ALLIANZ 222® ANNUITY
Protection and flexibility
Allianz 222® Annuity offers many other valuable benefits and guarantees.
Protection Allianz 222 ® gives you the reassurance of a death benefit – and two ways for your beneficiary to receive it. The Protected Income Value, which includes a premium bonus and any interest bonuses, is available to your beneficiary if taken as annuity payments over a period of at least five years. Your beneficiary also has the option to receive the greater of the Allianz 222 ® accumulation value, the guaranteed minimum value, or the cumulative withdrawal amount as a lump sum. Allianz 222 ® also gives you principal protection . This means that your principal and credited interest are never at risk of market losses. That’s because you’re not actually buying any shares of a stock, bond, or index – so a market downturn cannot reduce your contract values. Of course, surrender charges and MVAs may apply if you take your money out before the end of the surrender charge period. Also, the contract’s values will be reduced with the purchase of any additional cost riders and the deduction of any applicable allocation charge. Flexibility Allianz 222 ® is designed to help you accumulate savings for retirement. That’s why we give you the flexibility of making additional premium payments until the first day of the 19 th month of your contract, or until the date annuity payments begin, whichever comes first.
Access
You can also access the money in your annuity. In the contract year following your most recent premium payment, you can take up to 10% of your contract’s paid premium each contract year in one or more withdrawals free of surrender charges, MVAs, and penalties. Penalty-free withdrawals will reduce your accumulation value by the dollar amount withdrawn. Your Protected Income Value (PIV) will be reduced by the same proportion the accumulation value was reduced. If the interest rate for an indexed allocation is positive at the end of any year, we will credit indexed interest (including the interest bonus to the PIV) to your contract for any free withdrawals you took from that index allocation earlier that year. The amount of interest will reflect the proportion of the contract year that your free withdrawal remained in the indexed allocations.
Surrendering your contract may result in a full or partial loss of any interest and a partial loss of principal.
If you wish, you may also take a larger withdrawal (partial surrender). Within your contract’s first 10 years, if you take out more than 10% of your contract’s paid premium in a contract year, we’ll apply a partial surrender charge and an MVA to the amount above 10% (the excess partial withdrawal).
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