Allianz Essential Income 7
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Learn how an annuity can provide guaranteed income for life.
Highlights
Essential Income 7 Annuity offers you principal protection from market loss, potential indexed interest, and the potential for tax-deferred growth. Plus, with a simple design that features one contract value, an easy-to-understand crediting method, and a built-in Income Benefit (at an additional cost), Essential Income 7 Annuity also provides:
- two index allocation options,
- an option for potentially increasing lifetime withdrawal percentages, and
- choices for receiving lifetime income withdrawals.
Income or accumulation benefits
- The Essential Income Benefit is included with the Essential Income 7 Annuity for an additional charge. It offers increasing income withdrawal percentages (beginning at age 45) until lifetime withdrawals begin or annuitization is started. It also offers a choice of two-income payment options: predictable payments and payments with the opportunity to increase. Once lifetime income withdrawals begin, access to penalty-free withdrawals is no longer available.
- Lifetime benefit withdrawals cannot begin before age 50.
- The annual benefit charge for the Essential Income Benefit is a percentage of the accumulation value, deducted monthly from the accumulation value, and guaranteed minimum value (in most states). The annual benefit charge percentage for the guaranteed minimum value is 1.05% for all contract years. The annual benefit charge percentage for the accumulation value is 1.05% for the first contract year. It can change each year during the next six contract years, but will not be more than 2.50%. After the seventh contract year, the annual benefit charge percentage will be 1.05% for all remaining contract years. The benefit charge will continue for the life of the contract even after lifetime income payments have begun.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
|
Type
|
Fixed Index
|
|---|---|
|
Term
|
7 Years |
|
Surrender schedule
|
8.5%8%7%6%5%4%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$10,000 |
|
Types of funds
|
Non-Qualified, 401k, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and TSP |
Brochure
|
Open brochure |
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.6%
Fixed
|
| 1-Year Bloomberg Dynamic Balance II PTP Cap |
Point to Point
Annual
|
5.5%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
5.5%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Essential Income Benefit Option 1 | Yes | 1.05% annually (2.50% max) |
| Essential Income Benefit Option 2 | Yes | 1.05% annually (2.50% max) |
| Essential Income Benefit Option 1 (DE) | Yes | 1.05% annually (2.00% max) |
| Essential Income Benefit Option 2 (DE) | Yes | 1.05% annually (2.00% max) |