Allianz Life introduces new features for Allianz Index Advantage+ variable annuities

MINNEAPOLIS – May 1, 2023 – Allianz Life Insurance Company of North America introduced significant enhancements to its Allianz Index Advantage suite of Registered Index Linked Annuities (RILAs). Beginning today, Allianz Life is launching three refreshed products:

• Allianz Index Advantage+^SM Variable Annuity: Includes enhanced Performance Lock flexibility and simpler crediting method terminology.
• Allianz Index Advantage + Income^SM Variable Annuity: Income Multiplier Benefit allows investors to withdraw up to twice their annual maximum income payment to help pay for needed care.
• Allianz Index Advantage+ NF^SM Variable Annuity: Three- and six-year term index options with the Index Performance Strategy give clients long-term growth potential and participation rates that allow the potential for a higher Performance Credit than the index return.

“This refreshed set of products builds on Allianz Life’s 10 years of innovation in the RILA space,” said Corey Walther, President, Allianz Life Financial Services, LLC. “Clients are looking for growth potential with a flexible level of protection on the downside. Our Index Advantage + series offers all of that combined with enhanced flexibility and simplicity.”

Lock and get back in

All Allianz Index Advantage + products include an Early Reallocation feature: Lock and Get Back In. This feature allows clients who have executed a Performance Lock to reallocate their locked Index Option Values, beginning a new Term without having to wait until the next Index Anniversary. Rather than remaining locked through the end of the index year, clients can get back in and participate in Index Returns.

Performance Lock has been a feature of Allianz Life registered index-linked annuities for several years, and has helped thousands of investors¹ lock in a level of return shielded from subsequent potential market downturns. Performance Lock allows investors to “lock in” their Index Option Value at a given point in time during their specified term, thus helping protect them from possible declining returns during the remainder of their index year.

But what about the possibility of improving market returns after an investor has “locked.” With Lock and Get Back In, investors can, in effect, “unlock” their locked index option(s) and reset their index value at a new level, which will be in effect for a specified term of their choice), plus whatever time is remaining in the current index year. Clients can lock and then get back in right away, or get back in during specified times during the remainder of the index year subject to certain restrictions. With Lock and Get Back In, investors get two chances to participate in potentially future upside market returns.

Income multiplier benefit

The Allianz Index Advantage + Income Variable Annuity also includes Income Multiplier Benefit, a unique feature that allows clients to withdraw up to twice their annual maximum income payment to pay certain acute and long-term care needs. Income Multiplier Benefit is automatically included at no additional cost with the Income Benefit rider that is automatically included with the contract for an additional 0.70% annual rider fee.

In addition, Allianz Index Advantage+ NF offers Index Performance Strategy Index Options that are not available on the current Allianz Index Advantage NF product, including a 3-year term with 20% buffer, and a 6-year term with 10% buffer.

“These new features are designed to make it easier for investors to feel confident about their opportunities to participate in market returns while ensuring a level of income in retirement,” said Walther. “Ten years after entering the RILA business, Allianz Life is continuing to bring new innovation and flexibility to the market.”