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As Of Filer Filing For·On·As Docs:Size 4/27/22 Allianz Life of NY Var Account C 485BPOS 4/29/22 4:3.6M → Allianz Life of NY Variable Account C ⇒ Allianz Vision New York Variable Annuity issued on or prior to April 29, 2011 |
Document/Exhibit Description Pages Size 1: 485BPOS Viison Ny Vs10 (Legacy) 485B Filing HTML 1.35M 3: EX-99.B10 Ex-99.B10. Audit Consent-Ny HTML 5K 4: EX-99.B13.A Power of Attorney Allianz Ny HTML 18K 2: EX-99.B9 Ex-99.B9. Op&Consent Letter-Ny HTML 8K
485BPOS
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File Nos. 333-143195
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Allianz Vision New York (Legacy)
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Class I.D. C000051278
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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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WASHINGTON, D.C. 20549
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FORM N-4
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REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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Post-Effective Amendment No.
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56
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X
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and/or
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
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277
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X
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(Check appropriate box or boxes.)
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ALLIANZ LIFE OF NY VARIABLE ACCOUNT C
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(Exact Name of Registrant)
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(Name of Depositor)
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(Address of Depositor's Principal Executive Offices) (Zip Code)
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(212) 586-7733
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(Depositor's Telephone Number, including Area Code)
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1633 Broadway, 42nd Floor
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(Name and Address of Agent for Service)
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Copies to:
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Erik T. Nelson, Associate General Counsel, Senior Counsel
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Allianz Life Insurance Company of North America
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5701 Golden Hills Drive
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(763) 765-7453
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It is proposed that this filing will become effective (check the appropriate box):
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immediately upon filing pursuant to paragraph (b) of Rule 485
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x
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on April 29, 2022 pursuant to paragraph (b) of Rule 485
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60 days after filing pursuant to paragraph (a)(1) of Rule 485
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on (date) pursuant to paragraph (a)(1) of Rule 485
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If appropriate, check the following:
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this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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Approximate Date of the Proposed Public Offering: April 29, 2022
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Titles of Securities Being Registered: Individual Flexible Purchase Payment Variable Deferred Annuity Contracts
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THE CONTRACT IS NO LONGER OFFERED FOR SALE TO NEW INVESTORS. We continue to administer the in force Contracts. |
FEES AND EXPENSES | Prospectus Location |
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Charges for Early Withdrawals | Your Contract may be subject to withdrawal charges depending on the Contract class you have (Base Option, Bonus Option, Short
Withdrawal Charge Option, or No Withdrawal Charge Option). • Base Option. If you withdraw money from the Contract within 7 years of your last Purchase Payment, you may be assessed a withdrawal charge of up to 8.5% of the Purchase Payment withdrawn, declining to 0% over that time period.• Bonus Option. If you withdraw money from the Contract within 9 years of your last Purchase Payment, you may be assessed a withdrawal charge of up to 8.5% of the Purchase Payment withdrawn, declining to 0% over that time period.• Short Withdrawal Charge Option. If you withdraw money from the Contract within 4 years of your last Purchase Payment, you may be assessed a withdrawal charge of up to 8.5% of the Purchase Payment withdrawn, declining to 0% over that time period.• No Withdrawal Charge Option. No withdrawal charge. For example, if you invest $100,000 in the Contract and make an early withdrawal, you could pay a withdrawal charge of up to $8,500 if you have a Base Option, Bonus Option, or Short Withdrawal Charge Option Contract. No withdrawal charges would apply to a No Withdrawal Charge Option Contract. |
3. Fee Tables 11. Expenses – Withdrawal Charge |
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Transaction Charges | In addition to withdrawal charges (if any), you may also be charged for other Contract transactions. We will charge you a fee of $25 per transfer after you exceed 12 transfers between Investment Options (the variable investments available to you) in a Contract Year. | 3. Fee Tables 11. Expenses – Transfer Fee |
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Ongoing Fees and Expenses (annual charges) | The table below describes the fees and expenses that you may pay each year, depending
on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. These ongoing
fees and expenses do not reflect any adviser fees paid to an investment adviser from your Contract Value or other assets of the Owner. If such charges were reflected, these ongoing fees and expenses would be higher. |
3. Fee Tables 11. Expenses Appendix A – Investment Options Available Under the Contract |
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Annual Fee | Minimum | Maximum | ||
Base Contract(1) (varies by Contract class) |
1.43% | 1.77% | ||
Investment Options(2) (Investment Option fees and expenses) |
0.49% | 1.34% | ||
Optional Benefits Available for an Additional Charge (for a single optional benefit, if elected) |
0.30%(3) | 2.75%(4) | ||
(1) As a percentage of each Investment Option’s net asset value, plus an amount attributable to the contract maintenance charge. | ||||
(2) As a percentage of an Investment Option’s average daily net assets. | ||||
(3) As a percentage of each Investment Option’s net asset value. This is the lowest current charge for an optional benefit (the Maximum Anniversary Death Benefit or Quarterly Value Death Benefit). | ||||
(4) As a percentage of the Benefit Base. This is the highest current charge for an optional benefit (Income Protector – joint payments). |
FEES AND EXPENSES | Prospectus Location |
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Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. | ||||
Lowest Annual Cost $2,196 |
Highest Annual Cost $7,360 |
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Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of Contract classes and Investment Option fees and expenses • No optional benefits • No bonuses • No additional Purchase Payments, transfers, or withdrawals • No adviser fees |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of Contract classes, optional benefits, and Investment Option fees and expenses • No bonuses • No additional Purchase Payments, transfers, or withdrawals • No adviser fees |
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RISKS | ||||
Risk of Loss | You can lose money by investing in the Contract, including loss of principal. | 4. Principal Risks | ||
Not a Short-Term Investment | • This Contract is not a short-term investment and is not appropriate if you need ready access to cash.• Withdrawal charges may apply to withdrawals unless you purchased a No Withdrawal Charge Option Contract. A withdrawal charge may reduce your Contract Value or the amount of money that you actually receive. Withdrawals under any Contract may reduce or end Contract guarantees.• Withdrawals are subject to income taxes, including a 10% additional federal tax that may apply to any withdrawals taken before age 59 1⁄2.• Considering the benefits of tax deferral, long-term income, and living benefit guarantees the Contract is generally more beneficial to investors with a long investment time horizon. | |||
Risks Associated with Investment Options | • An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract.• Each Investment Option has its own unique risks.• You should review the Investment Options prospectus and disclosures, including risk factors, before making an investment decision. | |||
Insurance Company Risks | An investment in the Contract is subject to the risks related to us. All obligations, guarantees or benefits of the Contract are the obligations of Allianz Life of New York and are subject to our claims-paying ability and financial strength. More information about Allianz Life of New York, including our financial strength ratings, is available upon request by visiting allianzlife.com/new-york/about/why-allianz, or contacting us at (800) 624-0197. |
RESTRICTIONS | Prospectus Location |
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Investments | • Certain Investment Options may not be available under your Contract.• We currently allow you to invest in no more than 15 Investment Options at any one time. We may change this maximum in the future, but it will not be less than 5 Investment Options.• The first 12 transfers between Investment Options every Contract Year are free. After that, we deduct a $25 transfer fee for each additional transfer. Your transfers between the Investment Options are also subject to policies designed to deter excessively frequent transfers and market timing. The minimum transfer is $1,000, or the entire Investment Option amount if less. These transfer restrictions do not apply to the Contract's automatic transfer programs.• We reserve the right to remove or substitute Investment Options. | 9. Investment Options Appendix A – Investment Options Available Under the Contract |
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Optional Benefits | • Optional benefits may further limit or restrict the Investment Options that you may select under the Contract. We may change these restrictions in the future.• Optional benefits may be modified or terminated under certain circumstances.• Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn and could end the benefit. Withdrawals that reduce both the Contract Value and the guaranteed value (either the Traditional Death Benefit Value if you have the Traditional Death Benefit, the Maximum Anniversary Value if you have the Maximum Anniversary Death Benefit, or the Quarterly Anniversary Value if you have the Quarterly Value Death Benefit) to zero will end your selected death benefit.• For Bonus Option Contracts bonuses are included in Contract Value and in the calculation of death and living benefits, except that bonus amounts are not considered part of Purchase Payments when calculating benefits.• If a Contract Owner elects to pay adviser fees from Contract Value, such deductions may reduce the selected death benefit (either the standard Traditional Death Benefit, or optional Maximum Anniversary Death Benefit or Quarterly Value Death Benefit), or other guaranteed benefits, as applicable, and may be subject to federal and state income taxes, including a 10% federal penalty tax. | 14. Benefits Available Under the Contract Appendix B – Investment Restrictions for Optional Benefits |
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TAXES | ||||
Tax Implications | • Consult with a tax professional to determine the tax implications of an investment in and withdrawals from or payments received under the Contract.• If you purchased the Contract through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax benefit under the Contract.• Earnings under the Contract are taxed at ordinary income rates when withdrawn, and you may have to pay a 10% additional federal tax if you take a withdrawal before age 59 1⁄2. | 18. Taxes | ||
CONFLICTS OF INTEREST | ||||
Investment Professional Compensation | Your Financial Professional may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., cash bonuses), and non-cash compensation. We and/or our wholly owned subsidiary distributor may also make marketing support payments to certain selling firms for marketing services and costs associated with Contract sales. This conflict of interest may influence your Financial Professional to recommend this Contract over another investment for which the Financial Professional is not compensated or compensated less. | 19. Other Information – Distribution | ||
Exchanges | Some Financial Professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing Contract. |
• | Accumulation Phase. The Accumulation Phase is the first phase of your Contract, and it begins on the Issue Date (the date we issue the Contract). During the Accumulation Phase, your money is invested in the Investment Options you select on a tax-deferred basis. Tax deferral may not be available for certain non-individually owned contracts. Tax deferral means you are not taxed on any earnings or appreciation on the assets in your Contract until you take money out of your Contract. |
The Investment Options are underlying mutual funds with different investment objectives, strategies, and risks. | |
Please see Appendix A for more information about each Investment Option available under the Contract. | |
• | Annuity Phase. If you request Annuity Payments, your Contract enters the Annuity Phase. During the Annuity Phase, we make regular periodic payments (Annuity Payments) based on the life of a person you choose (the Annuitant). We send Annuity Payments to you (the Payee). You can choose when Annuity Payments begin (the Income Date), subject to certain restrictions. We base Annuity Payments on your Contract Value and the payout rates for the Annuity Option you select. If you select variable Annuity Payments, your payments will change based on your selected Investment Options’ performance. If you select fixed Annuity Payments, your payments do not change unless an Annuitant dies. The Annuity Phase ends when we make the last Annuity Payment under your selected Annuity Option. |
