Allianz Life Insurance Company of North America has announced that its new Allianz MasterDex X Annuity is available for sale in 27 states.

This new fixed index annuity product is claimed to offer the consumer creative retirement planning options and guaranteed lifetime income benefits.

In addition to the features offered in other fixed index annuities, such as indexed interest crediting, tax deferral, and a variety of income options, the Allianz MasterDex X is claimed to offer consumers an ‘X Factor’, or ‘Power of 10’, a 10% premium bonus with a 10-year vesting schedule, which can provide a jump-start to their retirement planning, along with other features such as 10% free withdrawals after the first year, and a 10-year decreasing surrender charge, according to Allianz.

In addition, Allianz said that it has introduced the optional simple income rider, which offers consumers a bonus to their simple withdrawal value equal to 12% of their premium, credited each year the consumer does not take any withdrawals.

Eric Thomes, senior vice president of sales at Allianz Life Insurance of North America, said: The MasterDex X Annuity offers the consumer the potential for indexed interest, as well as flexible, yet predictable, income options that can be tailored to fit their specific needs.