Allianz Benefit Control
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Highlights
The Allianz Benefit Control Annuity is a fixed index annuity which has a 10 year surrender charge period. Allianz Benefit Control Annuity offers principal protection from market downturns, tax deferral, accumulation potential, flexibility, multiple allocations options, and access to the full accumulation after 10 years.
There are two types of bonuses credited to the contract’s Protected Income Value (PIV).
First, a premium bonus will be credited to any premiums in the first 18 months. Next, through an innovative feature we call the Bonus Control Benefit, can choose between the following options prior to income election:
There are two types of bonuses credited to the contract’s Protected Income Value (PIV).
First, a premium bonus will be credited to any premiums in the first 18 months. Next, through an innovative feature we call the Bonus Control Benefit, can choose between the following options prior to income election:
- Accelerated PIV interest bonus
- Balanced PIV interest bonus
To receive the Protected Income Value, including any premium bonuses and interest bonuses, clients must begin receiving lifetime withdrawals between the ages of 50 and 100.
Anytime after age 50, your client can access the Protected Income Value immediately or on any monthly anniversary by electing either single or joint lifetime withdrawals.
Both the premium bonus and interest bonus are credited only to the Protected Income Value (PIV). To receive the PIV, including the value of these bonuses, lifetime withdrawals must be taken. The PIV is not available as a lump sum. You will not receive these bonuses if the contract is fully surrendered or if traditional annuitization payments are taken. If it is partially surrendered the PIV will be reduced proportionally, which could result in a partial loss of bonuses.
To receive the Allianz Income Multiplier Benefit, you must be 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). The ADLs are bathing, continence, dressing, eating, toileting, and transferring. Confinement must occur after the first contract year and either during the contract year before the start of lifetime income withdrawals or at any time thereafter.
Income multiplier benefit rider fee: None
MY (Multi-Year) Point-to-Point Crediting
MY (multi-year) point-to-point crediting methods may be a good choice for clients with a longer time horizon, while still offering short-term control with Index Lock.
MY point-to-point crediting offers two options: a 2-year or 5-year crediting period. And whichever option your clients choose, the participation rates are guaranteed until the end of the crediting period.
But remember that your clients don't have to wait until the end of the crediting period. If they see an index value they like, they can lock in that value with Index Lock.
Allocation Charge
Annual point-to-point, 2-year MY point-to-point, and 5-year MY point-to-point crediting methods are subject to an allocation charge, deducted annually from the contract accumulation value and guaranteed minimum value (in most states). The current allocation charge percentage is 0.00%. After contract issue, the allocation charge percentage can only change when specified criteria are met, and can never be greater than the maximum allocation charge percentage of 2.5%.
To receive the Allianz Income Multiplier Benefit, you must be 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). The ADLs are bathing, continence, dressing, eating, toileting, and transferring. Confinement must occur after the first contract year and either during the contract year before the start of lifetime income withdrawals or at any time thereafter.
Income multiplier benefit rider fee: None
MY (Multi-Year) Point-to-Point Crediting
MY (multi-year) point-to-point crediting methods may be a good choice for clients with a longer time horizon, while still offering short-term control with Index Lock.
MY point-to-point crediting offers two options: a 2-year or 5-year crediting period. And whichever option your clients choose, the participation rates are guaranteed until the end of the crediting period.
But remember that your clients don't have to wait until the end of the crediting period. If they see an index value they like, they can lock in that value with Index Lock.
Allocation Charge
Annual point-to-point, 2-year MY point-to-point, and 5-year MY point-to-point crediting methods are subject to an allocation charge, deducted annually from the contract accumulation value and guaranteed minimum value (in most states). The current allocation charge percentage is 0.00%. After contract issue, the allocation charge percentage can only change when specified criteria are met, and can never be greater than the maximum allocation charge percentage of 2.5%.
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 |
|---|---|
| Purpose | Lifetime Income |
|
Term
|
10 Years |
|
Surrender schedule
|
9.3%9.3%8.3%7.3%6.25%5.25%4.2%3.15%2.1%1.05% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$20,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, 401k, IRA, IRA Rollover, IRA Transfer, SEP IRA, KEOGH, IRA-Roth, SIMPLE IRA, 1035 Exchange, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the Allianz Benefit Control is the right product for you.
Premium Notes
Initial Premium
The minimum initial premium payment is $20,000 for qualified and nonqualified money.
Flexible Premium
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. Flexible premium Payments available via lump sump or systematic payments during funding window (monthly, quarterly, semiannually or annually).
The minimum initial premium payment is $20,000 for qualified and nonqualified money.
