How Allianz VisionSM New York Variable Annuity works
With an Allianz Vision New York Variable Annuity, you select the contract option, the optional benefit, if it is appropriate for you, and investment options that fit your retirement strategy.
Base Contract Option: This option has a 7-year withdrawal charge schedule on each purchase payment, for an annual mortality and expense (M&E) risk charge of 1.40%.
Bonus Contract Option: This option offers a bonus on each purchase payment (prior to age 81) and has a 9-year withdrawal charge schedule on each purchase payment, for an annual M&E charge of 1.90%. As with all bonus variable annuities, please understand that they may carry higher fees and charges than variable annuities without the bonus option.
Each bonus is subject to a 3-year vesting schedule and is fully vested after three years.
The M&E charge for each contract option is assessed against the net asset value of each investment option.
Issue age and minimum
You must be between the ages of 0-80 in order to purchase Allianz Vision New York Variable Annuity.
The minimum initial purchase payment is $10,000 for qualified and nonqualified contracts.
You'll need to work with your financial professional to design an investment portfolio that aligns with your long-term retirement goals.
When the optional Income Protector is added to your contract, allocation of your contract value to aggressive investment options will be limited. This may limit some of the upside potential and downside risk to your contract.
Income or accumulation benefits
Income Protector rider: A lifetime income benefit that guarantees income for as long as you live in the form of withdrawals, with access to your contract value for a period of time. For more details, including the current annual rider charge, please refer to the Income Protector rider brochure.
Access your money
The Allianz Vision New York Variable Annuity Base Contract has a 7-year withdrawal charge schedule for each purchase payment (8.5%, 8.5%, 7.5%, 6.5%, 5.0%, 4.0%, 3.0%, 0%.). The Bonus Contract has a 9-year withdrawal charge schedule for each purchase payment (8.5%, 8.5%, 8.5%, 8.0%, 7.0%, 6.0%, 5.0%, 4.0%, 3.0%, 0%).
Your contract also includes:
- Fee-free withdrawals of up to 12% of your purchase payments each contract year without a withdrawal charge.1 Not available on a full withdrawal. Upon a full withdrawal, any previous penalty-free withdrawals may still be subject to a withdrawal charge.
- Withdrawal charge waiver, if you need nursing home care any time after the first contract anniversary. The nursing home waiver may not be available in all states. The waiver is effective when the owner becomes confined to a nursing home for a period of at least 90 consecutive days and a physician certifies that continued confinement is necessary.
You have several options for your annuity payout:
- life with period certain
- joint and last survivor
- joint and last survivor with period certain
- refund life
Traditional Death Benefit: Prior to receiving your entire contract value or annuitizing your contract, your beneficiaries will receive the greater of your contract value, or purchase payments adjusted for withdrawals upon the first death of an owner named at issue. You can instead select the optional Maximum Anniversary Death Benefit for an additional M&E charge.
Maximum Anniversary Death Benefit: Upon the first death of an owner named at issue, it provides beneficiaries the greatest of the highest contract anniversary value that occurs before the older owner's 91st birthday (adjusted for withdrawals), current contract value, or purchase payments (adjusted for withdrawals). Available for an additional M&E charge of 0.30%. Please note: In order to select this benefit, the Income Protector rider must also be selected at issue. If the optional rider is removed and not simultaneously replaced, the Maximum Anniversary Death Benefit no longer locks in the highest contract anniversary value and the M&E charge is no longer assessed for this benefit.
Changing ownership on the contract can reduce or eliminate these death benefits.
1Any withdrawals will reduce your optional benefits by the percentage of the contract value withdrawn. Any unused portion of the free withdrawal does not carry from one year to the next. Any gains withdrawn are considered ordinary income for tax purposes and, if taken prior to age 59½, may be subject to a 10% federal additional tax.
Talk to your registered representative to see if Allianz Vision New York Variable Annuity is appropriate for you. Here are some questions they can help answer:
- Are the annuity income or purchase payments protected?
- How can this product fit into my overall portfolio?
- Are there guarantees available with this product?
- What else should I consider that might impact my retirement?
This information reflects contracts and benefits available on or after 4/29/2013. Contracts and riders issued before 4/29/13 may have different charges and features, and the guaranteed values may be calculated and applied differently. Please refer to the product prospectus for further information.
Investing in a variable annuity may be the answer for part of your overall retirement strategy. A variable annuity offers a unique combination of features, including market participation through a variety of investment options; tax-deferred growth opportunities; and optional protection benefits that can provide certain accumulation, income, and beneficiary guarantees for an additional cost. Please note that we no longer offer any variable life insurance products.
Variable annuities are subject to investment risk, including loss of principal, and contract values fluctuate daily. Investment returns and principal value will fluctuate with market conditions so that units, upon distribution, may be worth more or less than the original cost.
Purchasing an annuity within a retirement plan that provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. All annuity features, risks, limitations, and costs should be considered prior to purchasing an annuity within a tax-qualified retirement plan.
Withdrawals will reduce the contract value and the value of any protection benefits. Withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10% federal additional tax.
For more complete information about Allianz Life Insurance Company of New York (Allianz Life® of NY) variable annuities and variable options, call your financial professional or Allianz Life Financial Services, LLC at 800.729.9743 for a prospectus. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuity and variable options, which you should carefully consider. Please read the prospectuses thoroughly before sending money.
Guarantees are backed by the financial strength and claims-paying ability of the issuing company. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF
Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. In New York, products are issued by Allianz Life Insurance Company of New York, 28 Liberty Street, 38th Floor, New York, NY 10005-1422, and are distributed by their affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. (L40529-NY01, L40530-NY01, L40534-01-NY01, L40535-01-NY01)
In the state of New York, only Allianz Life Insurance Company of New York is authorized to offer annuities and life insurance. www.allianzlife.com/new-york
Product and features are available only in New York and may vary by broker/dealer.