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VSN-103
Allianz VisionSM Variable Annuity
Allianz Life Insurance Company of North America
Investment Protector
Get protection with growth potential.
Page 1 of 12
This brochure is designed to provide you with an overview of the optional Investment Protector rider (05.10) available with Allianz Vision deferred variable annuity.
This material must be preceded or accompanied by
the client product overview and a current prospectus
for Allianz VisionSM Variable Annuity.
Call your financial professional or Allianz Life Financial
Services, LLC, member FINRA, at 800.624.0197 to obtain
a prospectus about Allianz variable investment
options. The prospectuses contain details on
investment objectives, risks, fees, and expenses, as
well as other information about the variable annuity
and variable investment options, which you should
carefully consider. Please read the prospectuses
thoroughly before sending money.
Build it.
Use it.
Pass it on.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America (Allianz) and do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
Products are issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA.
Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF
Product and feature availability may vary by state and broker/dealer.
Page 2 of 12
Retirement has changed – and so has your role in preparing for it. The erosion of traditional sources of retirement income – pensions and Social Security – coupled with a longer life expectancy (and potentially more years in retirement) places a greater responsibility on you to provide the funding for the lifestyle you want.
And with this new responsibility comes new concerns: the effects of a volatile market on your accumulated assets and the potential impact of inflation on your future purchasing power.
Are you ready for life’s financial turning points?
Build it.
Use it.
Pass it on.
1
So as you move through life’s financial turning points – from building assets, to using them to fund a long-term retirement, to passing on a legacy to your loved ones – meeting your financial goals requires more planning and commitment than ever before.
Page 3 of 12
Investment Protector rider at a glanceThe Investment Protector rider is an accumulation benefit that provides a level of protection for the principal you invest – while locking in your highest annual contract value for a specific date 10 or more years in the future.
2
Investment Protector
Build it.Accumulate enough
assets to retire the way you want.
Selecting a Target Value DateYou select an Initial Target Value Date at the time you add the Investment Protector to your contract. The earliest date you can select is 10 years after you add the rider. The latest date you can select is the rider anniversary that occurs before the older owner’s 91st
birthday. Additional Target Value Dates will occur every fifth rider anniversary after the initial Target Value Date.
Establishing your Target Value On the last business day before your Target Value Date, your contract value is guaranteed to be equal to or greater than your Target Value.
If the Investment Protector is selected at issue, your Target Value is the greater of:• 100% of your total purchase payments (adjusted
for withdrawals)• 100% of your Rider Anniversary Value (highest
locked-in annual contract value)
Annual rider charge
Purchase payments
Issue age
Current charge at issue is 0.90%.
The charge is a percentage of the Target Value (deducted quarterly) and is subject to change on each quarterly anniversary. It will never be less than the minimum of 0.35%, or greater than the maximum of 2.50%. The rider charge cannot increase or decrease more than 0.35% in any 12-month period.
Allowed during the first three years (including with Automatic Investment Plan)
Additional purchase payments after the first quarter are subject to an annual contribution limit.
May be selected up to the older owner’s attained age 80, with the latest initial Target Value Date to age 90.1
Rider Anniversary Value On each rider anniversary, your contract value is locked in if it is higher than the previously locked-in value. Your contract value may be higher between rider anniversary dates, but will not be locked in. Once the Rider Anniversary Value is established, it can never decrease, unless you take a withdrawal. Withdrawals include any applicable withdrawal charge and partial annuitizations.
Resetting the initial Target Value Date You can request a reset within 30 days following any rider anniversary prior to age 81, and before the initial Target Value Date, as long as the contract value is at least equal to the current Target Value. You can choose any initial Target Value Date as long as it’s a rider anniversary that’s at least 10 years from the reset anniversary, and no later than the rider anniversary before the older owner’s 91st birthday. Your allocation rules will also reset to align with your new initial Target Value Date.
Page 4 of 12
3
Use it.Retire with choices
and use your assets for a specific goal.
Money credited to your contractOn the last business day before each Target Value Date, if your contract value is lower than the Target Value that was locked in on a prior rider anniversary, we will add money to your contract to equal the locked-in value.
Choices on your Target Value DateOnce money has been added to your contract, you can keep the Investment Protector working, create a retirement income stream, or access the entire amount. Please keep in mind that your contract value will be subject to market fluctuations on and after the Target Value Date.
