A new fixed indexed annuity includes allows retirement income to increase and be made available after 5 years.

Offered by Allianz Life Insurance Company of North America, Golden Valley, Minn., and approved in 40 states, the policy is designed for pre-retirees. Called Endurance Elite, it also includes traditional fixed annuity features such as principal protection and tax-deferral of accumulation value.

The company says the policy’s income features include:

- Access to full accumulation value or income payments after 5 years, or a choice of letting the contract continue to accumulate.

- A built-in income benefit value at no extra charge that includes a 10% premium bonus.

- Lifetime income payments, based on the income benefit value, with the opportunity for increases each year.

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life, the company says.