If the Income Date occurs after guaranteed lifetime payments begin under a guaranteed lifetime income benefit (Lifetime Plus Payments under Income Protector or a Lifetime Benefit,, or Income Focus Payments or Income Focus), and these lifetime payments are greater than the Annuity Payments as calculated for certain Annuity Options, you can elect to convert these payments to Annuity Payments. | |
During the Annuity Phase, you will receive a stream of regular income. Upon a Full Annuitization you will be unable to take withdrawals upon demand, the death benefit you selected ends, and no amounts will be payable upon death during the Annuity Phase unless your Annuity Option provides otherwise. If you have a living benefit it will also end upon a Full Annuitization. |
• | Contract Versions. We sold two different versions of the Contract: “Version A” and “Version B.” Version A Contracts were issued on or prior to April 29, 2011. Version B Contracts were issued from May 2, 2011 through April 26, 2013. Version A Contracts and Version B Contracts were offered with different optional benefits. |
• | Contract Classes. We sold four different Contract classes for Version A and/or Version B Contracts: “Base Option,” “Bonus Option,” “Short Withdrawal Charge Option,” and “No Withdrawal Charge Option.” If you did not elect the Bonus Option, Short Withdrawal Charge Option, or No Withdrawal Charge Option when you purchased your Contract, you have a Base Option Contract. The classes have different fees and expenses (including withdrawal charges and annual charges) and may have different features. |
• | Accessing Your Money. During the Accumulation Phase, you can surrender (take a full withdrawal) the Contract or take partial withdrawals (both subject to any withdrawal charges and income taxes, including a 10% additional federal tax if taken before age 59 1⁄2). |
• | Additional Purchase Payments. Subject to the limitations described in this prospectus, we continue to accept additional Purchase Payments under the Contracts during the Accumulation Phase before lifetime payments begin if you have Income Protector, a Lifetime Benefit, or Income Focus. Subject to the limitations described in this prospectus, we continue to accept additional Purchase Payments under the Contracts during the Accumulation Phase. |
• | Death Benefits. The Contract includes for no additional charge a standard death benefit (the Traditional Death Benefit) that will pay the greater of Contract Value or total Purchase Payments adjusted for withdrawals (Traditional Death Benefit Value) if you die during the Accumulation Phase. If you elected for an additional M&E charge one of the Contract’s optional death benefits (the Quarterly Value Death Benefit which includes a feature that locks-in quarterly investment gains, or the Maximum Anniversary Death Benefit which includes a feature that locks-in annual investment gains), a greater amount may be payable upon your death. The Quarterly Value Death Benefit and Maximum Anniversary Death Benefit are no longer offered. |
• | Optional Living Benefits. We offered multiple optional living benefits under the Contracts, each for an additional charge, including guaranteed lifetime income benefits (Income Protector, Income Focus, and Lifetime Benefits) and guaranteed accumulation benefits (Investment Protector and Target Date Benefits). The optional living benefits are no longer offered. |
If you elected the Maximum Anniversary Death Benefit version 2 or version 3, you were required to elect one of the Contract’s optional living benefits (an Additional Required Benefit). If you have Maximum Anniversary Death Benefit version 3 and remove the Additional Required Benefit, you will forfeit future opportunities to lock-in annual investment gains and we no longer assess the additional M&E charge for the Maximum Anniversary Death Benefit. This may result in the Contract Value being greater than the guaranteed value provided by the Maximum Anniversary Death Benefit version 3, and if it does, you will have paid for a benefit you never received. If you purchased a No Withdrawal Charge Option Contact, you were originally required to elect an Additional Required Benefit. This requirement no longer applies. You can either retain or remove the previously selected Additional Required Benefit from your Contract. You should consult with a Financial Professional before deciding whether to remove an Additional Required Benefit from your Contract. | |
• | Other Features and Services. Certain additional features and services related to the Contract are summarized below. There are no additional charges associated with these features or services unless otherwise indicated. Not all features and services may be available under your Contract. |
– | Automatic Investment Plan (AIP). Allows you to make automatic Purchase Payments during the Accumulation Phase on a monthly or quarterly basis by electronic money transfer from your savings, checking, or brokerage account. |
– | Dollar Cost Averaging (DCA). Allows you to make automatic transfers monthly from the money market Investment Option to one or more other Investment Options. You can participate in either the six- or twelve-month DCA program. |
– | Flexible Rebalancing Program. Provides for automatic, periodic transfers among the Investment Options to help you maintain your selected allocation percentages among the Investment Options. |
– | Automatic Withdrawal Programs. The Contract’s systematic withdrawal program allows you to make automatic withdrawals from your Contract. The Contract’s minimum distribution program is designed to help you automatically take withdrawals that satisfy the minimum distribution requirements for a Qualified Contract under the Internal Revenue Code. A Qualified Contract is a Contract purchased under a pension or retirement plan that qualifies for special tax treatment under sections of the Internal Revenue Code. |
– | Withdrawal Charge Waivers. If your Contract is subject to withdrawal charges, the Contract includes multiple withdrawal charge waivers, including an annual free withdrawal privilege, a required minimum distribution program, and a nursing home confinement waiver. The withdrawal charge waivers are subject to conditions and limitations. Withdrawals under these waivers may still be subject to income taxes (including tax penalties if you are younger than age 59 1⁄2) and may reduce Contract benefits (perhaps significantly). |
– | Financial Adviser Fees. If you have an investment adviser and want to pay their adviser fees from this Contract, you can instruct us to withdraw the fee from your Contract and pay it to your adviser. The deduction of adviser fees is in addition to this Contract’s fees and expenses, and the deduction is treated the same as any other withdrawal under the Contract. As such, withdrawals to pay adviser fees may be subject to withdrawal charges, will reduce the Contract Value, guaranteed death benefit value (either the Traditional Death Benefit Value or Quarterly Anniversary Value), and any other guaranteed benefits (perhaps significantly), and may be subject to income taxes (including tax penalties if you are younger than age 59 1⁄2) as discussed in section 9, Investment Options – Financial Adviser fees. |
– | Bonuses on Purchase Payments (Bonus Option Contracts Only). Under a Bonus Option Contract, there is a 6% bonus on Purchase Payments received before age 81. A Bonus Option Contract has higher charges compared to other Contract classes. The higher charges associated with a Bonus Option Contract may more than offset any bonus amounts. Bonuses are included in Contract Value and in the calculation of death and living benefits, except that bonus amounts are not included with Purchase Payments when calculating guaranteed benefit values such as the Traditional Death Benefit Value, Quarterly Anniversary Value, Maximum Anniversary Value, Benefit Base, Income Values, or Target Value. |
Number of Complete Years Since Purchase Payment |
Withdrawal Charge Amount | |||||||
Base Option | Bonus Option | Short Withdrawal Charge Option |
No Withdrawal Charge Option |
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0 | 8.5% | 8.5% | 8.5% | 0% | ||||
1 | 8.5% | 8.5% | 7.5% | 0% | ||||
2 | 7.5% | 8.5% | 5.5% | 0% | ||||
3 | 6.5% | 8% | 3% | 0% | ||||
4 | 5% | 7% | 0% | 0% | ||||
5 | 4% | 6% | 0% | 0% | ||||
6 | 3% | 5% | 0% | 0% | ||||
7 | 0% | 4% | 0% | 0% | ||||
8 | 0% | 3% | 0% | 0% | ||||
9 years or more | 0% | 0% | 0% | 0% |
(1) | The Contract provides a free withdrawal privilege that allows you to withdraw 12% of your total Purchase Payments annually without incurring a withdrawal charge as discussed in section 12, Access to Your Money – Free Withdrawal Privilege. |
(2) | The Withdrawal Charge Basis is the amount subject to a withdrawal charge as discussed in section 11, Expenses – Withdrawal Charge. |
Administrative Expenses (or contract maintenance charge)(1) (per year) |
$30 |
Base Contract Expenses (or M&E charge) (as a percentage of each Investment Option’s net asset value) |
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Base Option | 1.40% |
Bonus Option | 1.90% |
Short Withdrawal Charge Option | 1.65% |
No Withdrawal Charge Option | 1.75% |
Optional Benefit Expenses | |
Optional Death Benefit | |
Quarterly Value Death Benefit (as a percentage of each Investment Option’s net asset value) |
0.30% |
Maximum Anniversary Death Benefit (as a percentage of each Investment Option’s net asset value) |
0.30% |
Optional Living Benefits | |
Income Protector(2) (as a percentage of the Benefit Base) |
single payments – 2.50% joint payments – 2.75% |
Income Focus(2) (as a percentage of the Total Income Value) |
single payments – 2.75% joint payments – 2.95% |
Lifetime Plus Benefit(2) (as a percentage of each Investment Option’s net asset value) |
single payments – 1.50% joint payments – 1.65% |
Lifetime Plus 8 Benefit(2,3) (as a percentage of each Investment Option’s net asset value) |
single payments – 1.60% joint payments – 1.75% |
Investment Protector(2) (as a percentage of the Target Value) |
2.50% |
Target Date Retirement Benefit (as a percentage of each Investment Option’s net asset value) |
0.40% |
Target Date 10 Benefit (as a percentage of each Investment Option’s net asset value) |
0.55% |
(1) | Referred to as the “contract maintenance charge” in the Contract and elsewhere in this prospectus. Waived if the Contract Value is at least $100,000. See section 11, Expenses – Contract Maintenance Charge. |
(2) | This table shows the maximum charge for the optional living benefit. The current charge is lower than the maximum charge as described later in this prospectus. |
(3) | Under Lifetime Plus 8 Benefit version 1, on the Benefit Date the charge reduces 0.10%. |
Minimum | Maximum | ||
(expenses that are deducted from Investment Option assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)(1) | 0.49% | 1.34% |
(1) | As a percentage of an Investment Option’s average daily net assets for the period ended December 31, 2021, before the effect of any contractual expense reimbursements or fee waiver arrangements. |
(1) | If you surrender your Contract (take a full withdrawal) at the end of the applicable time period. |
Base Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $13,448 | $24,720 | $35,488 | $66,167 |
Minimum Investment Option expense | $12,492 | $21,974 | $30,019 | $51,193 |
Bonus Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $14,169 | $28,036 | $41,207 | $73,390 |
Minimum Investment Option expense | $13,256 | $24,765 | $34,894 | $57,079 |
Short Withdrawal Charge Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $13,688 | $23,648 | $32,176 | $68,019 |
Minimum Investment Option expense | $12,736 | $20,957 | $26,817 | $53,355 |
No Withdrawal Charge Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $6,304 | $19,081 | $32,607 | $68,744 |
Minimum Investment Option expense | $5,353 | $16,399 | $27,272 | $54,186 |
Base Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | N/A* | $18,103 | $31,072 | $66,151 |
Minimum Investment Option expense | N/A* | $15,358 | $25,603 | $51,177 |
Bonus Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | N/A* | $20,540 | $35,031 | $73,374 |
Minimum Investment Option expense | N/A* | $17,269 | $28,718 | $57,063 |
Short Withdrawal Charge Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | N/A* | $18,791 | $32,160 | $68,003 |
Minimum Investment Option expense | N/A* | $16,100 | $26,800 | $53,339 |
No Withdrawal Charge Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | N/A* | $19,065 | $32,591 | $68,728 |
Minimum Investment Option expense | N/A* | $16,383 | $27,256 | $54,170 |
Base Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $5,968 | $18,120 | $31,088 | $66,167 |
Minimum Investment Option expense | $5,012 | $15,374 | $25,619 | $51,193 |
Bonus Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $6,689 | $20,556 | $35,047 | $73,390 |
Minimum Investment Option expense | $5,776 | $17,285 | $28,734 | $57,079 |
Short Withdrawal Charge Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $6,208 | $18,808 | $32,176 | $68,019 |
Minimum Investment Option expense | $5,256 | $16,117 | $26,817 | $53,355 |
No Withdrawal Charge Option | 1 Year | 3 Years | 5 Years | 10 Years |
Maximum Investment Option expense | $6,304 | $19,081 | $32,607 | $68,744 |
Minimum Investment Option expense | $5,353 | $16,399 | $27,272 | $54,186 |
The Contract is no longer offered for sale. We do not accept additional purchase payments if you have a Qualified Contract that is funding a plan that is tax qualified under Section 401 or 403(b) of the Internal Revenue Code. |
• | The Base Option was available on Version A Contracts from October 1, 2007 through April 29, 2011, and Version B Contracts from May 2, 2011 through April 26, 2013. If you did not select the Bonus Option, Short Withdrawal Charge Option, or No Withdrawal Charge Option when you purchased the Contract, you have a Base Option Contract. |
• | The Bonus Option was available on Version A Contracts from October 1, 2007 through April 29, 2011, and Version B Contracts from May 2, 2011 through April 26, 2013. Under a Bonus Option Contract, there is a 6% bonus on Purchase Payments received before age 81. |
• | The Short Withdrawal Charge Option was available on Version A Contracts issued from October 1, 2007 through April 29, 2011, and on Version B Contracts issued from May 2, 2011 through July 23, 2012. The Short Withdrawal Charge Option has a shortened withdrawal charge period of four years. |
• | The No Withdrawal Charge Option was available on Version A Contracts issued from May 1, 2008 through March 31, 2009, and then again from July 22, 2009 through April 29, 2011. The No Withdrawal Charge Option was also available on Version B Contracts issued from May 2, 2011 through July 23, 2012. The No Withdrawal Charge Option eliminates the Base Option Contract’s withdrawal charge. |
• | The Maximum Anniversary Death Benefit potentially provides an increased death benefit based on the highest annual Contract Value adjusted for withdrawals (Maximum Anniversary Value). The Maximum Anniversary Death Benefit was only available at issue. Section 15 describes the versions of the Maximum Anniversary Death Benefit. |
