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.