How Allianz VisionSM New York Variable Annuity works
With an Allianz Vision New York Variable Annuity, you select the contract option, optional benefits, and investment options that fit your retirement strategy.
Base Contract Option: This option has a seven-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 nine-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 three year vesting schedule and is fully vested after 3 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 or Investment Protector rider, 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.
Investment Protector rider: An accumulation benefit that provides a level of protection for the principal you invest, with the potential to lock in a percentage of the highest annual contract value for a specific date 10 or more years in the future. For more details, including the current annual rider charge, please refer to the Investment Protector rider brochure.
Access your money
The Allianz Vision New York Variable Annuity Base Contract has a seven-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 nine-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 or Investment Protector rider must also be selected at issue. If an 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?