If you decide not to fully withdraw your money, additional Target Value Dates will occur on every fifth rider anniversary while the Investment Protector is in effect, and you will have the opportunity to lock in new Target Values. This will not change your most recent investment allocation rules, which are covered in the next section.
Taking withdrawals reduces the Target Value, the contract value, and the value of any death benefits. Withdrawals are taxed as ordinary income and, if taken prior to age 59 ½, a 10% federal tax penalty may apply. Withdrawals, for tax purposes, are deemed to come first from any gains.
1 In Massachusetts, the Investment Protector must be selected on the day you purchase your Allianz VisionSM contract.
Page 5 of 12
4
Investment Protector
Ride
r Ann
iver
sary
Val
ue
afte
r 8th
ann
iver
sary
Ride
r A
nniv
ersa
ry V
alue
af
ter 4
th a
nniv
ersa
ry
Ride
r Ann
iver
sary
Val
ue
afte
r 1st
ann
iver
sary
Ori
gina
l Tar
get V
alue
($10
0,00
0)$1
00,0
00pu
rcha
sepa
ymen
t
Year
s0
42
69
15
83
71
0In
itia
l Tar
get V
alue
Dat
e
Inve
stm
ent P
rote
ctor
pro
vide
s p
rote
ctio
n a
nd a
cce
ss•
Leve
l of p
rincip
al p
rote
ctio
n: G
uara
ntee
d re
turn
of p
urch
ase
paym
ents
afte
r a m
inim
um o
f 10
year
s.
• Lo
ck-in
of y
our R
ider
Ann
ivers
ary V
alue
: On
the
rider
ann
ivers
ary,
if yo
ur co
ntra
ct va
lue
is hi
gher
than
the
prev
ious
lock
ed-in
valu
e, th
e hi
gher
valu
e is
lock
ed in
.
• M
oney
cred
ited
to yo
ur co
ntra
ct: O
n th
e la
st b
usin
ess d
ay b
efor
e th
e Ta
rget
Val
ue D
ate,
mon
ey w
ill be
add
ed to
your
cont
ract
valu
e to
equ
al th
e Ta
rget
Val
ue.
• Ac
cess
to yo
ur co
ntra
ct va
lue:
Onc
e m
oney
has
bee
n ad
ded
to yo
ur co
ntra
ct va
lue,
you
can
acce
ss th
e en
tire
amou
nt.
Exa
mp
le: G
ains
lock
ed in
aut
omat
ical
ly a
nd m
oney
cre
dite
d to
you
r co
ntra
ct
Thes
e hy
poth
etica
l exa
mpl
es a
re p
rovid
ed to
show
how
your
Rid
er A
nnive
rsar
y Val
ue is
lock
ed in
and
then
how
mon
ey is
cred
ited
on th
e la
st b
usin
ess d
ay b
efor
e yo
ur Ta
rget
Va
lue
Date
. The
se e
xam
ples
do
not p
redi
ct o
r pro
ject
the
actu
al p
erfo
rman
ce o
f Allia
nz V
ision
SM V
aria
ble
Annu
ity o
r its
inve
stm
ent o
ptio
ns. T
hese
exa
mpl
es a
ssum
e yo
u se
lect
the
Inve
stm
ent P
rote
ctor
at i
ssue
and
take
no
with
draw
als b
efor
e th
e in
itial
Tar
get V
alue
Dat
e.
Bu
ild
it. P
rincip
al p
rote
ctio
n co
mbi
ned
with
the
oppo
rtuni
ty to
lock
in th
e Ri
der A
nnive
rsar
y Val
ue ca
n he
lp
you
add
a lev
el o
f cer
tain
ty to
your
retir
emen
t goa
ls.
Prot
ect y
our
purc
hase
pa
ymen
ts w
hile
lo
ckin
g in
gai
ns.
