ALLIANZ 222® ANNUITY
Questions and answers
When can I begin taking lifetime income withdrawals from my Protected Income Value (PIV)? After 10 contract years and after you have reached your 60 th birthday, you can request lifetime income withdrawals from the PIV on your next contract anniversary. Regardless of when your lifetime income withdrawals begin, they are considered partial withdrawals and may be subject to ordinary income tax. Can I add premium to my annuity? You may add premium to your annuity until the first day of the 19 th month of your contract, or until the date annuity payments begin, whichever comes first. You will begin to earn interest on your PIV immediately in your contract’s interim interest allocation until the following contract anniversary. At that time your additional premium will be applied to your current premium allocations. What if I want to surrender my contract? Although your annuity may permit penalty-free withdrawals on a portion of the value, to avoid penalties you’re generally required to leave your money in the annuity for a specified period of time, usually referred to as the surrender charge period. If you fully surrender your annuity contract at any time, this Protected Income Value rider and the Allianz Income Multiplier Benefit 1 rider will no longer be in force, and you will receive your contract’s cash surrender value. The cash surrender value does not include any premium bonus, interest bonus, or interest earned on the bonuses.
Can I take annuity payments instead of lifetime income withdrawals?
Yes. If you choose annuity payments, your annuity payment amount will be based on the greater of the accumulation value or the cash surrender value of your contract, not the Protected Income Value. In most cases, the Protected Income Value may provide you with an annual maximum amount that is greater than the annual annuity payment amount you would receive based on your accumulation value.
Can I cancel the protected income value rider?
You can cancel the Protected Income Value rider anytime. By canceling the rider, you forfeit the ability to receive lifetime withdrawals based on the Protected Income Value, including the premium bonus and interest bonus. Also, the Allianz Income Multiplier Benefit rider will terminate. Once the riders are terminated, they may not be reinstated. Since there is no additional charge for the PIV or AIM riders, there is no financial benefit to canceling. Can I take less than my annual maximum lifetime income withdrawal? Yes. Once you begin taking lifetime income withdrawals, you can choose to take less than your annual maximum. We keep track of the amount that’s “left over.” The amount that is left over is called the cumulative withdrawal amount and does not increase with interest earned. This feature allows you to take any or all of that remainder at any time. If the cumulative withdrawal amount should ever equal or exceed your accumulation value, the Allianz Income Multiplier Benefit 1 rider will terminate.
1 The Allianz Income Multiplier Benefit is not available in Hawaii and Connecticut. 10
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