A new indexed annuity offers a 10% premium bonus with a 10-year vesting schedule.
Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, Germany, says the Allianz MasterDex X Annuity is now available for sale in 27 states.
Allianz Life is calling the combination of the 10% premium bonus and the 10-year vesting schedule an “X Factor,” or “Power of 10,” feature.
Holders can take 10% free withdrawals after the first contract year.
The annuity comes with a 10-year decreasing surrender charge.
An optional Simple Income Rider offers a bonus to the simple withdrawal value equal to 12% of premium, credited each year the annuity holder does not take any withdrawals.
The product guarantees are backed by Allianz Life.