Holders of a new indexed annuity can peg returns to a blend of several different investment benchmarks.

Alliance Life Insurance Company of North America, Minneapolis, a unit of Allianz A.G., Munich, says the new Allianz VersaDex Annuity contract offers a choice of traditional annuitization after 5 years, full accumulation withdrawal with no surrender charges after 7 years, or 2 different “enhanced withdrawal benefit” options.

Contract holders who use the EWB options take partial withdrawals that are subject to ordinary income taxes.

One EWB option offers guaranteed access to a stream of withdrawals that is supposed to last a lifetime. The other lets a holder withdraw 10% of the EWB value during the first years of withdrawals and then start taking a stream of ordinary withdrawals.

The EWB value includes a 10% bonus on premium and a 110% enhanced interest rate, Allianz Life says.

Holders can choose between a true fixed rate; a rate based on the performance of the S&P 500 or the Nasdaq-100; or a blended index that includes 2 domestic stock indices, an international stock index and a bond index.

Contract owners also can take annual penalty-free partial withdrawals of up to 10% of the total premium paid, Allianz Life says.

Allianz Life is responsible for backing the product guarantees.