ALLIANZ BENEFIT CONTROL® FIXED INDEX ANNUITY
Your important questions answered
Are there age limits? Yes. The maximum age for buying an Allianz Benefit Control ® annuity is 80. What is the minimum amount required to purchase a contract? The minimum purchase payment is $20,000. The maximum amount is $1,000,000 without prior approval. Can I add premium to my annuity? You may add more premium for the first 18 contract months in any amount between $25 and $25,000, unless we approve a larger amount. What is the protected income value (PIV)? The PIV determines the amount of lifetime withdrawal income you receive. This value receives both a PIV premium bonus and PIV interest bonus. If your beneficiary receives payments over five years or more, we use the PIV to determine their payment amount (subject to any death benefit limit). Please note that you can’t withdraw this value in a lump sum. Can I cancel the PIV and/or AIM rider? You may cancel the PIV and Allianz Income Multiplier (AIM) benefit rider at any time. But since there is no additional charge for the PIV or AIM riders, there is no financial benefit to canceling them. By canceling, you forfeit the ability to receive lifetime withdrawals based on the PIV. Once these riders are canceled, they may not be reinstated. What is the difference between the protected income value and the accumulation value? The protected income value (PIV) determines the amount of your lifetime withdrawals, as well as the death benefit your beneficiary(ies) will receive (subject to any death benefit limit) if they spread it out over at least five years. The accumulation value, on the other hand, determines how much you would receive if you took all of the money out of your contract in a lump sum anytime after 10 contract years (we call this a
“full withdrawal”), or if your beneficiary(ies) took the death benefit in one single payment. The accumulation value reflects all the money you put into the annuity plus any interest credited, minus any money taken out (such as withdrawals and any charges) adjusted by any partial MVAs. The accumulation value does not include any bonuses. How can I take withdrawals from my contract? There are several ways you can access the accumulation value in your annuity. Penalty-free withdrawals: In the contract year following your most recent premium payment, you can take up to 10% of your contract’s paid premium in one or more withdrawals without having to pay withdrawal charges or MVAs. However, penalty-free withdrawals will still reduce your accumulation value by the dollar amount you withdraw. Your PIV will also decrease by the same proportion the accumulation value was reduced. Free withdrawals can also affect your indexed interest. 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 portion of the contract year that your free withdrawal remained in the indexed allocations. Larger withdrawal: If you wish, you may also take a larger withdrawal. During your contract’s first 10 years, there are withdrawal charges so, if you take out more than 10% of your paid premium, a partial withdrawal charge and an MVA will be applied.
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