Flexible Premium
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. Flexible premium Payments available via lump sump or systematic payments during funding window (monthly, quarterly, semiannually or annually).
Notes:
- Allianz takes TSP (Traditional savings plans) as a direct rollover to an IRA.
- Allianz accepts Roth IRA conversions:
While a Roth IRA conversion does create ordinary income in the year of conversion, as long as the distributions from the Roth IRA are qualified, all growth after that is income-tax-free. Generally, if the taxpayer anticipates being subject to higher tax rates in the future than the taxpayer is subject to today, Roth IRA conversions might help the client ultimately have a source of income that is free from income taxes in retirement. Converting a qualified plan or Traditional IRA to a Roth IRA is a taxable event.
Withdrawal Provisions
Flexible Withdrawal Benefit Rider
Allows your clients a one-time lump-sum withdrawal payment in any amount up to the contract's accumulation value should they, anytime after the first contract year, become confined to an eligible nursing home, assisted living facility, or hospital for 30 of 35 consecutive days. The rider must be chosen at the time of application and there is an additional annual cost for the rider. Available in most states.
Free Withdrawals
In the contract year following the most recent premium payment, up to 10% of the contract's premium paid, minus withdrawals, can be withdrawn each contract year without incurring withdrawal charges or MVA or penalties; maximum is cash surrender value.
Allows your clients a one-time lump-sum withdrawal payment in any amount up to the contract's accumulation value should they, anytime after the first contract year, become confined to an eligible nursing home, assisted living facility, or hospital for 30 of 35 consecutive days. The rider must be chosen at the time of application and there is an additional annual cost for the rider. Available in most states.
Free Withdrawals
In the contract year following the most recent premium payment, up to 10% of the contract's premium paid, minus withdrawals, can be withdrawn each contract year without incurring withdrawal charges or MVA or penalties; maximum is cash surrender value.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2.9%
Fixed
|
| 2-Year Bloomberg US Dynamic Balance II ER MY PTP Participation Rate |
Point to Point
Biennial
|
165%
Participation
|
| 2-Year PIMCO Tactical Balanced ER MY PTP Participation Rate |
Point to Point
Biennial
|
160%
Participation
|
| 2-Year S&P 500 Futures Daily Disk Control 5% MY PTP Participation Rate |
Point to Point
Biennial
|
175%
Participation
|
| 5-Year Bloomberg US Dynamic Balance II ER MY PTP Participation Rate |
Point to Point
5-Year
|
260%
Participation
|
| 5-Year PIMCO Tactical Balanced ER MY PTP Participation Rate |
Point to Point
5-Year
|
255%
Participation
|
| 5-Year S&P 500 Futures Daily Disk Control 5% MY PTP Participation Rate |
Point to Point
5-Year
|
275%
Participation
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
1.7%
Cap
|
| 1-Year Bloomberg US Dynamic Balance II PTP Spread |
Point to Point
Annual
|
2.85%
Spread
|
| 1-Year PIMCO Tactical Balanced PTP Spread |
Point to Point
Annual
|
3.1%
Spread
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
4.75%
Cap
|
| 1-Year BlackRock iBld Claria PTP Spread |
Point to Point
Annual
|
2.6%
Spread
|
| 1-Year BlackRock iBld Claria PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year Bloomberg US Dynamic Balance II PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year PIMCO Tactical Balanced PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year BlackRock iBld Claria ER PTP Participation Rate |
Point to Point
Annual
|
115%
Participation
|
| 1-Year Bloomberg US Dynamic Balance II ER PTP Participation Rate |
Point to Point
Annual
|
105%
Participation
|
| 1-Year PIMCO Tactical Balanced ER PTP Participation Rate |
Point to Point
Annual
|
100%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Allianz Benefit Control Accelerated PIV rider | Yes | |
| Allianz Benefit Control Balanced PIV rider | Yes | |
| Allianz Benefit Control Accelerated PIV rider (AL, CT, HI, MD, NJ, OR, PA, UT, WA) | Yes | |
| Allianz Benefit Control Balanced PIV rider (AL, CT, HI, MD, NJ, OR, PA, UT, WA) | Yes |
Waivers
Hospital
After one year of deferral, should the owner enter a qualifying nursing home or hospital, or any combination of the two, for 30 out of 35 consecutive days, the owner can take the accumulation value as annuity payments over at least five years. There is no fee to this benefit. Available in most states.
Nursing Home
After one year of deferral, should the owner enter a qualifying nursing home or hospital, or any combination of the two, for 30 out of 35 consecutive days, the owner can take the accumulation value as annuity payments over at least five years. There is no fee to this benefit. Available in most states.
ADL
Contact us to get more information about this waiver.
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