Is there an age limit?

Yes. To purchase an Allianz Benefit Control® Annuity The upper age limit is 80 years

What is the minimum amount required to purchase a contract? 

The minimum purchase amount is $20,000. The maximum amount without prior approval is is $1,000,000.

Can I increase my annuity premium?

You may increase your premium up to 18 months prior to signing your contract by an amount between $25 to $25,000, but larger increases are subject to our approval.

What is the Guaranteed Income Value (PIV)?

PIV determines the amount of lifetime withdrawal income you receive. This value includes PIV principal dividends and PIV interest dividends. If your beneficiary If your beneficiary receives payments for a period of five years or more, we will determine the amount of his or her payments based on PIV (depending on the death benefit limit). Please note Please note that this value cannot be withdrawn in a lump sum.

Can I cancel my PIV and/or AIM Supplemental Insurance?

You can cancel the PIV and Allianz Income Incremental (AIM) benefit riders at any time. However, since there is no additional charge for the PIV or AIM riders, there is no financial benefit to canceling the riders. Upon cancellation, you are deemed to have forfeited the ability to receive lifetime withdrawals under PIV. Cancellation of the supplemental insurance will not be reinstated.

What is the difference between Guaranteed Income Value (GIV) and Accumulated Value (AVC)?

The Guaranteed Income Value (PIV) determines the amount of your lifetime withdrawals (based on the death benefit limit) and your beneficiary’s share of the death benefit for at least five years. The Accumulation Value determines the amount of money you can take out of the contract in a lump sum after 10 contract years (what we call a “full withdrawal”) or the death benefit your beneficiaries can receive in a lump sum. The Accumulation Value reflects all the money you put into the annuity plus the interest credited to it, minus a portion of the MVA-adjusted withdrawal (for example withdrawals and fees). The Accumulation Value does not include any awards.

How can I withdraw money from my contract?

You can withdraw the accumulated value in your annuity in several ways.

Penalty-free withdrawals：
In the contract year following your most recent premium payment, you may make one or more withdrawals of up to 10% of your contract premium paid without paying a withdrawal fee or MVA; however, penalty-free withdrawals will still reduce your Accumulation Value accordingly, based on the amount you withdraw. Your PIV will also be reduced by the same percentage as the reduction in Accumulation Value.

Penalty-free withdrawals will also affect your indexed interest rate. If an index distribution has a positive interest rate at the end of a year, we will credit your contract for any free withdrawals you made from that index distribution earlier in the year for indexed interest (including PIV interest dividends). The interest amount will reflect the free withdrawals you left in the index distribution for that portion of the contract year.

Large withdrawals：
You may also make large withdrawals if you wish. For the first 10 years of your contract, if you withdraw more than 10% of the premiums paid, you will be charged a withdrawal fee, and a partial withdrawal fee and MVA will apply.