• | The Quarterly Value Death Benefit potentially provides an increased death benefit based on the highest quarterly Contract Value adjusted for withdrawals (Quarterly Anniversary Value). Section 15 describes the Quarterly Value Death Benefit. |
• | Income Protector provides guaranteed lifetime income called Lifetime Plus Payments that can begin as early as age 65 for Income Protector (08.09), or age 60 for all other versions of Income Protector, or as late as age 90. We base payments on the Benefit Base that is at least equal to the Annual Increase (total Purchase Payments adjusted for withdrawals plus a quarterly simple interest increase). Section 16 describes the versions of Income Protector. |
• | Income Focus (see Appendix F) provides guaranteed lifetime income called Income Focus Payments (which are similar to Lifetime Plus Payments) that can begin from age 60 to age 90. We base payments on a percentage (Income Value Percentage) of each Income Value (Purchase Payments adjusted for withdrawals). Income Value Percentages can potentially increase by 1% each year if your Contract Value increases (Performance Increases). |
• | The Lifetime Benefits (see Appendix D) are similar to Income Protector. These benefits also provide Lifetime Plus Payments based on the Benefit Base, but the Benefit Base is calculated differently under each benefit. The Lifetime Plus Benefit allowed single payments to begin from age 55 to age 90, and joint payments to begin from age 60 to age 90. The Lifetime Plus 8 Benefit allowed payments to begin from age 65 to 90. |
• | Investment Protector (see Appendix G) is similar to the Target Date Benefits. This benefit provides a Target Value that is available on a future date if you hold the Contract for the required period, but the Target Value is calculated differently. |
• | The Target Date Benefits (see Appendix E) are similar to Investment Protector. These benefits also provide a Target Value (a level of protection for your principal and any annual investment gains) that is available on a future date if you hold the Contract for the required period. |
Optional Benefit | Contract Version |
Benefit Version Identifier | Available From | Available Through |
Maximum Anniversary Death Benefits: | ||||
Maximum Anniversary Death Benefit version 1 | A | N/A | September 20, 2010 | April 29, 2011 |
Maximum Anniversary Death Benefit version 2 | B | N/A | May 2, 2011 | April 27, 2012 |
Maximum Anniversary Death Benefit version 3 | B | N/A | April 30, 2012 | April 26, 2013 |
Quarterly Value Death Benefit | A | N/A | October 1, 2007 | March 7, 2010 |
Income Protector: | ||||
A | (08.09) | July 22, 2009 | April 30, 2010 | |
A | (05.10) | May 3, 2010 | April 29, 2011 | |
A and B | (05.11) | May 2, 2011 | January 20, 2012 | |
A and B | (01.12) | January 23, 2012 | April 27, 2012 | |
A(1) and B | (05.12) | April 30, 2012 | July 20, 2012 | |
A(1) and B | (07.12) | July 23, 2012 | October 12, 2012 | |
A(1) and B | (10.12) | October 15, 2012 | April 24, 2015 | |
A(1) and B | (04.15, 04.16) | April 27, 2015 | May 2, 2016 | |
A(1) and B | (05.16, 06.16) | May 3, 2016 | July 4, 2016 | |
A(1) and B | (07.16, 08.16) | July 5, 2016 | September 5, 2016 | |
A(1) and B | (09.16, 10.16, 11.16) | September 6, 2016 | December 5, 2016 | |
A(1) and B | (12.16) | December 6, 2017 | January 2, 2017 | |
A(1) and B | (01.17, 02.17) | January 3, 2017 | March 6, 2017 | |
A(1) and B | (03.17, 04.17, 05.17, 06.17, 07.17, 08.17, 09.17, 10.17, 11.17) | March 7, 2017 | December 4, 2017 | |
A(1) and B | (12.17, 01.18, 02.18) | December 5, 2017 | March 5, 2018 | |
A(1) and B | (03.18, 04.18, 05.18, 06.18, 07.18) | March 6, 2018 | August 6, 2018 | |
A(1) and B | (08.18, 09.18, 10.18) | August 7, 2018 | November 5, 2018 | |
A(1) and B | (11.18, 12.18, 01.19, 02.19, 03.19, 04.19v1, 04.19v2, 05.19, 06.19, 07.19, 08.19, 09.19, 10.19, 11.19, 12.19, 01.20, 02.20, 03.20) | November 6, 2018 | April 6, 2020 | |
A(1) and B | (04.20v1, 04.20v2, 05.20, 06.20, 07.20, 08.20v1, 08.20v2) | April 7, 2020 | September 7, 2020 | |
A(1) and B | (09.20, 10.20, 11.20, 12.20, 01.21, 02.21) | September 8, 2020 | February 28, 2021 | |
Income Focus: | ||||
B | (05.12) | April 30, 2012 | July 20, 2012 | |
B | (07.12) | July 23, 2012 | April 24, 2015 | |
Lifetime Benefits: | ||||
Lifetime Plus Benefit | A | October 1, 2007 | March 31, 2009 |
Optional Benefit | Contract Version |
Benefit Version Identifier | Available From | Available Through |
Lifetime Plus 8 Benefit version 1 | A | August 7, 2008 | January 23, 2009 | |
Lifetime Plus 8 Benefit version 2 | A | January 26, 2009 | March 31, 2009 | |
Investment Protector: | ||||
A | (08.09) | July 22, 2009 | April 30, 2010 | |
A and B | (05.10) | May 3, 2010 | January 20, 2012 | |
A and B | (01.12) | January 23, 2012 | April 27, 2012 | |
A(1) and B | (01.12, 07.12, 07.13, 04.15, 04.16, 05.16, 06.16, 07.16, 08.16, 09.16, 10.16) | April 30, 2012 | October 16, 2016 | |
Target Date Benefits: | ||||
Target Date Retirement Benefit | A | May 1, 2008 | January 23, 2009 | |
Target Date 10 Benefit | A | January 26, 2009 | March 31, 2009 |
• | The Business Day before the Income Date if you take a Full Annuitization. A Business Day is each day the New York Stock Exchange is open for trading and it ends when regular trading on the New York Stock Exchange closes, which is usually at 4:00 p.m. Eastern Time. |
• | The Business Day we process your request for a full withdrawal. |
• | Upon the death of any Owner (or the Annuitant if the Contract is owned by a non-individual), the Business Day we first receive a Valid Claim from any one Beneficiary, unless the surviving spouse/Beneficiary continues the Contract. If there are multiple Beneficiaries, the remaining Contract Value continues to fluctuate with the performance of the Investment Options until the complete distribution of the death benefit. A Valid Claim is the documents we require to be received in Good Order at our Service Center before we pay any death claim. A Beneficiary is the person or entity you designate to receive the death Benefit. |
• | all applicable phases of the Contract (Accumulation Phase and/or Annuity Phase) have ended, and/or |
• | if we received a Valid Claim, all applicable death benefit payments have been made. |
Partial Annuitizations (applying only part of your Contract Value to Annuity Payments) are not available to Joint Owners. There can be only one Owner, the Owner must be the Annuitant, and we do not allow the Owner to add a joint Annuitant. |
• | We pay a death benefit to the Beneficiary unless the Beneficiary is the surviving spouse and continues the Contract. If you selected a Target Date Benefit or Investment Protector, this benefit ends unless the Contract is continued by a surviving spouse. If you selected Income Protector, a Lifetime Benefit, or Income Focus this benefit and any guaranteed lifetime payments end unless the Contract is continued by a surviving spouse who is also both a Beneficiary and Covered Person. |
• | The death benefit is the greater of the Contract Value or the guaranteed death benefit value. The guaranteed death benefit value is the Traditional Death Benefit Value under the Traditional Death Benefit, the Quarterly Anniversary Value under the Quarterly Value Death Benefit, or the Maximum Anniversary Value under the Maximum Anniversary Death Benefit. |
• | If a surviving spouse Beneficiary continues the Contract, as of the end of the Business Day we receive their Valid Claim: |
• | The Beneficiary becomes the Payee. If we are still required to make Annuity Payments under the selected Annuity Option, the Beneficiary also becomes the new Owner. |
• | If the deceased was not an Annuitant, Annuity Payments to the Payee continue. No death benefit is payable. |
• | If the deceased was the only surviving Annuitant, Annuity Payments end or continue as follows. |
FOR JOINTLY OWNED CONTRACTS: The sole primary Beneficiary is the surviving Joint Owner regardless of any other named Beneficiaries. If both Joint Owners die simultaneously as defined by applicable state law or regulation, we pay the death benefit to the named contingent Beneficiaries, or to the estate of the Joint Owner who died last if there are no named contingent Beneficiaries. |
• | solely owned Contracts, the Covered Person is the Owner. |
• | jointly owned Contracts, you chose which Owner is the Covered Person. |
• | Contracts owned by a non-individual, the Covered Person is the Annuitant. |
– | spouses must be Joint Owners; or |
– | one spouse must be the sole Owner and Annuitant and the other spouse must be the sole primary Beneficiary. |
– | one spouse must be the sole Owner and Annuitant and the other spouse must be the sole primary Beneficiary; or |
– | if the Owner is a qualified plan or a custodian, then one spouse must be the Annuitant and the other spouse must be the sole contingent Beneficiary because we also require the qualified plan or custodian to be the sole primary Beneficiary. This structure allows the surviving non-Annuitant spouse to continue to receive lifetime payments, assuming the surviving non-Annuitant spouse is the beneficiary under the qualified plan or custodial IRA. |
* | Or on the next Business Day if the Contract Anniversary or Benefit Anniversary is not a Business Day. |
|
• For Income Protector (08.09 through 01.12), following an assignment or change of ownership/Annuitant/Beneficiary, if a Covered Person no longer has the required relationship stated here, he or she is removed from the Contract as a Covered Person. If we remove all Covered Persons from the Contract, the benefit and any lifetime payments end. |
• For Joint Owners that selected single lifetime payments: If you are no longer spouses on the date of an Owner’s death and the Contract Value is positive, we pay any applicable death benefit to the Beneficiary(s) and the benefit and any lifetime payments end. This means Lifetime Plus Payments or Income Focus Payments are no longer available even if a Covered Person is still alive. |
• | solely owned Contracts, the Covered Person is the Owner. |
• | jointly owned Contracts, you chose which Owner is the Covered Person. |
• | Contracts owned by a non-individual, the Covered Person is the Annuitant. |
– | spouses must be Joint Owners; or |
– | one spouse must be the Annuitant and the other spouse must be the sole primary Beneficiary if the sole Owner is a non-individual; or |
– | one spouse must be the sole Owner and Annuitant and the other spouse must be the sole primary Beneficiary. |
– | one spouse must be the sole Owner and Annuitant and the other spouse must be the sole primary Beneficiary; or |
– | if the owner is a non-individual, then one spouse must be the Annuitant and the other spouse must be the sole primary Beneficiary; or |
– | if the owner is a non-individual and we require the non-individual Owner to also be the sole primary Beneficiary, then one spouse must be the Annuitant and the other spouse must be the sole contingent Beneficiary. |
* | Or on the next Business Day if the Contract Anniversary or Benefit Anniversary is not a Business Day. |
• Following an assignment or change of ownership/Annuitant/Beneficiary, if a Covered Person no longer has the required relationship stated here, he or she is removed from the Contract as a Covered Person. If we remove all Covered Persons from the Contract, your Lifetime Benefit and any Lifetime Plus Payments end. |
• For non-spouse Joint Owners with single Lifetime Plus Payments: If you are no longer spouses on the date of an Owner’s death and the Contract Value is positive, we pay any applicable death benefit to the Beneficiary(s) and the Lifetime Benefit and any Lifetime Plus Payments end. This means Lifetime Plus Payments are no longer available even if a Covered Person is still alive. |
• Joint Covered Persons must continue to qualify as spouses under federal law while your benefit is in effect. Until then, if at any time joint Covered Persons are no longer spouses, you must send us written notice. We either divide the Contract in accordance with any applicable court order or law regarding division of assets upon divorce, or remove a former spouse from the Contract as a Covered Person and also as an Owner, Joint Owner or Annuitant. At this time, we may change the additional M&E charge for your Lifetime Benefit as discussed in section 11, Expenses – Optional Benefit Additional M&E Charge. However, any new additional M&E charge cannot be greater than the maximum stated in section 11. When we receive notification of an Owner’s death, if we discover that the joint Covered Persons were not federally recognized spouses at the time of death, spousal continuation of the Contract is not available. Therefore, your benefit, any Lifetime Plus Payments and the Contract all end. |
IF YOU HAVE INCOME PROTECTOR, A LIFETIME BENEFIT OR INCOME FOCUS: An assignment does not change the Covered Person(s). Following an assignment or change of ownership/Annuitant/Beneficiary, if a Covered Person who was previously an Owner or Annuitant no longer has that position, the benefit and any lifetime payments end based on the earlier of the date of death of an individual Owner (or Annuitant if the Owner is a non-individual) or last surviving Covered Person. However, if the deceased’s spouse continues the Contract, the benefit and lifetime payments continue until the earlier of the date of death of the surviving spouse or last surviving Covered Person. This means that Lifetime Plus Payments or Income Focus Payments may end even if the Covered Person is still alive. |
The Contract is no longer offered for sale. We do not accept additional purchase payments if you have a Qualified Contract that is funding a plan that is tax qualified under Section 401 or 403(b) of the Internal Revenue Code. |
• | If you do not have Income Protector, Income Focus, or Investment Protector, you can make additional Purchase Payments of $50 or more during the Accumulation Phase. |
• | If you have Income Protector, Income Focus, or Investment Protector, we restrict additional Purchase Payments. Each Rider Year that we allow additional payments you cannot add more than your initial amount without our prior approval. Your initial amount is all Purchase Payments received before the first Quarterly Anniversary of the first Contract Year. A Contract Year is a period of twelve months beginning on the Issue Date or any subsequent Contract Anniversary. A Quarterly Anniversary is the day that occurs three calendar months after the Issue Date or any subsequent Quarterly Anniversary. If you have Income Protector or Income Focus, we do not allow additional payments on or after the Benefit Date. If you have Investment Protector we do not allow additional payments on or after the third Rider Anniversary. A Rider Anniversary is a period of twelve months beginning on the Rider Effective Date or any subsequent Rider Anniversary. A Rider Year is any period of twelve months beginning on the Rider Effective Date or a subsequent Rider Anniversary. If your benefit was effective on the Issue Date, we allow you to add up to the initial amount in the remainder of the first Contract Year (the first Quarterly Anniversary to the last Business Day before the first Contract Anniversary). The minimum additional Purchase Payment we will accept is $50. |
