MINNEAPOLIS – Nov. 1, 2022 – Allianz Life announced today that its latest guaranteed income product, Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit, is now available in defined contribution plans nationwide.
Lifetime Income+ puts Allianz Life’s depth of retirement income experience to work in a solution tailored for defined contribution plans. Allianz Lifetime Income+ is a fixed index annuity that offers innovative design features including growth potential, protection from market loss, and guaranteed lifetime income through the Lifetime Income Benefit. This benefit has the potential to increase annually for life to help address the effects of inflation.
The product is delivered with a seamless customer experience through coordination among recordkeepers, enrollers, managed account providers, middleware providers and other defined contribution plan partners.
Plans offering the product are already live within the LDI-MAP (d.b.a. iJoin) and IPX Retirement network of recordkeepers. Recordkeepers and advisors networks can offer the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other defined contribution plans.
“We designed this new guaranteed lifetime income product to work for real people and the reality of retirement today,” said Matt Gray, head of employer markets, Allianz Life. “The Allianz Lifetime Income+ Annuity marks a new way to design in-plan annuities with a flexible product design, streamlined connections with plan partners, and increasing income potential.”
Allianz is expanding into the defined contribution market as Americans say they want guaranteed income options in their employer-sponsored plan. In a 2022 Allianz Life study*, a majority of respondents (60%) said they would consider adding an annuity to their employer-sponsored plan if it was available. The vast majority of respondents (80%) said they would be interested in a product that can serve as a supplemental source of guaranteed income along with Social Security. Nearly three in four Americans (74%) said having an option that allowed them to build a protected foundation for lifetime income would increase their loyalty to their employer