Vitality Invest today (January 24) launched two funds in partnership with Investec Bank.
The two funds sit alongside the Vitality Performer and Risk Optimiser funds launched in June 2018 and offer clients new targeted ways to invest.
Both funds have been created for clients with medium to low risk appetite and they invest in structured products.
The Vitality Invest Protector Growth fund is designed for clients that want upside equity exposure, while safeguarding against the risk of falls in the equity market.
After five years, if markets go up, clients get back their investment plus 150 per cent of the growth in the FTSE 100 index.
If the index goes down, they get their investment back.
The Vitality Invest Protector 3-4-5-6 Defensive fund is designed for clients looking for alternatives to cash funds or fixed rate deposits and who are willing to take a limited amount of risk.
Tom Conner, director of advice firm Drewberry Wealth, said: "Vitality Invest was well received when it launched last June with an innovative approach to investing for retirement.
"This new Protector fund range could give a better choice of investment strategies for clients looking for a lower risk approach that can still offer returns."