A new variable annuity option will offer purchasers a 10% annual increase on their purchase payments.
Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, is making the 10% annual increase available with its Lifetime Plus 10 Benefit.
The company also is introducing a cumulative withdrawal benefit feature.
The new options are approved for sale in more than 40 states, Allianz says.
In addition to offering a 10% annual increase, the Lifetime Plus 10 Benefit option provides an automatic quarterly reset of the 10% annual increase, Allianz says.
When the customer is ready to take income, the Lifetime Plus 10 Benefit works the same way as the current Lifetime Plus Benefit, Allianz says.