Allianz Life Insurance Company of North America has unveiled the Signature 7 Annuity, which offers accumulation potential and access to savings after seven years.

Exclusively available to financial professionals working with the Allianz Preferred platform, Signature 7 is the first Allianz Preferred FIA designed for retirement accumulation with a seven-year decreasing surrender charge period.

Available across 41 states in the US, the Signature 7 can help create retirement savings with protection of principal from market downturns, valuable guarantees and a death benefit.

Allianz Life sales senior vice president Eric Thomes said, "The Allianz Signature 7 Annuity is designed for Americans seeking higher accumulation potential for their retirement savings.

"This FIA can also help prepare customers for the secure retirement they desire by providing them with flexible options."

Signature 7 helps consumers to deal with the requirements before and during retirement. Before retirement, the Allianz Signature 7 allows customers to collect retirement savings through indexed interest based on changes in several external market indexes of their choice.

The Signature 7 also caters flexible options for customers to access their money and if they need access along the way to retirement, the annuity offers 10% penalty free withdrawals in any year even if no premium is received.

When they are ready for retirement, customers can access steady, predictable income with annuity income options, or, the full contract value can be given to customers as a lump sum without surrender charges after seven contract years.