Axa Sun Life is developing a guaranteed-rate product as part of a revamp of its protection proposition due to be unveiled in November.
It is believed that Axa has been studying market developments and pinpointed consumer demand for a guaranteed product.
Product providers believe consumers have become more keen on guaranteed rates because of the hike in premiums since the start of the year.
So far, however, providers have preferred to launch products where the guaranteed rate is reviewed after a fixed period of years.
Actuaries at Axa are as yet undecided on the structure of the new product.
Press relations manger Peter Webb says: “The level of detail is at a very early stage at the moment but there is some development coming out.
“A guaranteed product is something that we have been looking at.”