Indexed Annuity Offers 15% Bonus

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.