charter Plus fixed index annuity is an excellent solution for those looking to supplement their retirement income."

Fixed index annuity is a retirement saving option, which offers protection from losses due to downside market fluctuations.

Member of Sammons Financial Group, North American Company offers insurance products across the US.

The firm has a comprehensive portfolio of term, universal life, and indexed universal life insurance products.

In addition, the firm provides a wide range of traditional fixed and fixed index annuities for the customers.