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March 12, 2020 at 03:43 PM
Allianz Life Insurance Company of North America has introduced the Allianz Benefit Control Annuity contract.
(Related: Brighthouse Adds Indexed Annuity: Annuity Product Update)
The product is an indexed annuity that’s filed as a non-variable product.
The product gives the holder the ability to begin income on any monthly contract anniversary after age 50, with no minimum waiting period, according to Allianz Life.
While the client is accumulating assets, the client can choose between two options for how to grow the contract’s “protected income value,” or PIV.
One option, the Accelerated PIV Interest Bonus option, provides a 250% interest bonus to the PIV, along with a 50% interest factor added to the accumulation value, according to Allianz Life.
That option is aimed at clients who plan to take lifetime withdrawals in the future, Allianz Life says.
The second option, the Balanced PIV Interest Bonus option, provides a 150% PIV interest bonus and a 100% accumulation value interest factor, Allianz Life says.
The second option may have more appeal for clients who will eventually withdraw the accumulation value in the form of a lump sum, Allianz Life says.
Allianz Life is a Minneapolis-based arm of Allianz SE of Munich.