If you remove Income Protector, Income Focus or Investment Protector, these restrictions no longer apply. | |
• | We do not accept additional Purchase Payments on or after the Income Date if you take a Full Annuitization. |
• | The maximum total Purchase Payments we accept without our prior approval is $1 million. |
AIP is not available if you have a Qualified Contract that is funding a plan that is tax qualified under Section 401 or 403(b) of the Internal Revenue Code. |
• | If you begin Annuity Payments, AIP ends on the last Business Day before the Income Date. |
• | If you have Income Protector or Income Focus, AIP ends on the Benefit Date. |
• | If you have Investment Protector, AIP ends on the third Rider Anniversary. |
• | the Benefit Date that Lifetime Plus Payments begin if you have Income Protector or a Lifetime Benefit,; |
• | you request to end the program (your request must be received at our Service Center before the end of the last Business Day immediately before the tenth to end that month); |
• | the DCA program period ends (which is either six or twelve months); or |
• | your Contract ends. |
• For Contracts with Income Protector or Investment Protector, quarterly rebalancing transfers under these benefits do not move Contract Value allocated to the DCA program into or out of the AZL Government Money Market Fund. |
• This program is not available if you have Income Focus. |
• | On Wednesday, we receive at our Service Center an additional Purchase Payment of $3,000 from you before the end of the Business Day. |
• | When the New York Stock Exchange closes on that Wednesday, we determine that the accumulation unit value is $13.25 for your selected Investment Option. |
• | The minimum transfer is $1,000, or the entire Investment Option amount if less. We waive this requirement under the dollar cost averaging and flexible rebalancing programs, and under the allocation and transfer restrictions for Income Protector, Income Focus and Investment Protector. |
• | Your request for a transfer must clearly state the Investment Options involved and how much to transfer. |
• | If you have an optional living benefit, your transfer instructions must comply with the applicable investment restrictions. |
• | Your right to make transfers is subject to the Excessive Trading and Market Timing policy discussed later in this section. |
• | Contract Value transfers between Investment Options do not change your future Purchase Payment allocation instructions or how we rebalance your Contract Value quarterly if you have an optional living benefit. To change this quarterly rebalancing when you make a transfer, you must also change your future allocation instructions. |
• | Dilution of the interests of long-term investors in an Investment Option, if market timers or others transfer into an Investment Option at prices that are below their true value, or transfer out at prices above their true value. |
• | An adverse effect on portfolio management, such as causing an Investment Option to maintain a higher level of cash or causing an Investment Option to liquidate investments prematurely. |
• | Increased brokerage and administrative expenses. |
• | Limit transfer frequency (for example, prohibit more than one transfer a week, or more than two a month, etc.). |
• | Restrict the transfer method (for example, requiring all transfers be sent by first-class U.S. mail and rescinding electronic transfer privileges). |
• | Require a minimum time period between each transfer into or out of the same Investment Option. Our current policy, which is subject to change without notice, prohibits “round trips” within 14 calendar days. We do not include transfers into and/or out of the AZL Government Money Market Fund when available in your Contract. Round trips are transfers into and back out of the same Investment Option, or transfers out of and back into the same Investment Option. |
• | Refuse transfer requests made on your behalf by an asset allocation and/or market timing service. |
• | Limit the dollar amount of any single Purchase Payment or transfer request to an Investment Option. |
• | Prohibit transfers into specific Investment Options. |
• | Impose other limitations or restrictions to the extent permitted by federal securities laws. |
• | Our monitoring will be 100% successful in detecting all potentially disruptive trading activity. |
• | Revoking electronic transfer privileges will successfully deter all potentially disruptive trading. |
This Contract is not designed for professional market timing organizations, or other persons using programmed, large, or frequent transfers, and we may restrict excessive or inappropriate transfer activity. |
• | You can provide voting instructions based on the dollar value of the Investment Option’s shares in your Contract’s subaccount. We calculate this value based on the number and value of accumulation/annuity units for your Contract on the record date. We count fractional units. |
• | You receive proxy materials and a voting instruction form. |
Mortality and Expense Risk (M&E) Charge (as a percentage of each Investment Option’s net asset value) |
|
Base Option | 1.40% |
Bonus Option | 1.90% |
Short Withdrawal Charge Option | 1.65% |
No Withdrawal Charge Option | 1.75% |
Optional Lifetime Benefits | Contract Version |
Available Dates | Current Additional M&E Charge(1) (as a percentage of each Investment Option’s net asset value) |
Maximum Additional M&E Charge(1) (as a percentage of each Investment Option’s net asset value) |
|
No qualifying event, or declined charge increase(2) |
Had a qualifying event and accepted increase(2) |
||||
Lifetime Plus Benefit | A | 10/1/2007 – 3/31/2009 | |||
Single Lifetime Plus Payments | 0.70% | 1.20% | 1.50%(3) | ||
Joint Lifetime Plus Payments | 0.85% | 1.35% | 1.65%(4) | ||
Lifetime Plus 8 Benefit version 1 | A | 8/7/2008 – 1/23/2009 | |||
Single Lifetime Plus Payments | 0.80%(5) | 1.20%(7) | 1.60%(3) | ||
Joint Lifetime Plus Payments | 0.95%(6) | 1.35%(8) | 1.75%(4) | ||
Lifetime Plus 8 Benefit version 2 | A | 1/26/2009 – 3/31/2009 | |||
Single Lifetime Plus Payments | 0.95% | 1.20% | 1.60%(3) | ||
Joint Lifetime Plus Payments | 1.10% | 1.35% | 1.75%(4) |
(1) | We assess the additional M&E charge for these optional benefits during the Accumulation Phase while your benefit is in effect and your Contract Value is positive. |
(2) | A qualifying event is the reset of a Lifetime Benefit’s Annual Increase, or an automatic annual Lifetime Plus Payment increase, that occurred on or after April 29, 2013. If you have had an annual payment increase, your additional M&E charge does not change until the next fifth Benefit Anniversary. If you have had a qualifying event, you can decline this increase to the additional M&E charge as discussed in this section. |
(3) | This is the maximum charge we could impose if you remove a Covered Person or have a qualifying event. |
(4) | This is the maximum charge we could impose if you have a qualifying event. |
(5) | On the Benefit Date, the M&E charge reduces to 0.70% and the maximum M&E charge reduces to 1.50%. |
(6) | On the Benefit Date, the M&E charge reduces to 0.85% and the maximum M&E charge reduces to 1.65%. |
(7) | On the Benefit Date, the M&E charge reduces to 1.10% and the maximum M&E charge reduces to 1.50%. |
(8) | On the Benefit Date, the M&E charge reduces to 1.25% and the maximum M&E charge reduces to 1.65%. |
• | If you withdraw the total Contract Value, we deduct the final rider charge (the total of all daily rider charges we calculated for the current Contract quarter) before processing the withdrawal. |
• | If you take a Full Annuitization, we deduct the final rider charge before calculating Annuity Payments. |
• | If your benefit ends due to death, we deduct the final rider charge before calculating the death benefit. |
Income Protector (Version Identifier) |
Available Dates | Rider Charge (as a percentage of the Benefit Base) | ||||||
Minimum | Maximum | Current(1) | ||||||
Single and Joint Payment |
Single Payment |
Joint Payment |
Single Payment |
Joint Payment |
||||
(01.17 through 02.21) Contract Version A(2) and B |
1/3/2017 – 2/28/2021 | 0.50% | 2.50% | 2.75% | 1.40% | 1.40% | ||
(04.15 through 12.16) Contract Version A(2) and B |
4/27/2015 – 1/2/2017 | 0.50% | 2.50% | 2.75% | 1.30% | 1.30% | ||
(10.12) Contract Version A(2) and B |
10/15/2012 – 4/24/2015 | 0.50% | 2.50% | 2.75% | 1.10% | 1.10% | ||
(07.12) Contract Version A(2) and B |
7/23/2012 – 10/12/2012 | 0.50% | 2.50% | 2.75% | 1.00% | 1.00% | ||
(05.12) Contract Version A(2) and B |
4/30/2012 – 7/20/2012 | 0.50% | 2.50% | 2.75% | 1.40% | 1.40% | ||
(01.12) Contract Version A and B |
1/23/2012 – 4/27/2012 | 0.50% | 2.50% | 2.75% | 1.40% | 1.40% | ||
(05.11) Contract Version A and B |
5/2/2011 – 1/20/2012 | 0.50% | 2.50% | 2.75% | 1.35% | 1.50% | ||
(08.09, 05.10) Contract Version A |
7/22/2009 – 4/29/2011 | 0.50% | 2.50% | 2.75% | 1.35% | 1.50% |
(1) | The current rider charge may increase or decrease on each Quarterly Anniversary. |
(2) | Available on Version A Contracts issued on or after April 1, 2009. |
Income Focus (Version Identifier) |
Available Dates | Rider Charge (as a percentage of the Total Income Value) | ||||||
Minimum | Maximum | Current(1) | ||||||
Single and Joint Payment |
Single Payment |
Joint Payment |
Single Payment |
Joint Payment |
||||
(05.12) and (07.12) Contract Version B |
4/30/2012 – 4/24/2015 | 0.50% | 2.75% | 2.95% | 1.30% | 1.30% |
Investment Protector (Version Identifier) |
Available Dates | Rider Charge (as a percentage of the Target Value) | ||||
Minimum | Maximum | Current(2) | ||||
(07.13 through 10.16) Contract Version A(1) and B |
7/22/2013 – 10/16/2016 | 0.35% | 2.50% | 1.30% | ||
(01.12, 07.12) Contract Version A(1) and B |
4/30/2012 - 7/19/2013 | 0.35% | 2.50% | 1.20% | ||
(01.12) Contract Version A and B |
1/23/2012 – 4/27/2012 | 0.35% | 2.50% | 1.20% | ||
(05.10) Contract Version A and B |
5/3/2010 – 1/20/2012 | 0.35% | 2.50% | 1.15% | ||
(08.09) Contract Version A |
7/22/2009 – 4/30/2010 | 0.35% | 2.50% | 1.05% |
(1) | Available on Version A Contracts issued on or after April 1, 2009. |
(2) | The current rider charge may increase or decrease on each Quarterly Anniversary. |
• | During the Accumulation Phase if the total Contract Value for all VisionSM New York Contracts you own is at least $100,000 at the time we are to deduct the charge. We determine the total Contract Value for all individually owned VisionSM New York Contracts by using the Owner’s social security number, and for non-individually owned VisionSM New York Contracts we use the Annuitant’s social security number. |
• | During the Annuity Phase. |
• | When paying death benefits under death benefit payment options A, B, or C. |
1. | First we withdraw from Purchase Payments that are beyond your Contract’s withdrawal charge period (for example, on a Base Option Contract, Purchase Payments we have had for seven or more complete years). This withdrawal is not subject to a withdrawal charge and it reduces the Withdrawal Charge Basis. |
2. | Then, we withdraw from the free withdrawal privilege (see section 12, Access to Your Money – Free Withdrawal Privilege). This withdrawal is not subject to a withdrawal charge and it reduces the Withdrawal Charge Basis, and is withdrawn from Purchase Payments on a FIFO basis. |
3. | Next, on a FIFO basis, we withdraw from Purchase Payments within your Contract’s withdrawal charge period and assess a withdrawal charge. Withdrawing payments on a FIFO basis may help reduce the total withdrawal charge because the charge declines over time. We determine your total withdrawal charge by multiplying each payment by its applicable withdrawal charge percentage and then totaling the charges. This withdrawal reduces the Withdrawal Charge Basis. |
4. | Finally we withdraw any Contract earnings. This withdrawal is not subject to a withdrawal charge and it reduces the Withdrawal Charge Basis. |
Number of Complete Years Since Purchase Payment |
Withdrawal Charge Amount | |||||||
Base Option | Bonus Option | Short Withdrawal Charge Option | No Withdrawal Charge Option | |||||
0 | 8.5% | 8.5% | 8.5% | 0% | ||||
1 | 8.5% | 8.5% | 7.5% | 0% | ||||
2 | 7.5% | 8.5% | 5.5% | 0% | ||||
3 | 6.5% | 8% | 3% | 0% | ||||
4 | 5% | 7% | 0% | 0% | ||||
5 | 4% | 6% | 0% | 0% | ||||
6 | 3% | 5% | 0% | 0% | ||||
7 | 0% | 4% | 0% | 0% | ||||
8 | 0% | 3% | 0% | 0% | ||||
9 years or more | 0% | 0% | 0% | 0% |
1) | Purchase Payments beyond the withdrawal charge period. All payments are still within the withdrawal charge period, so this does not apply. |
2) | Amounts available under the free withdrawal privilege. You did not take any other withdrawals this year, so you can withdraw up to 12% of your total payments (or $12,000) without incurring a withdrawal charge. We deduct this $12,000 from your Purchase Payment; $3,600 ($3,600 x 12%) from the first Purchase Payment and then $8,400 ($70,000 x 12%) from the second Purchase Payment. |
3) | Purchase Payments on a FIFO basis. We withdraw the remaining $26,400 from the first Purchase Payment, which is subject to a 7.5% withdrawal charge, and you receive $24,420. We determine this amount as follows: |
|
• We do not reduce the Withdrawal Charge Basis for the deduction of Contract fees and expenses other than the withdrawal charge. This means that upon a full withdrawal, if your Contract Value is less than your remaining Purchase Payments that are still subject to a withdrawal charge we will assess a withdrawal charge on more than the amount withdrawn. This can occur because your Contract Value was reduced for: |
– deductions of Contract fees and expenses other than the withdrawal charge, and/or |
– poor performance. |
This also means that upon a full withdrawal you may not receive any money. |
• Withdrawals may have tax consequences and, if taken before age 59 1⁄2, may be subject to a 10% additional federal tax. For tax purposes in most instances, withdrawals from Non-Qualified Contracts are considered to come from the earnings first, not Purchase Payments. |
• Partial Annuitizations reduce the Withdrawal Charge Basis proportionately by the percentage of Contract Value you annuitize. |
• | by withdrawing your Contract Value; |
• | by withdrawing the Target Value on the last Business Day before a Target Value Date (the date we guarantee your Contract Value cannot be less than the Target Value) if you have Investment Protector or a Target Date Benefit; |
• | by taking Lifetime Plus Payments if you have Income Protector or a Lifetime Benefit; |
• | by taking Income Focus Payments if you have Income Focus; |
• | by taking required minimum distributions (Qualified Contracts only) as discussed in “Minimum Distribution Program and Required Minimum Distribution (RMD) Payments” later in this section; |
