Aviva is to launch a continuous money-back guarantee option for new with-profits investments.
The firm says investors who move out of the fund at any point after five years will get back at least the amount they initially invested.
The guarantee will be available from November 30, on new investments in the with-profits guaranteed fund.
The firm is charging 0.7 per cent a year for the guarantee for the first five years.
In April, Aviva withdrew its popular with-profits inflation-proof guarantee due to problems in pricing the guarantee.
Aviva marketing director David Barral says: “Customers tell us that they are looking for a return that is better than a bank or building society account without taking too much risk with their money.
“The fund shows our continued commitment to with-profits and is a great addition to our existing suite of low-risk and guaranteed investment solutions.”
Syndaxi Chartered Financial Planners managing director Robert Reid says: “I am underwhelmed. I can see what they are trying to do and it is better than how things have been in the past but I am not convinced that it is much of a step forward.
“While people will be happy not to lose money, generally people like to make money as well, plus they will, in fact, be losing out though inflation.”