Metropolitan Life Insurance Co. launched Equity Index Plus, an investment strategy designed to provide the total rate of return for the S&P 500 with dividends plus an added 0.1 of a percentage point annually under a five-year contract, and 0.05 of a percentage point annually under a three-year contract, said Toni Griffin, a spokeswoman for the firm.
The strategy is available through separate accounts under a group annuity issued by MetLife and requires a $50 million minimum lump-sum investment, Ms. Griffin said. It differs from other index accounts because there is no tracking error and no investment management fees, and it guarantees a return above the S&P 500 if the contract is held to maturity, according to a statement issued by the firm.