• | by taking Annuity Payments; or |
• | when we pay a death benefit. |
* | Does not apply to Lifetime Plus Payments, Income Focus Payments, systematic withdrawals, or required minimum distributions. |
** | Does not apply to Lifetime Plus Payments or Income Focus Payments. |
• Ordinary income taxes, tax penalties and certain restrictions may apply to any withdrawal you take. |
• Joint Owners: We send one check payable to both Joint Owners and we tax both Joint Owner's based on the age of the older Joint Owner. |
• We may be required to provide information about you or your Contract to government regulators. We may also be required to stop Contract disbursements and thereby refuse any transfer requests, and refuse to pay any withdrawals, surrenders, or death benefits until we receive instructions from the appropriate regulator. If, pursuant to SEC rules, the AZL Government Money Market Fund suspends payment of redemption proceeds in connection with a fund liquidation, we will delay payment of any transfer, partial withdrawal, surrender, or death benefit from the AZL Government Money Market Fund subaccount until the fund is liquidated. |
• For Contracts with Investment Protector: The Target Value is only guaranteed to be available on the last Business Day before each Target Value Date. Beginning on the next Business Day, your Contract Value fluctuates based on your selected Investment Options’ performance, and this is the value available to you upon withdrawal. We notify you in writing at least 30 days in advance of your initial Target Value Date to allow you to decide if you want to take a withdrawal and/or continue your Contract until the next Target Value Date. |
The free withdrawal privilege is not available while you are receiving Lifetime Plus Payments or Income Focus Payments. |
• During the withdrawal charge period (if applicable), systematic withdrawals in excess of the free withdrawal privilege are subject to a withdrawal charge. |
• Ordinary income taxes and tax penalties may apply to systematic withdrawals. |
• The systematic withdrawal program is not available while you are receiving required minimum distribution payments , Lifetime Plus Payments, or Income Focus Payments. |
• | the New York Stock Exchange is closed (other than customary weekend and holiday closings); |
• | trading on the New York Stock Exchange is restricted; |
• | an emergency (as determined by the SEC) exists as a result of which disposal of the Investment Option shares is not reasonably practicable or we cannot reasonably value the Investment Option shares; or |
• | during any other period when the SEC, by order, so permits for the protection of Owners. |
* | Including Lifetime Plus Payments, Income Focus Payments, Excess Withdrawals and Cumulative Withdrawals. |
• | The Contract Value on the Income Date. |
• | Whether you request fixed payments, variable payments, or a combination of both fixed and variable Annuity Payments. |
• | The age of the Annuitant and any joint Annuitant on the Income Date. |
• | The gender of the Annuitant and any joint Annuitant where permitted. |
• | The Annuity Option you select. |
• | Your Contract’s mortality table. |
If you do not choose an Annuity Option before the Income Date, we make variable Annuity Payments to the Payee under Annuity Option 2 with five years of guaranteed monthly payments. |
• If on the Income Date your Contract Value is greater than zero, you must take a Full Annuitization. We notify you of your available options in writing 60 days in advance, including the option to extend your Income Date if available. If on your Income Date you have not selected an Annuity Option, we make variable payments under Annuity Option 2 with five years of guaranteed monthly payments. Upon Full Annuitization you no longer have Contract Value or a death benefit, and you cannot receive any other periodic withdrawals or payments other than Annuity Payments. |
• For Contracts with Income Protector or Income Focus: If on the Income Date your Contract Value is greater than zero, you are receiving Lifetime Plus Payments or Income Focus Payments, and we require you to take a Full Annuitization, we make the following guarantee if you take fixed Annuity Payments under Annuity Option 1 or 3. |
For single Lifetime Plus Payments or Income Focus Payments, if you choose Annuity Option 1 (Life Annuity) where the sole Annuitant is the sole Covered Person, then your fixed Annuity Payments equals the greater of: |
– annual fixed Annuity Payments under Annuity Option 1 based on the Contract Value; or |
– the current annual maximum Lifetime Plus Payment or Income Focus Payment available to you. |
For joint Lifetime Plus Payments or Income Focus Payments, if you choose Annuity Option 3 (Joint and Last Survivor Annuity) with Annuity Payments to continue at a level of 100% to the surviving joint Annuitant, and both joint Annuitants are the joint Covered Persons, then your fixed Annuity Payments equals the greater of: |
– annual fixed Annuity Payments under Annuity Option 3 based on the Contract Value; or |
– the current annual maximum Lifetime Plus Payment or Income Focus Payment available to you. |
However, if you select any other Annuity Option, or if you choose to take variable Annuity Payments, this guarantee does not apply. |
If you have a Non-Qualified Contract, these Annuity Payments will receive the benefit of the exclusion ratio, which causes a portion of each Annuity Payment to be non-taxable as described in section 18, Taxes – Taxation of Annuity Contracts. |
Standard Benefits (No Additional Charge) | ||
Name of Benefit | Purpose | Brief Description of Restrictions/Limitations |
Free Withdrawal Privilege | Allows you to withdraw up to 12% of your total Purchase Payments each Contract Year without incurring a withdrawal charge. | • Only available during the Accumulation Phase. • Not available while you are receiving Lifetime Plus Payments or Income Focus Payments. • Unused free withdrawal amounts not available in future years. • Program withdrawals may be subject to income taxes, including a 10% additional federal tax if taken before age 59 1⁄2. |
Automatic Investment Plan (AIP) | Allows you to make automatic Purchase Payments by electronic money transfer from your savings, checking, or brokerage account. | • Only available during the Accumulation Phase. • Not available to certain Qualified Contracts. • Payments must be on a monthly or quarterly basis. • Subject to applicable Purchase Payment restrictions. • We reserve the right to discontinue or modify. |
Dollar Cost Averaging (DCA) Program | Allows you to make automatic transfers from the money market Investment Option to your selected Investment Options over a 6- or 12-month term. | • Only available during the Accumulation Phase. • Not available if you are receiving Lifetime Plus Payments. • Not available to Contracts with Income Focus. • Must allocate at least $1,500 to the AZL Government Money Market Fund to enroll. • Program transfers only on a monthly basis. • Program transfers do not count against transfer limitations. • We reserve the right to discontinue or modify. |
Flexible Rebalancing Program | Provides for automatic, periodic transfers among the Investment Options to help you maintain your selected allocation percentages among the Investment Options. | • Only available during the Accumulation Phase. • Not available to Contracts with Income Protector, Income Focus, Investment Protector, a Lifetime Benefit, or a Target Date Benefit. • Rebalancing may be on a quarterly, semi-annual, or annual basis only. • Program transfers do not count against transfer limitations. • We reserve the right to discontinue or modify. |
Systematic Withdrawal Program | Allows you to take automatic withdrawals from your Contract. | • Only available during the Accumulation Phase. • Not available if you are participating in minimum distribution program or receiving Lifetime Plus Payments or Income Focus Payments. • Program withdrawals may be monthly, quarterly, semi-annual or annual, unless you have less than $25,000 in Contract Value, in which case only annual withdrawals are available. • Program withdrawals count against free withdrawal privilege. • Program withdrawals may be subject to withdrawal charges and income taxes, including a 10% additional federal tax if taken before age 59 1⁄2. • We reserve the right to discontinue or modify. |
Standard Benefits (No Additional Charge) | ||
Name of Benefit | Purpose | Brief Description of Restrictions/Limitations |
Minimum Distribution Program | Allows you to automatically take withdrawals to satisfy the minimum distribution requirements imposed by the Internal Revenue Code for a Qualified Contract. | • Only available during the Accumulation Phase. • Only available to IRA or SEP IRA Contracts. • Not available if you are participating in systematic withdrawal program. • Program withdrawals may be monthly, quarterly, semi-annual or annual, unless you have less than $25,000 in Contract Value, in which case only annual withdrawals are available. • Program withdrawals count against free withdrawal privilege. • Program withdrawals are not subject to withdrawal charges, but may be subject to income taxes, including a 10% additional federal tax if taken before age 59 1⁄2. • We reserve the right to discontinue or modify subject to the requirements of law. |
Financial Adviser Fees | If you have a financial adviser and want to pay their financial adviser fees from this Contract, you can instruct us to withdraw the fee from your Contract and pay it to your Financial Professional or Financial Professional’s firm as instructed. | • Only available during the Accumulation Phase. • Financial adviser fees are in addition to the Contract’s fees and expenses. • Deductions for financial adviser fees are treated as withdrawals under the Contract. • Program withdrawals count against free withdrawal privilege. • Program withdrawals may be subject to withdrawal charges and income taxes, including a 10% additional federal tax if taken before age 59 1⁄2. • We reserve the right to discontinue or modify. |
Waiver of Withdrawal Charge Benefit | Waives withdrawal charges under a Base Option, Bonus Option, or Short Withdrawal Charge Option Contract if you become confined to a nursing home. | • Only available during the Accumulation Phase. • Confinement must be for at least 90 consecutive days. • Requires physician certification. • Not available if any Owner was confined to a nursing home on the Issue Date. • Program withdrawals count against free withdrawal privilege. • Program withdrawals are not subject to withdrawal charges, but may be subject to income taxes, including a 10% additional federal tax if taken before age 59 1⁄2. • State variations apply. |
Traditional Death Benefit | Provides a death benefit equal to the greater of Contract Value or Traditional Death Benefit Value. | • Only available during the Accumulation Phase. • Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Restrictions on Purchase Payments may limit the benefit. • Fully annuitizing the Contract will end the benefit. • For Bonus Option Contracts, no bonuses are included as part of Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Quarterly Value Death Benefit | Provides a death benefit equal to the greater of Contract Value or the Quarterly Anniversary Value. The benefit is designed to
potentially lock-in quarterly investment gains during the Accumulation Phase. See Appendix C for an example of how we calculate the Quarterly Anniversary Value. |
0.30% (as a percentage of each Investment Option’s net asset value) |
• Replaces the Traditional Death Benefit if elected. • Only available during the Accumulation Phase. • Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Withdrawals reduce the likelihood of lock-ins. • Cannot be removed from the Contract. • Full Annuitization of the Contract will end the benefit. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Maximum Anniversary Death Benefit | Provides a death benefit equal to the greater of Contract Value or the Maximum Anniversary Value. The benefit
is designed to potentially lock-in annual investment gains during the Accumulation Phase. See Appendix C for an example of how we calculate the Maximum Anniversary Value. |
0.30% (as a percentage of each Investment Option’s net asset value) |
• Replaces the Traditional Death Benefit if elected. • Only available during the Accumulation Phase. • Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Withdrawals reduce the likelihood of lock-ins. • Maximum Anniversary Death Benefit version 2 and version 3 required the election of an Additional Required Benefit. Removing the Additional Required Benefit may reduce the Maximum Anniversary Death Benefit. • Cannot be removed from the Contract. • Full Annuitization of the Contract will end the benefit. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Income Protector | Guaranteed minimum lifetime withdrawal benefit providing for guaranteed yearly withdrawals / payments until
the death of the Covered Person(s) if conditions are satisfied. Also includes:• A quarterly lock-in feature (Quarterly Anniversary Value) and a quarterly simple interest reset feature (Annual Increase) that may increase the Benefit Base
before the Benefit Date.• An automatic annual Lifetime Plus Payment increase feature that may increase payments after the Benefit Date. See Appendix C for an example of how we calculate the Benefit Base. |
2.50% for single payments 2.75% for joint payments (as a percentage of the Benefit Base) |
• Only available during the Accumulation Phase. • Additional Purchase Payments are subject to further restrictions. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Early and Excess Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Lifetime Plus Payments may not begin until after the relevant Covered Person reaches age 60 (age 65 for version 08.09) and must begin before age 91. • Availability of joint Income Payments subject to age restrictions. • Quarterly Anniversary Value and Annual Increase features are subject to limitations and are unavailable after the Benefit Date. • If you take less than your annual maximum Lifetime Plus Payment in a Benefit Year, you are ineligible for potential automatic annual Lifetime Plus Payment increases. A Benefit Year is a period of twelve months beginning on the Benefit Date or any subsequent Benefit Anniversary. • After the Benefit Date: no new Partial Annuitizations; no additional Purchase Payments; no AIP, systematic withdrawal, or DCA programs; and no free withdrawal privilege (Lifetime Plus Payments are not subject to withdrawal charges). • Full Annuitization of the Contract will end the benefit, but you may be able to annuitize your annual maximum Lifetime Plus Payment. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Income Focus | Guaranteed minimum lifetime withdrawal benefit providing for guaranteed yearly withdrawals / payments until
