The Phoenix Cos. introduced a pair of modified guaranteed, single-premium fixed-indexed annuities.

The Phoenix Index Select and Phoenix Index Select Bonus feature a simple structure, 10-year surrender charge schedule, three optional guaranteed minimum withdrawal benefit riders and guaranteed principal protection, according to the Hartford, Conn.-based company.

Each guaranteed minimum withdrawal benefit rider can be tailored to each consumer’s particular income requirement.  In addition, Phoenix Index Select Bonus provides an upfront 5% premium bonus.

The Phoenix Index Select product series is designed to meet heightened interest in today’s market for growth potential without exposure to downside market risk, as well as demand for guaranteed income, according to the company.

As a single-premium annuity, the premium is paid in its entirety when the annuity is issued, with a minimum of $15,000 and a maximum of $1 million.

“Right now, there is increased demand from both distributors and consumers for products that take advantage of the market’s earning potential without exposing core retirement funds to the risk of loss,” said Tom Buckingham, senior vice president of life and annuity product development for Phoenix, in a statement.  “At the same time, many people are concerned that a fixed rate of return alone may not keep pace with inflation.  The challenge is finding a product that will maximize income potential without significant downside risk, and our new indexed annuity products respond to that need exceptionally well.”