Fidelity Investments has launched a pair of variable annuity products that the Boston-based fund giant characterizes as affordable and easy to understand.

The Fidelity Personal Retirement Annuity will offer tax-deferred growth for investors who are saving for retirement. Its annual charge is 0.25%, which is 82% less than the industry average of 1.41%.

The Fidelity Freedom Lifetime Income Annuity charges 0.60% annually, which is 46% less than the industry average of 1.12%.

The fees do not include excessive sales, maintenance or possible surrender fees.

"We are making a dramatic move to help investors understand the benefits of annuities and provide them with the features that they need - at prices that are affordable," said Jeffrey R. Carney, president, Fidelity Personal Investments, in a statement.

The products are currently available through the Fidelity Web site and are being offered to Fidelity's retail customers.

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