Allianz Life Insurance Company of North America has enhanced its Allianz Vision Variable Annuity. New options include the Lifetime Plus 10 Benefit and a Cumulative Withdrawal Benefit feature.
The company said that, a deferred variable annuity, Allianz Vision is designed with the goal of providing retirement income guaranteed for life and offering the potential to increase income in varying market conditions through an innovative annual payment increase. Allianz Vision Variable Annuity is available through numerous third-party broker and dealer channels (independents, banks, wirehouses). The new enhancements are approved for sale in more than 40 states.
The new enhancements are expected to enable consumers to further customize an Allianz Vision Variable Annuity to suit their needs. The optional Lifetime Plus 10 Benefit offers consumers another way to build assets with a 10% annual increase on their purchase payments, said Allianz. It also provides an automatic quarterly reset of the 10% annual increase. When the customer is ready to take income, the Lifetime Plus 10 Benefit works the same way as the current Lifetime Plus Benefit: the consumer’s income is guaranteed for life and they have an opportunity for additional income increases even during periods of poor market performance, added Allianz.
The Cumulative Withdrawal Benefit, available in all of the optional Lifetime Plus Benefits, is claimed to offer consumers the flexibility to design the income payments the way they want to receive them. Consumers can choose to take less than the Maximum Lifetime Plus payments and accumulate the difference in the Cumulative Withdrawal Value to use by the owner when they need it. This added flexibility allows them to design an income strategy to meet their needs. This added feature does not increase the additional charge of any of the Lifetime Plus Benefits.