the death of the Covered Person(s) if conditions are satisfied. Also includes a Performance Increase feature that may increase the benefit before or after the Benefit Date. See Appendix C for an example of how we calculate the Total Income Value. |
2.75% for single payments 2.95% for joint payments (as a percentage of the Total Income Value) |
• Only available during the Accumulation Phase. • Additional Purchase Payments are subject to further restrictions. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Early and Excess Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Income Focus Payments may not begin until the relevant Covered Person reaches age 60 and must begin before age 91. • Performance Increase feature is subject to limitations. • If you take less than your annual maximum Income Focus Payment in a Benefit Year, you are ineligible for potential Performance Increase. • After the Benefit Date: no new Partial Annuitizations; no additional Purchase Payments; no AIP or systematic withdrawal programs; and no free withdrawal privilege (Income Focus Payments are not subject to withdrawal charges). • Full Annuitization of the Contract will end the benefit, but you may be able to annuitize your annual maximum Income Focus Payment. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Lifetime Plus Benefit | Guaranteed minimum lifetime withdrawal benefit providing for guaranteed yearly withdrawals / payments until
the death of the Covered Person(s) if conditions are satisfied.Also includes:• A quarterly lock-in feature (Quarterly Anniversary Value) and an annual compound interest reset feature (5% Annual Increase) that may increase the benefit
before the Benefit Date. See Appendix C for an example of how we calculate the Quarterly Anniversary Value, and Appendix D for examples of how we calculate the 5% Annual Increase.• An automatic annual Lifetime Plus Payment increase feature that may increase payments after the Benefit Date.• A Cumulative Withdrawal Benefit that allows you to access prior years’ annual maximum Lifetime Plus Payments that were not withdrawn. See Appendix D for an example. |
1.50% for single payments 1.65% for joint payments (as a percentage of each Investment Option’s net asset value) |
• Only available during the Accumulation Phase. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Early and Excess Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Lifetime Plus Payments may not begin until the relevant Covered Person reaches age 55 for single payments, or age 60 for joint payments, and must begin before age 91. • Availability of joint Income Payments subject to age restrictions. • Quarterly Anniversary Value, and 5% Annual Increase features are subject to limitations and are unavailable after the Benefit Date. • 5% Annual Increase resets are automatic and will increase the additional M&E charge by 0.50%. • Cumulative Withdrawal Value is excluded from the death benefit. • If you take less than your annual maximum Lifetime Plus Payment in a Benefit Year, you are ineligible for a potential automatic annual Lifetime Plus Payment increases. • If we increase the current additional M&E charge, you may be able to reject the increase but doing so may reduce the benefit. • After the Benefit Date: no new Partial Annuitizations; no additional Purchase Payments; no AIP, systematic withdrawal, or DCA programs; and no free withdrawal privilege (Lifetime Plus Payments are not subject to withdrawal charges). • Cannot be removed from the Contract after the Benefit Date. • Full Annuitization of the Contract will end the benefit, but you may be able to annuitize your annual maximum Lifetime Plus Payment. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Lifetime Plus 8 Benefit | Guaranteed minimum lifetime withdrawal benefit providing for guaranteed yearly withdrawals / payments until
the death of the Covered Person(s) if conditions are satisfied.Also includes:• A quarterly lock-in feature (Quarterly Anniversary Value) and a quarterly simple interest reset feature (8% Annual Increase) that may increase the benefit
before the Benefit Date. See Appendix C for examples of how we calculate the Quarterly Anniversary Value, and Appendix D for examples of how we calculate the 8% Annual Increase.• An automatic annual Lifetime Plus Payment increase feature that may increase payments after the Benefit Date.• A Cumulative Withdrawal Benefit that allows you to access prior years’ annual maximum Lifetime Plus Payments that were not withdrawn. See Appendix D for an example. |
1.60% for single payments 1.75% for joint payments (as a percentage of each Investment Option’s net asset value) |
• Only available during the Accumulation Phase. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Early and Excess Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • Lifetime Plus Payments may not begin until the relevant Covered Person reaches age 65 and must begin before age 91. • Availability of joint Income Payments subject to age restrictions. • Quarterly Anniversary Value and 8% Annual Increase features are subject to limitations and are unavailable after the Benefit Date. • 8% Annual Increase resets are automatic. • Cumulative Withdrawal Value is excluded from the death benefit. • If you take less than your annual maximum Lifetime Plus Payment in a Benefit Year, you are ineligible for a potential automatic annual Lifetime Payment increase. • After the Benefit Date: no new Partial Annuitizations; no additional Purchase Payments; no AIP, systematic withdrawal, or DCA programs; and no free withdrawal privilege (Lifetime Plus Payments are not subject to withdrawal charges). • Cannot be removed from the Contract after the Benefit Date. • Full Annuitization of the Contract will end the benefit, but you may be able to annuitize your annual maximum Lifetime Plus Payment. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Investment Protector | Guaranteed accumulation benefit providing a level of protection for your principal and a percentage of any annual investment
gains. Target Value Dates occur every 5 years after a 10 year waiting period. Includes an initial Target Value Date reset feature. See Appendix C for examples of how we calculate the Rider Anniversary Value we use to determine the Target Value. See Appendix G for an example of the application of the Target Value. |
2.50% (as a percentage of the Target Value) |
• Only available during the Accumulation Phase. • Additional Purchase Payments are subject to further restrictions. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • No guaranteed minimum Contract Value before the first Target Value Date, or between Target Value Dates. • Target Value Dates occur every 5th Rider Anniversary after the first Target Value Date. • No benefit on a Target Value Date if Contract Value is greater than Target Value. • Initial Target Value Date resets are subject to limitations and restart the 10-year waiting period before the first Target Value Date. • If we increase your current rider charge, you cannot reject the increase without ending the benefit. • Full Annuitization of the Contract will end the benefit. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Target Date Retirement Benefit | Guaranteed accumulation benefit providing a level of protection for your principal and a percentage of any
annual investment gains. Target Value Dates occur every year after a 7 year waiting period. Includes an initial Target Value Date reset feature. See Appendix C for an example of how we calculate the Target Value. See Appendix E for an example of the application of the Target Value. |
0.40% (as a percentage of each Investment Option’s net asset value) |
• Only available during the Accumulation Phase. • Additional Purchase Payments are not allowed. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • No guaranteed minimum Contract Value before the first Target Value Date, or between Target Value Dates. • Target Value Dates occur every Rider Anniversary after the first Target Value Date. • No benefit on a Target Value Date if Contract Value is greater than Target Value. • Initial Target Value Date resets are subject to limitations and restart the 7-year waiting period before the first Target Value Date. • Full Annuitization of the Contract will end the benefit. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Optional Benefits (No Longer Available For Election) | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions/Limitations |
Target Date 10 Benefit | Guaranteed accumulation benefit providing a level of protection for your principal and a percentage of any annual investment
gains. Target Value Dates occur every year after a 10 year waiting period. Includes an initial Target Value Date reset feature. See Appendix C for an example of how we calculate the Target Value. See Appendix E for an example of the application of the Target Value. |
0.55% (as a percentage of each Investment Option’s net asset value) |
• Only available during the Accumulation Phase. • Additional Purchase Payments are not allowed. • Investment restrictions limit available Investment Options. • Investments will be automatically rebalanced quarterly. • Withdrawals may significantly reduce or end the benefit as indicated in Appendix C. • No guaranteed minimum Contract Value before the first Target Value Date, or between Target Value Dates. • Target Value Dates occur every Rider Anniversary after the first Target Value Date. • No benefit on a Target Value Date if Contract Value is greater than Target Value. • Initial Target Value Date resets are subject to limitations and restarts the 10-year waiting period before the first Target Value Date. • Full Annuitization of the Contract will end the benefit. • For Bonus Option Contracts, bonus amounts are not included in benefit values based on Purchase Payments. |
Bonuses on Purchase Payments | Provides a 6% bonus on Purchase Payments for Bonus Option Contracts. | 0.30% higher M&E charge compared to Base Option Contract (as a percentage of each Investment Option’s net asset value) |
• Only available on the Bonus Option Contract class. • Bonuses only available during the Accumulation Phase. • Purchase Payment must be received before age 81. • Bonuses not considered part of Purchase Payments for purposes of Contract guarantees (including, but not limited to, the Traditional Death Benefit). • Additional charge for bonus feature built into higher M&E charge and higher and longer withdrawal charge schedule compared to Base Option Contract. • Higher charges associated with Bonus Option Contracts may be greater than any benefit from bonuses. • Bonus feature cannot be removed from the Contract. |
• | The Business Day before the Income Date that you take a Full Annuitization. |
• | The Business Day that the Traditional Death Benefit Value and Contract Value are both zero. |
• | The Business Day the Contract ends. |
|
• For Bonus Option Contracts: Bonus amounts are included in the parts of the Traditional Death Benefit based on Contract Value, but do not in the parts of the Traditional Death Benefit based on Purchase Payments. |
• For Contracts with one of the Lifetime Benefits, Target Date Benefits, Income Focus, Investment Protector, or Income Protector: We restrict additional Purchase Payments, which limits the Traditional Death Benefit Value. In addition, each lifetime payment, Cumulative Withdrawal, and Excess Withdrawal reduces the Traditional Death Benefit Value by the percentage of Contract Value withdrawn (including any withdrawal charge). Taking lifetime payments, Cumulative Withdrawals, and Excess Withdrawals may cause the Traditional Benefit to end. |
• | We increase it by the amount of any additional Purchase Payments. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations, Lifetime Plus Payments or Income Focus Payments, Cumulative Withdrawals, Excess Withdrawals and any withdrawal charges; but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
• | the rider termination date if you remove an Additional Required Benefit and you have Maximum Anniversary Death Benefit version 3 (this provision does not apply to Maximum Anniversary Death Benefit version 1 or version 2); |
• | the older Owner’s 91st birthday (or the Annuitant’s 91st birthday if the Owner is a non-individual); or |
• | the end of the Business Day we receive the first Valid Claim from any one Beneficiary. |
• | The Business Day before the Income Date that you take a Full Annuitization. |
• | The Business Day that the Maximum Anniversary Value and Contract Value are both zero. |
• | The Business Day the Contract ends. |
• | We increase it by the amount of any additional Purchase Payments. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations, Lifetime Plus Payments or Income Focus Payments, Cumulative Withdrawals, Excess Withdrawals and any withdrawal charges; but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
• | the older Owner’s 91st birthday (or the Annuitant’s 91st birthday if the Owner is a non-individual); or |
• | the end of the Business Day we receive the first Valid Claim from any one Beneficiary. |
• | The Business Day before the Income Date that you take a Full Annuitization. |
• | The Business Day that the Quarterly Anniversary Value and Contract Value are both zero. |
• | When the Contract ends. |
|
• If you have Income Protector, a Lifetime Benefit, or Income Focus your Contract Value decreases with each lifetime payment, Cumulative Withdrawal, Excess Withdrawal, and benefit charge deduction. This reduces the likelihood of locking in investment gains and directly reduces the Maximum Anniversary Value or Quarterly Anniversary Value. Taking lifetime payments, Cumulative Withdrawals, and Excess Withdrawals may cause the Maximum Anniversary Death Benefit or Quarterly Value Death Benefit to end. |
• For Bonus Option Contracts: The bonus is not included in the parts of the Maximum Anniversary Death Benefit or Quarterly Value Death Benefit based on Purchase Payments. |
• | Contract Value determined at the end of the last Business Day before the Benefit Date, |
• | highest Contract Value from any prior Quarterly Anniversary adjusted for subsequent withdrawals (Quarterly Anniversary Value), or |
• | quarterly simple interest (Annual Increase Percentage) applied to Purchase Payments adjusted for withdrawals for a guaranteed number of years (Guarantee Years). Each quarter we reset the simple interest value to equal the Contract Value, if greater (Annual Increase). |
Income Protector (Version Identifier) |
Annual Increase Percentage used to calculate the Annual Increase | Number of Guarantee Years used to calculate the Annual Increase | Payment Percentages used to calculate annual maximum Lifetime Plus Payments |
|||||
(09.20 through 02.21) available on Contract Version A(1) and B from September 8, 2020 through February 28, 2021 |
4%, which is 1.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
60 – 64 65 – 79 80+ |
3.00% 3.50% 4.50% |
|||||
(04.20v1 through 08.20v2) available on Contract Version A(1) and B from April 7, 2020 through September 7, 2020 |
5%, which is 1.25% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
