Following the success of last month's first AIB index bond, Ark Life has opened a second index bond. The single premium, 18-month bond tracks the Euro Stoxx 50 index, which monitors the share performance of 50 companies in the euro zone. Some of the companies included in the index are Fiat, Siemens, Philips and France Telecom.

After 18 months, index bond investors receive a return equal to the full rise in value of the index, to a maximum return of 18 per cent. The investment is fully protected against any potential falls in the value of the index up to 18 per cent, but completely unprotected if the index falls below that figure.

The bond's final level will be calculated from the average of its levels over the final month of investment to minimise the impact of any last-minute falls in the Euro Stoxx 50.

The minimum investment is £2,000 and the return is subject to a deduction for tax, currently 24 per cent. The offer opens on August 1st and closes at the end of that month.