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Allianz Essential Income 7

In the complex world of retirement planning, annuities stand out as a popular choice for those seeking steady income streams in their golden years. Amidst a crowded market, a few annuity companies have distinguished themselves through their robust financial strength, customer service excellence, and diverse product offerings.

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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

Allocation Accounts

Name Type Rates
1-Year Fixed Account
3.6% Fixed
1-Year Bloomberg Dynamic Balance II PTP Cap
Point to Point
5.5% Cap
1-Year S&P 500 PTP Cap
Point to Point
5.25% Cap

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 9% 8% 7% 6% 5% 4% 3%


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)