60 – 64 65 – 79 80+ |
3.00% 3.50% 4.50% |
|||||
(09.19 through 03.20) available on Contract Version A(1) and B from September 4, 2019 through April 6, 2020 |
6%, which is 1.50% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
|||||
(07.19 through 08.19) available on Contract Version A(1) and B from July 2, 2019 through September 3, 2019 |
6%, which is 1.50% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.50% 5.00% 6.00% |
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
|||||
(05.19 through 06.19) available on Contract Version A(1) and B from May 7, 2019 through July 1, 2019 |
7%, which is 1.75% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.50% 5.00% 6.00% |
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
|||||
(11.18 through 04.19v2) available on Contract Version A(1) and B from November 6, 2018 through May 6, 2019 |
8%, which is 2.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.50% 5.00% 6.00% |
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
Income Protector (Version Identifier) |
Annual Increase Percentage used to calculate the Annual Increase | Number of Guarantee Years used to calculate the Annual Increase | Payment Percentages used to calculate annual maximum Lifetime Plus Payments |
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(08.18 through 10.18) available on Contract Version A(1) and B from August 7, 2018 through November 5, 2018 |
8%, which is 2.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.25% 4.75% 5.75% |
60 – 64 65 – 79 80+ |
3.75% 4.25% 5.25% |
|||||
(03.18 through 07.18) available on Contract Version A(1) and B from March 6, 2018 through August 6, 2018 |
8%, which is 2.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
|||||
(12.17 through 02.18) available on Contract Version A(1) and B from December 5, 2017 through March 5, 2018 |
7%, which is 1.75% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
|||||
(03.17 through 11.17) available on Contract Version A(1) and B from March 7, 2017 through December 4, 2017 |
6%, which is 1.50% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
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(01.17, 02.17) available on Contract Version A(1) and B from January 3, 2017 through March 6, 2017 |
5%, which is 1.25% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
|||||
(12.16) available on Contract Version A(1) and B from December 6, 2016 through January 2, 2017 |
4%, which is 1.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.00% 4.50% 5.50% |
60 – 64 65 – 79 80+ |
3.50% 4.00% 5.00% |
|||||
(09.16 through 11.16) available on Contract Version A(1) and B from September 6, 2016 through December 5, 2016 |
4%, which is 1.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
3.75% 4.25% 5.25% |
60 – 64 65 – 79 80+ |
3.25% 3.75% 4.75% |
|||||
(07.16, 08.16) available on Contract Version A(1) and B from July 5, 2016 through September 5, 2016 |
4%, which is 1.00% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payment | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
|||||
(05.16, 06.16) available on Contract Version A(1) and B from May 3, 2016 through July 4, 2016 |
5%, which is 1.25% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
|||||
(04.15, 04.16) available on Contract Version A(1) and B from April 27, 2015 through May 2, 2016 |
6%, which is 1.5% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
Income Protector (Version Identifier) |
Annual Increase Percentage used to calculate the Annual Increase | Number of Guarantee Years used to calculate the Annual Increase | Payment Percentages used to calculate annual maximum Lifetime Plus Payments |
|||||
(10.12) available on Contract Version A(1) and B from October 15, 2012 through April 24, 2015 |
6%, which is 1.5% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
|||||
(07.12) available on Contract Version A(1) and B from July 23, 2012 through October 12, 2012 |
5%, which is 1.25% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
|||||
(05.12) available on Contract Version A(1) and B from April 30, 2012 through July 20, 2012 |
7%, which is 1.75% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
|||||
(01.12) available on Contract Version A and B from January 23, 2012 through April 27, 2012 |
8%, which is 2% applied quarterly |
30 | Covered Person’s age for single Lifetime Plus Payments | Younger Covered Person’s age for joint Lifetime Plus Payments | ||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
60 – 64 65 – 79 80+ |
3.5% 4.0% 5.0% |
|||||
(05.11) available on Contract Version A and B from May 2, 2011 through January 20, 2012 |
8%, which is 2% applied quarterly |
30 | Age of Covered Person for single Lifetime Plus Payments, or age of younger Covered Person for joint Lifetime Plus Payments |
|||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
|||||||
(05.10) available on Contract Version A from May 3, 2010 through April 29, 2011 |
8%, which is 2% applied quarterly |
20 | Age of Covered Person for single Lifetime Plus Payments, or age of younger Covered Person for joint Lifetime Plus Payments |
|||||
60 – 64 65 – 79 80+ |
4.0% 4.5% 5.5% |
|||||||
(08.09) available on Contract Version A from July 22, 2009 through April 30, 2010 |
8%, which is 2% applied quarterly |
20 | Age of Covered Person for single Lifetime Plus Payments, or age of younger Covered Person for joint Lifetime Plus Payments |
|||||
65 – 79 80+ |
4.5% 5.5% |
• The minimum exercise age that Lifetime Plus Payments can begin is age 65 for Income Protector (08.09), or age 60 for all other versions of Income Protector. |
• On the Rider Effective Date we established your Contract’s Annual Increase Percentage, Guarantee Years, and Payment Percentages and we cannot change these values while your benefit is in effect. |
• | If we increase your annual maximum Lifetime Plus Payment because the Contract Value increased, we increase your Benefit Base by the same percentage that we increased the payment. |
• | If we increase your annual maximum Lifetime Plus Payment because the Payment Percentage determined by using the Covered Person’s age multiplied by the current Contract Value results in a higher payment, we change your Benefit Base to equal this Contract Value. This change may increase or decrease your Benefit Base. For example, suppose a 65-year old has an annual maximum Lifetime Plus Payment of $4,000 based on the Benefit Base of $100,000 and a 4% Payment Percentage ($4,000 = 4% x $100,000). On the next Benefit Anniversary, assume the Payment Percentage increases to 4.5% based on the Covered Person’s age. At 4.5%, the annual maximum Lifetime Plus Payment would increase if the current Contract Value was at least $88,912 ($88,912 x 4.5% = $4,001). Assuming the Contract Value is $88,912, the Benefit Base would then reduce from $100,000 to $88,912 and the annual maximum Lifetime Plus Payment would increase to $4,001. |
• | We increase it by the amount of any additional Purchase Payments. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
• | We increase them by the amount of any additional Purchase Payments. |
• | We reduce them by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
a | = | The Annual Increase at the end of the prior Business Day. |
b | = | The Annual Increase Percentage we set on the Rider Effective Date (which is included in the Lifetime Plus Payment Overview earlier in this section) divided by four. |
c | = | The Increase Base at the end of the prior Business Day. |
d | = | Purchase Payments* received on or after the prior Quarterly Anniversary. If you selected this benefit at issue, we exclude from “d” any Purchase Payments received before the first Quarterly Anniversary. |
* | We reduce each Purchase Payment by the percentage of any Contract Value withdrawn, including any withdrawal charge, for each withdrawal taken since we received that payment. |
FOR BONUS OPTION CONTRACTS: The bonus is not included in the parts of the Quarterly Anniversary Value, Annual Increase or Increase Base based on Purchase Payments. |
• | You cannot make additional Purchase Payments, therefore Traditional Death Benefit Value (if applicable) no longer increases. |
• | Any active AIP and/or systematic withdrawal or DCA programs end. |
• | The free withdrawal privilege is not available. |
• | You can only remove Income Protector while the Contract Value is positive. If you remove this benefit, the restrictions listed above do not apply on or after the rider termination date. |
• | The rider charge continues until the benefit ends, or the Business Day the Contract Value reduces to zero. |
• | If you have the Maximum Anniversary Death Benefit, its additional M&E charge continues as indicated in section 11, Expenses – Optional Death Benefit Rider Charge. |
• | If you take a Full Annuitization, Lifetime Plus Payments stop and Income Protector ends. |
• | The Contract Value continues to fluctuate as a result of Investment Option performance. It decreases on a dollar for dollar basis with each Lifetime Plus Payment, Excess Withdrawal, and any Contract charges we deduct. |
• | Lifetime Plus Payments do not reduce your Benefit Base, but Excess Withdrawals reduce your Benefit Base and annual maximum Lifetime Plus Payment by the percentage of Contract Value withdrawn (including any withdrawal charge). If you take an Excess Withdrawal of your total Contract Value, Lifetime Plus Payments stop and Income Protector ends. |
• | Each Lifetime Plus Payment and any Excess Withdrawal reduces the Traditional Death Benefit Value (or the Maximum Anniversary Value under the Maximum Anniversary Death Benefit, if applicable) by the percentage of Contract Value withdrawn (including any withdrawal charge). |
• | Any part of your annual maximum Lifetime Plus Payment that you do not withdraw in a given Benefit Year remains in your Contract for the remainder of that year, but is not added to the annual maximum payment available next year. |
• | We may increase your annual maximum Lifetime Plus Payment on every Benefit Anniversary before the older Covered Person reaches age 91. If you receive a payment increase, we may also change your Benefit Base. |
• | If your Contract Value reduces to zero for any reason other than an Excess Withdrawal or annuitization that does not convert your Lifetime Plus Payments to Annuity Payments, you will continue to receive your maximum available Lifetime Plus Payment at the previous selected payment frequency until the earlier of the death of the Owner or last surviving Covered Person. |
If the older Covered Person is age 80 on the Rider Effective Date, we extend the latest available Benefit Date by 30 calendar days in order to allow you to receive the maximum benefit from the Annual Increase. |
• For Qualified Contracts, if we calculate a required minimum distribution (RMD) based on this Contract, after making all Lifetime Plus Payments for the calendar year, we determine whether this calendar year’s total RMD has been satisfied by these payments and any Excess Withdrawals. If the RMD amount for this Contract has not been satisfied, we send you this remaining amount as one RMD payment by the end of the calendar year. We consider this payment to be a withdrawal, but it is not an Excess Withdrawal and it is not subject to a withdrawal charge. |
• For required annuitization, if on the Income Date you are receiving Lifetime Plus Payments, we guarantee to pay you the greater of your maximum Lifetime Plus Payment or fixed Annuity Payments based on the Contract Value under Annuity Option 1 or Annuity Option 3. If you select any other Annuity Option, or if you choose to take variable Annuity Payments, this guarantee does not apply. For more information, see section 13, The Annuity Phase. |
• | If you took your annual maximum Lifetime Plus Payment during the last Benefit Year, we increase next year’s annual maximum payment if the Contract Value determined at the end of the prior Business Day (after the deduction of all Contract fees and expenses) is greater than the Contract Value from one year ago (which is the end of the last Business Day before the prior Benefit Anniversary, or the Benefit Date if this is the first Benefit Anniversary). This increase is equal to the percentage of growth between these two Contract Values. For example, if the Contract Value increased by 5%, we also increase your annual maximum Lifetime Plus Payment by 5%. |
• | If the Payment Percentage determined by using the Covered Person’s current age multiplied by the Contract Value at the end of the prior Business Day results in a higher annual maximum Lifetime Plus Payment. The Payment Percentages table for Income Protector is included in the Lifetime Plus Payment Overview earlier in this section. |
|
• Automatic annual Lifetime Plus Payment increases are not available once the older Covered Person reaches age 91, or on or after the Business Day your Contract Value reduces to zero. |
• | The Business Day we process your request to remove this benefit from your Contract (the rider termination date). |
• | For Income Protector (08.09 through 01.12), the Business Day all original Covered Persons no longer have the required relationship (Owner, Annuitant or sole Beneficiary) as stated under “Covered Persons” in section 6. |
• | The older Covered Person’s 91st birthday if it occurs before the Benefit Date. |
• | The Business Day before the Income Date if you take a Full Annuitization. |
• | The Business Day we process your request for a full withdrawal, other than a full withdrawal caused by a Lifetime Plus Payment. |
• | The Benefit Date or a Benefit Anniversary if the annual maximum Lifetime Plus Payment is less than $100. |
• | Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we first receive a Valid Claim from any one Beneficiary. However, if a federally recognized spouse is a Covered Person and continues this Contract, Income Protector also continues. |
• | The date of death of the last surviving Covered Person. |
• | The Business Day the Contract ends. |
• For Income Protector (05.12 through 02.21), an assignment or change of ownership does not change the Covered Person(s). After an assignment or change of ownership, if a Covered Person who was previously an Owner or Annuitant no longer has that position, Income Protector ends on the earlier of the date of death of an individual Owner (or Annuitant if the Owner is a non-individual), or last surviving Covered Person. Upon the death of an individual Owner (or Annuitant if the Owner is a non-individual), if the deceased’s spouse is a sole Beneficiary and continues the Contract, Income Protector ends on the earlier of the date of death of the surviving spouse or last surviving Covered Person. If a surviving spouse instead elects to receive payment of the death benefit, Income Protector ends on the Business Day we receive his or her Valid Claim. This means that Lifetime Plus Payments may end even if a Covered Person is still alive. |
• | We include the bonus in any part of a guaranteed value based on Contract Value, but not in any part of a guaranteed value based on Purchase Payments. |