Page 6 of 12
5
Investment Protector
You
will
have
the
follo
win
g op
tions
onc
e m
oney
has
bee
n ad
ded
to yo
ur co
ntra
ct va
lue:
• Ke
ep th
e In
vest
men
t Pro
tect
or w
orkin
g
• Cr
eate
a re
tirem
ent i
ncom
e st
ream
• Ac
cess
your
mon
ey
Mon
ey ad
ded
to th
e co
ntra
ct va
lue
to e
qual
the
Targ
et V
alue
, w
hich
is th
e gr
eate
r of 1
00%
of th
e lo
cked
-in R
ider
Ann
ivers
ary
Valu
e or
the
purc
hase
pay
men
ts a
djus
ted
for w
ithdr
awal
s. Init
ial T
arge
t Val
ue D
ate
$100
,000
purc
hase
paym
ent
Year
s0
42
69
15
83
71
0
Co
ntr
act
va
lue
Targ
et
Va
lue
Use
it. Y
ou h
ave
the
flexi
bilit
y to
retir
e w
ith ch
oice
s and
use
your
asse
ts
for a
spec
ific g
oal.
Mon
ey cr
edite
d to
your
cont
ract
.
Page 7 of 12
6
Investment Protector
Years untilyour initial
Target Value Date
Maximum % of contract value you are allowed to
allocate to Groups A, and B/X
Maximum % of contract value you are allowed to
allocate to Group A
Minimum % of contract value you are required to
allocate to Group Y
17 or more 95% 30% 5%
16 90% 30% 10%
15 85% 25% 15%
14 80% 25% 20%
13 75% 20% 25%
12 70% 20% 30%
11 65% 15% 35%
10 60% 15% 40%
Initial allocation rules are based on your initial Target Value Date. The percentages of your contract value allowed or required in your three investment option groups are based on the number of years until your initial Target Value Date.
Page 8 of 12
Investment Protector
More conservative allocations as your initial Target Value Date nears.With each passing year, a minimum of 5% moves into the most conservative group. For more detailed information, see the “Investment Option Allocation, Transfer, and Quarterly Rebalancing” section of the prospectus.
Example: Investment option allocations over time
This hypothetical illustration is provided to show how investment option allocations vary with respect to time. It does not show how allocations vary with respect to changes in contract value. The initial Target Value Date selected is 10 years. The initial investment option allocation selected is 15% in Group A, 45% in Groups B/X, and 40% in Group Y.
More conservative allocations if your contract value decreases.On each quarterly anniversary, your contract value is compared to the guaranteed Target Value. For each 6% by which the contract value is lower than the Target Value, an additional 5% moves into the most conservative group (Group Y). However, over any 12-month period, the amount required in Group Y will not increase by more than 15%, and is guaranteed never to be more than 90%. See the “Investment Option Allocation, Transfer, and Quarterly Rebalancing” section of the prospectus for detailed information.
Once your allocation rules become more conservative, they will never become more aggressive unless you choose to reset the initial Target Value Date.
Example: Investment option allocations with declining contract value
This hypothetical illustration, using the same initial investment option allocations above, reflects what would have happened at the first contract anniversary if the contract value had remained the same or had decreased as compared to the Target Value.
7
10 years toTarget Value Date
8 years toTarget Value Date
4 years toTarget Value Date Target Value Date
A – 15%B/X – 45%Y – 40%
A – 10%B/X – 40%Y – 50%
A – 5%B/X – 25%Y – 70%
A – 5%B/X – 5%Y – 90%
9 years – even 9 years – down 7% 9 years – down 13% 9 years – down 19%
A – 10%B/X – 45%Y – 45%
A – 10%B/X – 40%Y – 50%
A – 5%B/X – 40%Y – 55%
A – 5%B/X – 40%Y – 55%
Page 9 of 12
Allianz Life Insurance Company of North America, Allianz Life Financial Services, LLC, Allianz Investment Management, LLC, Allianz Global Investors, and PIMCO are affiliated companies.
Your investment options
8
Investment Protector
When you select the optional Investment Protector, allocation rules apply to support the guarantees provided by this rider. Allocation of your contract value to aggressive investment options will be limited. This may limit the downside risk and the upside potential to your contract.
