Abstract: A method of providing an investment product, and supporting administration system and annuity product. The product is an investment contract or agreement preferably of an annuity type, providing investment returns substantially mirroring the performance of an index and allowing an investor to begin receiving or deferring periodic payments on or after a predetermined date, at the election of the investor; if the investor elects to defer one or more payments, the investor may later elect to receive said one or more deferred payments, at a date of that entity's choosing, which will also start the delivery of periodic payments. During the deferral, the deferred payments earn a return tax-deferred (subject to currently enforceable tax laws). The investment return is preferably a function of an index but not less than zero, periodically (e.g., annually) locking in past gains and assuring against losses that can eliminate past periods' gains.