Allianz Life Insurance Company of North has introduced the Allianz Endurance 15 Annuity contract.

The contract provides a 15% bonus on premiums paid during the first 3 years of the contract, according to Allianz Life, Minneapolis, a unit of Allianz S.E., Munich.

Contract owners can choose from a menu of 8 allocation options, including a blended index that incorporates international stock indexes and a bond index as well as a domestic stock index.

The contract also permits holders to choose between taking retirement income in the form of scheduled withdrawals, traditional annuity payments or lifetime annuity payments.

Holders who take withdrawals can start out taking out up to 10% of the “enhanced withdrawal benefit” each year. In some cases, “enhanced interest credits” can cause the maximum withdrawal amount to grow each year, Allianz Life says.

Consumers can suspend or restart payments as long as they do not exceed the maximum in any contract year.

Allianz Life will use the 15% bonus to increase the contract’s enhanced withdrawal benefit value.

The EWB value also receives a 110% “enhancement” on all fixed and indexed interest, Allianz Life says.

A contract holder can access the EWB value after 10 years of accumulation and over a period of at least 10 years, Allianz Life says.

Allianz Life is responsible for backing the product guarantees.

In related news, another Allianz S.E. unit, Allianz Life Insurance Company of New York, New York, has introduced the High Five New York Variable Annuity.

The Allianz High Five New York locks in any contract value gains on each contract anniversary, starting at year 1, and each “lock-in” establishes a new “guaranteed account value,” Allianz Life of New York says.

If the contract value on any contract anniversary ever falls below the GAV that was locked in 5 years before, Allianz Life of New York will add money to the contract, “truing it up” to equal that GAV and establishing a new contract value, Allianz Life of New York says.

The contract also offers a guaranteed return of principal, less any reductions for previous withdrawals, for purchase payments that have been in the contract for at least 5 years, Allianz Life of New York says.

The product guaranteed withdrawal benefit relies on a GWB value that is equal to total purchase payments, less any reductions for partial withdrawals.

Starting after the third contract year, the GWB lets the contract holder withdraw up to 10% of total purchase payments, penalty-free, each contract year.

Allianz Life of New York is responsible for backing the New York contract guarantees.