Allianz Life Insurance Company of New York has unveiled a new index variable annuity (IVA) product that provides balance with potential growth and protection as well as a built-in death benefit.

Dubbed as Allianz Index Advantage New York Variable Annuity, the IVA provides a mixture of traditional variable options with an index strategy, claims the insurer.

Allianz Life chief distribution officer Tom Burns said: "Allianz Index Advantage New York gives customers an opportunity to build a solid retirement foundation by offering balance for their portfolio.

"Our IVA is a significant addition to the New York variable annuity market because it offers unique opportunities for growth and protection."

The IVA features index performance strategy, which provides customers a level of asset protection for the principal investment while maintaining the potential for higher performance.

In addition, the index performance strategy enables accumulation-focused customers to carry the accumulation strategy that suits them each year whether there is positive or negative performance.

The company said that the customer will earn a credit during a year of positive performance that is equal to the annual index return, up to the annual cap, subject to significant change annually on the Index Anniversary and will never be less than 1.50%.

With this new IVA, customers have the opportunity for a greater return than traditional fixed index annuities by offering higher limits or caps.

Allianz Life Insurance Company of New York operates as a wholly owned subsidiary of Allianz Life Insurance Company of North America.