Annuities offer you flexibility, and with Allianz Dominator Plus there are additional
choices to help meet your needs. The following features and benefits are available
to you, some of which are optional and come at additional cost.
Beginning immediately, you can take up to 10% of your contract’s paid premium each
contract year in one or more surrender-penalty-free withdrawals. No surrender charge
is applied. If, within the same contract year of a free withdrawal, the contract
is surrendered, we will retroactively apply a surrender charge to any withdrawals
taken that contract year. This could result in a loss of fixed interest, and a partial
loss of principal.
Take a loan against your contract – You can take a contract loan for up to
50% of your cash surrender value (up to a maximum of $50,000). The loan interest
rate is 7.4% annually in advance. Loans are not available with IRA, SEP, or some
other qualified plans. Unpaid loans will be treated as partial surrenders, subject
to surrender charges and taxes, and will decrease the value of the contract and
its death benefit. Loans from nonqualified contracts may be subject to ordinary
income tax in the year that they are taken.
Required minimum distribution (for tax-qualified plans only) – Required minimum
distributions from a tax-qualified plan (IRA, SEP, etc.) will qualify as surrender-penalty-free
withdrawals if taken annually in December or monthly throughout the year. Contract
values and the amount available for free withdrawal will be reduced by the amount
of the distribution(s).
Retirement income options
You have several options if you wish to annuitize, or take income from your contract.
If you keep your contract in deferral for at least one year, your accumulation value
is available to you as installments for a guaranteed period, life, life with a guaranteed
period, selected amount, or joint and survivor.
If you keep your contract in deferral for at least five years, your accumulation
value is also available to you as an interest-only annuity payment option.
Surrendering your contract
You may request full surrender of your annuity at any time before you begin receiving
annuity payments from the contract. The surrender request must be written. If you
fully surrender your contract during the first 10 contract years, you will receive
the cash surrender value of your contract instead of the accumulation value, with
one exception: during the 30-day window that immediately follows your initial or
any subsequent GIR period, you will receive the full accumulation value. The cash
surrender value equals the greater of the guaranteed minimum value, or the accumulation
value less applicable surrender charges plus or minus the market value adjustment
(MVA). Surrender charges start at 9% on the date of contract issue, and decrease
by .075% each month over the first 10 contract years. Surrender charges do not start
over each time a new guaranteed interest rate period begins.
To learn more about the Allianz Dominator Plus Annuity, please consult your Allianz
financial professional or