NU Online News Service, Feb. 12, 2004, 12:22 p.m. EST – Allianz Life Insurance Company of North America, Minneapolis, has rolled out a new equity-indexed annuity.[@@]
The company’s 10% Bonus PowerDex Elite Annuity offers a 10% bonus on new premiums paid during the first 5 policy years.
Holders can tie annuity returns to the performance of the S&P 500 index, the Nasdaq 100 Index or a fixed-interest benchmark, or to the performance of a combination of 2 or more of those benchmarks, Allianz Life says.
The annuity contract includes written provisions that guarantee that holders will get their principal back, even if the market index goes down, Allianz Life says.
Other policy provisions can increase annuity payments or accelerate annuity payments if a holder becomes disabled or enters a nursing home.
Allianz Life will issue the annuity to applicants who are 85 and younger.
Allianz Life is a unit of Allianz A.G., Munich.