The new account will complement the company’s inheritance tax planning service. It is a unit-linked investment that combines a capital redemption bond with a trust and cannot be surrendered during the lifetime of the settlor.

The account aims to cut clients’ potential UK IHT liability, provide a lifetime income and raise the value of investments over the medium to long term, AXA said.

The product offers the options of a guarantee to protect the settlor's income from, for example, poor stock market performance. There is also a legacy guarantee available which protects the value of the initial investment, minus any withdrawals, regardless of investment conditions. These guarantees are provided through the funds set up by AXA Sun Life.