Two ways to receive income increases
Allianz 222® Annuity provides income for life – plus an opportunity for payment increases. When you are ready to begin income withdrawals (anytime after 10 contract years), you can access your PIV in the form of payments that last as long as you live. The initial annual maximum amount is a percentage of your Protected Income Value and is based on your age when payments begin. You also have the flexibility to take less than your annual maximum each year. We keep track of the amount left over in your contract’s cumulative withdrawal amount. You can choose to take lifetime income withdrawals beginning at age 60. If joint lifetime withdrawals are chosen, the age of the younger person will be used.
Your income can also increase to help pay for your care Allianz 222 ® comes with a built-in benefit rider that can increase your income withdrawals when you may need it most. The Allianz Income Multiplier Benefit 1 rider allows you to withdraw up to double your annual maximum if you become confined to a qualified hospital, nursing facility, or assisted living facility for at least 90 days in a consecutive 120-day period or if you are unable to perform at least two of the six activities of daily living (ADLs):
• Bathing • Dressing • Toileting
• Continence
• Eating
• Transferring
To be eligible for this benefit, you cannot be confined prior to your first contract anniversary. To be eligible via activities of daily living, a physician must certify that you are unable to perform at least two of the six ADLs. Diagnosis must occur during the contract year prior to beginning lifetime income withdrawals or any time thereafter. The benefit is available after the 10 th contract year, and lifetime withdrawals must be taken to receive the increased annual maximum. The Allianz Income Multiplier Benefit 1 rider will terminate when the contract or the Protected Income Value rider terminates, or on the contract anniversary on or after the date on which the accumulation value equals zero or the patient fully recovers. You can also annuitize your contract. You can choose to receive annuity payments based on your choice of several annuity options. If you use a traditional annuitization option after five contract years, your annuity payments are based on your accumulation value, which does not include the premium and interest bonuses. These annuity options can have certain tax advantages ; please consult your tax advisor for details.
Single life payment
Joint life payment
Age
60-69
5.00%
4.50%
70-79
5.50%
5.00%
80-100
6.00%
5.50%
After your lifetime withdrawals begin, your income payments will have the opportunity to increase following each year your contract earns interest, including the 150% interest bonus factor. As long as you don’t take other withdrawals, your payment is guaranteed to never decrease.
1 The Allianz Income Multiplier Benefit is not available in Hawaii and Connecticut. Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
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