Group A investment options
Fund of Funds
■ AZL FusionSM Growth Fund
Equity
Small cap■ AZL® Allianz AGIC Opportunity Fund■ AZL® Columbia Small Cap Value Fund■ AZL® Franklin Small Cap Value Fund■ AZL® Small Cap Stock Index Fund■ AZL® Turner Quantitative Small Cap Growth Fund
Specialty
■ AZL® Morgan Stanley Global Real Estate Fund■ AZL® Schroder Emerging Markets Equity Fund■ Franklin Templeton VIP Founding Funds Allocation Fund■ PIMCO VIT Commodity RealReturn Strategy Portfolio
Group Y investment options
Fixed Income
High Yield Bond■ PIMCO VIT High Yield Portfolio
Intermediate Term Bond■ Franklin U.S. Government Fund■ PIMCO VIT Global Advantage Strategy Bond Portfolio■ PIMCO VIT Real Return Portfolio ■ PIMCO VIT Total Return Portfolio■ Templeton Global Bond Securities Fund
Cash Equivalent■ AZL® Money Market Fund
Specialty
■ PIMCO VIT Unconstrained Bond Portfolio
Group B/X investment options
Fund of Funds
■ AZL® Balanced Index Strategy Fund■ AZL FusionSM Balanced Fund■ AZL FusionSM Conservative Fund■ AZL FusionSM Moderate Fund■ AZL® Growth Index Strategy Fund ■ Fidelity VIP FundsManager 50% Portfolio■ Fidelity VIP FundsManager 60% Portfolio
Equity
Mid Cap■ AZL® Columbia Mid Cap Value Fund ■ AZL® Mid Cap Index Fund■ AZL® Morgan Stanley Mid Cap Growth Fund
Large Growth■ AZL® BlackRock Capital Appreciation Fund■ AZL® Dreyfus Equity Growth Fund
International Equity■ AZL® International Index Fund ■ AZL® Invesco International Equity Fund■ AZL® JPMorgan International Opportunities Fund ■ PIMCO EqS Pathfinder Portfolio■ Templeton Growth Securities Fund
Large Blend■ AZL® JPMorgan U.S. Equity Fund■ AZL® MFS Investors Trust Fund■ AZL® S&P 500 Index Fund
Large Value■ AZL® Davis NY Venture Fund■ AZL® Eaton Vance Large Cap Value Fund ■ AZL® Invesco Growth and Income Fund ■ Mutual Shares Securities Fund
Specialty
■ AZL® Franklin Templeton Founding Strategy Plus Fund ■ AZL® Gateway Fund■ AZL® Invesco Equity and Income Fund■ BlackRock Global Allocation V.I. Fund■ Franklin Income Securities Fund■ PIMCO VIT All Asset Portfolio■ PIMCO VIT Global Multi-Asset Portfolio
Page 10 of 12
Every quarter, Allianz will automatically rebalance your assets to maintain your investment allocations, based on your most recent choices for future purchase payments and any changes to the allowed maximum and required minimum group allocations. You can choose to have your contract value rebalanced quarterly even if you don’t select the Investment Protector. See the Allianz VisionSM Variable Annuity prospectus for more details.
Please note: We may add or remove investment options from your contract in the future. If we do, we will provide written notice regarding additions or deletions to the investment option group. See the prospectus for the most current list of investment options available in each group.
Build it, use it,
pass it on:
Investment Protector
helps make it possible.
Page 11 of 12
L40529, L40530(R-5/2011)
Guarantees are backed solely by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America and do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
www.allianzlife.comAllianz VisionSM Variable Annuity Allianz Vision Variable Annuityis issued by: is distributed by:Allianz Life Insurance Company Allianz Life Financial Services, LLCof North America 5701 Golden Hills Drive5701 Golden Hills Drive Minneapolis, MN 55416-1297Minneapolis, MN 55416-1297 800.624.0197800.624.0197 Member FINRA
A leading provider of annuities and life insurance, Allianz Life Insurance Company of North America (Allianz) bases each decision on a philosophy of being true: True to our strength as an important part of a leading global financial organization. True to our passion for making wise investment decisions. And true to the people
we serve, each and every day.
Through a line of innovative products and a network of trusted financial professionals, and with over 2.2 million contracts issued, Allianz helps millions of people as they seek to achieve their financial and retirement goals. Founded in 1896, Allianz is proud to play a vital role in the success of our global parent, Allianz SE, one of the world’s largest fi nancial services companies.
While we pride ourselves on our financial strength, we’re made of much more than our balance sheet. We believe in making a difference with our clients by being true to our commitments and keeping our promises. People rely on Allianz today and count on us for tomorrow – when they need us most.
True to our promises … so you can be true to yours.®
Page 12 of 12