What Is an Allianz 360 Annuity?


Quick Answer

The Alllianz 360 Annuity is a fixed index annuity featuring principal protection and potential for indexed interest and tax-deferred growth. Allianz recommends the 360 Annuity and 360 Benefit rider for individuals searching for retirement savings income, according to its website. The 360 Benefit rider is offered at an additional cost.

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Full Answer

The Allianz 360 Annuity aids the retirement saver by offering opportunities to receive indexed and fixed interest and bonus interest credited to the user's account, coupled with an increase in income withdrawal percentages beginning at age 40 and ending when withdrawals begin. In addition, the contract's accumulation value before annuitization is available as a lump-sump death benefit or five-year minimum annuity.

The 360 Benefit rider provides two lifetime income withdrawal options, beginning at age 50: the option to choose predictable income or the option to choose income that can potentially change every year. Interested parties must be aged 80 or younger and provide a minimum initial premium payment of $20,000. Participation rate is 100 percent guaranteed over the contract's life, meaning changes in index are wholly reflected when calculating the indexed interest rate. Allocation options include the S&P 500, Nasdaq 100, Russell 2000 and a blended index, according to AllianzLife.com. Up to ten percent of the premiums paid can be withdrawn penalty-free after the first year, as long as the withdrawal occurs after a payment anniversary.

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