• | We treat all bonus amounts and their gains or losses as Contract earnings for both tax purposes and the withdrawal charge. |
• | All bonus gains and losses are part of your Contract Value. |
|
• The bonus may be more than offset by the Bonus Option’s higher M&E charge and withdrawal charge, especially during periods of poor Investment Option performance. |
• The IRS has not reviewed the Contract for qualification as an IRA and has not issued a ruling as to whether a bonus benefit complies with IRA requirements. |
Type of Contract | Persons and Entities that can own the Contract |
IRA | Must have the same individual as Owner and Annuitant. |
Roth IRA | Must have the same individual as Owner and Annuitant. |
Simplified Employee Pension (SEP) IRA | Must have the same individual as Owner and Annuitant. |
Certain Code Section 401 Plans | A qualified retirement plan is the Owner and the Annuitant must be an individual who is a participant in the plan. If the qualified retirement
plan is a defined benefit plan, the individual must be the only participant in the plan. |
1) | distributions made on or after the date you (or the Annuitant as applicable) reach age 59 1⁄2; |
2) | distributions following your death or disability (or the Annuitant as applicable) (for this purpose disability is as defined in Section 72(m)(7) of the Code); |
3) | distributions paid in a series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives of you and your designated Beneficiary; |
4) | distributions made to you after separation from service after reaching age 55 (does not apply to IRAs); |
5) | distributions made to you to the extent such distributions do not exceed the amount allowed as a deduction under Code Section 213 for amounts paid during the tax year for medical care; |
6) | distributions made on account of an IRS levy upon the Qualified Contract; |
7) | distributions from an IRA for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for you and your spouse and dependents if you have received unemployment compensation for at least 12 weeks (this exception will no longer apply after you have been re-employed for at least 60 days); |
8) | distributions from an IRA made to you, to the extent such distributions do not exceed your qualified higher education expenses (as defined in Section 72(t)(7) of the Code) for the tax year; |
9) | distributions from an IRA which are qualified first-time homebuyer distributions (as defined in Section 72(t)(8) of the Code); |
10) | distributions made to an alternate Payee pursuant to a qualified domestic relations order (does not apply to an IRA); |
11) | distributions made to a reservist called to active duty after September 11, 2001, for a period in excess of 179 days (or for an indefinite period), from IRAs or amounts attributable to elective deferrals under a 401(k) plan made during such active period; and |
12) | distributions made during the payment period starting on the birth of a child or the finalization of an adoption (up to $5,000). |
1) | paid on or after you reach age 59 1⁄2; |
2) | paid after you die; |
3) | paid if you become totally disabled (as that term is defined in Section 72(m)(7) of the Code); |
4) | paid in a series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives of you and your designated Beneficiary; |
5) | paid as annuity payments under an immediate annuity; or |
6) | that come from Purchase Payments made before August 14, 1982. |
• | you might have to pay a withdrawal charge on your previous contract, |
• | unless you have the No Withdrawal Charge Option, there is a new withdrawal charge period for this Contract, |
• | other charges under this Contract may be higher (or lower), |
• | the benefits may be different, and |
• | you no longer have access to any benefits from your previous contract. |
• | a series of substantially equal payments made at least annually for the life or life expectancy of the participant or joint and last survivor expectancy of the participant and a designated Beneficiary, or for a specified period of ten years or more; or |
• | RMDs; or |
• | any part of a distribution not included in gross income (for example, returns of after-tax contributions); or |
• | hardship withdrawals. |
• | marketing services and increased access to their Financial Professionals; |
• | costs associated with sales conferences and educational seminars; |
• | the cost of client meetings and presentations; and |
• | other sales expenses incurred by them. |
• | maintenance of the Contracts, |
• | maintenance of Owner records, and |
• | routine customer service including: |
– | processing of Contract changes, |
– | processing withdrawal requests (both partial and total), and |
– | processing requests for fixed annuity payments. |
Investment Objectives | Investment Option and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of December 31, 2021) |
||
1 Year | 5 Years | 10 Years | |||
Long-term capital appreciation with preservation of capital as an important consideration | AZL® Balanced Index Strategy Fund Adviser: Allianz Investment Management LLC |
0.69% | 10.04% | 9.08% | 8.10% |
Long-term capital appreciation | AZL® DFA Multi-Strategy Fund Adviser: Allianz Investment Management LLC |
0.95% | 13.81% | 9.25% | 9.47% |
Seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value | AZL® DFA Five-Year Global Fixed Income Fund(1) Adviser: Allianz Investment Management LLC Subadviser: Dimensional Fund Advisors LP |
0.81% | -1.66% | 1.02% | 0.89% |
Exceed total return of the Bloomberg Capital U.S. Aggregate Bond Index | AZL® Enhanced Bond Index Fund Adviser: Allianz Investment Management LLC Subadviser: BlackRock Financial Management, Inc. |
0.66% | -1.94% | 3.19% | 2.55% |
High level of current income while maintaining prospects for capital appreciation | AZL® Fidelity Institutional Asset Management® Multi-Strategy Fund – Class 2(1) Adviser: Allianz Investment Management LLC Subadviser: FIAM® LLC |
0.55% | 11.65% | 10.10% | 8.47% |
High level of current income | AZL® Fidelity Institutional Asset
Management® Total Bond Fund – Class 2 Adviser: Allianz Investment Management LLC Subadviser: FIAM® LLC |
0.82% | 0.31% | 4.39% | 3.22% |
Investment Objectives | Investment Option and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of December 31, 2021) |
||
1 Year | 5 Years | 10 Years | |||
Capture the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments | AZL® Gateway Fund Adviser: Allianz Investment Management LLC Subadviser: Gateway Investment Advisors, LLC |
1.12% | 11.13% | 6.64% | 5.55% |
Current income consistent with stability of principal | AZL® Government Money Market Fund(1) Adviser: Allianz Investment Management LLC Subadviser: BlackRock Advisors, LLC |
0.64% | 0.00% | 0.53% | 0.27% |
Seeks to match the performance of the MSCI EAFE® Index as closely as possible | AZL® International Index Fund – Class 2 Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.70% | 10.55% | 9.11% | 7.48% |
Maximize long-term total return | AZL® MetWest Total Return Bond Fund(1) Adviser: Allianz Investment Management LLC Subadviser: Metropolitan West Asset Management, LLC |
0.81% | -1.33% | 3.65% | 2.95% |
Seeks to match the performance of the Standard & Poor’s MidCap 400® Index as closely as possible | AZL® Mid Cap Index Fund – Class 2 Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.57% | 23.66% | 12.75% | 13.67% |
Long-term capital appreciation | AZL® Moderate Index Strategy Fund(1) Adviser: Allianz Investment Management LLC |
0.71% | 12.06% | 10.14% | 10.05% |
Seeks to match the performance of the MSCI Emerging Markets Index as closely as possible | AZL® MSCI Emerging Markets Equity Index Fund – Class 2(1) Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.94% | -3.83% | 8.76% | 5.05% |
Seeks to match the performance of the MSCI World Index as closely as possible | AZL® MSCI Global Equity Index Fund –
Class 2(1) Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.70% | 21.18% | 14.63% | 8.14% |
Investment Objectives | Investment Option and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of December 31, 2021) |
||
1 Year | 5 Years | 10 Years | |||
Long-term capital appreciation with preservation of capital as an important consideration | AZL® MVP Balanced Index Strategy Fund(2) Adviser: Allianz Investment Management LLC |
0.71% | 10.02% | 7.73% | 7.20% |
Long-term capital appreciation | AZL® MVP DFA Multi-Strategy Fund(1,2) Adviser: Allianz Investment Management LLC |
0.98% | 13.74% | 7.61% | 6.20% |
High level of current income while maintaining prospects for capital appreciation | AZL® MVP Fidelity Institutional Asset Management® Multi-Strategy Fund(2) Adviser: Allianz Investment Management LLC |
0.82% | 11.07% | 8.48% | 6.45% |
Long-term capital appreciation with preservation of capital as an important consideration | AZL MVP FusionSM Balanced Fund(1,2) Adviser: Allianz Investment Management LLC |
0.89% | 9.20% | 6.85% | 6.53% |
Long-term capital appreciation with preservation of capital as an important consideration | AZL MVP FusionSM Conservative Fund(1,2) Adviser: Allianz Investment Management LLC |
0.90% | 6.15% | 5.85% | 5.75% |
Long-term capital appreciation | AZL MVP FusionSM Moderate Fund(1,2) Adviser: Allianz Investment Management LLC |
0.89% | 11.09% | 7.75% | 7.24% |
Long-term capital appreciation with preservation of capital as an important consideration | AZL® MVP Global Balanced Index Strategy Fund(2) Adviser: Allianz Investment Management LLC |
0.79% | 8.05% | 7.29% | 6.06% |
Long-term capital appreciation | AZL® MVP Growth Index Strategy Fund(2) Adviser: Allianz Investment Management LLC |
0.68% | 16.40% | 9.77% | 9.23% |
Long-term capital appreciation | AZL® MVP Moderate Index Strategy Fund(2) Adviser: Allianz Investment Management LLC |
0.70% | 12.46% | 8.78% | 8.58% |
Long term capital appreciation with preservation of capital as an important intermediate-term objective | AZL® MVP T. Rowe Price Capital
Appreciation Plus Fund(2) Adviser: Allianz Investment Management LLC |
0.87% | 17.04% | 11.50% | 10.06% |
Investment Objectives | Investment Option and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of December 31, 2021) |
||
1 Year | 5 Years | 10 Years | |||
Seeks to match the total return of the Russell 1000® Growth Index | AZL® Russell 1000 Growth Index Fund – Class 2(1) Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.67% | 26.87% | 24.57% | 19.00% |
Seeks to match the total return of the Russell 1000® Value Index | AZL® Russell 1000 Value Index Fund – Class 2(1) Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.68% | 24.25% | 10.48% | 12.18% |
Seeks to match total return of the S&P 500® | AZL® S&P 500 Index Fund – Class 2 Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.49% | 28.12% | 17.87% | 15.97% |
Seeks to match performance of the S&P SmallCap 600 Index® | AZL® Small Cap Stock Index Fund – Class 2 Adviser: Allianz Investment Management LLC Subadviser: BlackRock Investment Management, LLC |
0.58% | 26.04% | 11.85% | 13.91% |
Long-term capital appreciation with preservation of capital as an important intermediate-term objective | AZL® T. Rowe Price Capital Appreciation Fund(1) Adviser: Allianz Investment Management LLC Subadviser: T. Rowe Price Associates, Inc./T. Rowe Price Investment Management, Inc. |
1.00% | 18.12% | 14.79% | 13.93% |
Long-term growth of capital | Davis VA Financial Portfolio(1,3) Adviser: Davis Selected Advisers, L.P. |
0.70% | 30.54% | 10.87% | 13.14% |
Income | Franklin U.S. Government Securities VIP Fund – Class 2(1,3) Adviser: Franklin Advisers, Inc. |
0.78% | -1.83% | 1.75% | 1.28% |
Maximize total return | JPMorgan Insurance Trust Core Bond Portfolio – Class 2(1) Adviser: J.P. Morgan Investment Management, Inc. |
0.79% | -1.66% | 3.32% | 2.72% |
Investment Objectives | Investment Option and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of December 31, 2021) |
||
1 Year | 5 Years | 10 Years | |||
Total return with an emphasis on current income, but also considering capital appreciation | MFS Total Return Bond Series – Service Class(1) Adviser: Massachusetts Financial Services Company |
0.78% | -1.07% | 3.87% | 3.39% |
Total return which exceeds that of its benchmark | PIMCO Balanced Allocation Portfolio – Admin. Class(1) Adviser: Pacific Investment Management Company LLC |
0.86% | 10.96% | 9.66% | 5.30% |
Maximum real return consistent with prudent investment management | PIMCO CommodityRealReturn® Strategy Portfolio – Admin.
Class(1) Adviser: Pacific Investment Management Company LLC |
0.93% | 33.34% | 5.72% | -1.86% |
Maximum total return, consistent with preservation of capital and prudent investment management | PIMCO Emerging Markets Bond Portfolio – Admin. Class(1,3) Adviser: Pacific Investment Management Company LLC |
1.02% | -2.57% | 4.55% | 4.42% |
Total return which exceeds that of its benchmark | PIMCO Global Core Bond (Hedged) Portfolio – Admin. Class Adviser: Pacific Investment Management Company LLC |
0.73% | -1.52% | 3.90% | 2.20% |
Maximum total return, consistent with preservation of capital and prudent investment management | PIMCO High Yield Portfolio – Admin. Class(1,3) Adviser: Pacific Investment Management Company LLC |
0.77% | 3.63% | 5.48% | 6.08% |
Maximum total return, consistent with preservation of capital and prudent investment management | PIMCO Long-Term U.S. Government Portfolio – Admin. Class Adviser: Pacific Investment Management Company LLC |
0.66% | -4.78% | 5.99% | 5.99% |
Maximum real return, consistent with preservation of real capital and prudent investment management | PIMCO Real Return Portfolio – Admin. Class(1,3) Adviser: Pacific Investment Management Company LLC |
0.67% | 5.61% | 5.34% | 3.04% |
Total return, which exceeds that of its secondary benchmark index consistent with prudent investment management | PIMCO StocksPLUS® Global Portfolio – Advisor Class(1) Adviser: Pacific Investment Management Company LLC |
0.87% | 19.33% | 13.56% | 9.35% |
Maximum total return, consistent with preservation of capital and prudent investment management | PIMCO Total Return Portfolio – Admin. Class Adviser: Pacific Investment Management Company LLC |
0.65% | -1.27% | 3.94% | 3.44% |
Investment Objectives | Investment Option and Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of December 31, 2021) |
||
1 Year | 5 Years | 10 Years | |||
High current income, consistent with preservation of capital, with capital appreciation as a secondary consideration | Templeton Global Bond VIP Fund – Class 2(1,3) Adviser: Franklin Advisers, Inc. |
0.76% | -4.99% | -0.94% | 1.13% |
(1) | This Investment Option’s annual expenses reflect temporary fee reductions. Please see the Investment Option’s prospectus for information regarding the expense reimbursement or fee waiver arrangement. |
(2) | This Investment Option is managed in a way that is intended to minimize volatility of returns (referred to as a “managed volatility strategy”). For more information see section 4, Principal Risks of Investing in the Contract – Managed Volatility Fund Risk and the Investment Option’s prospectus. |
(3) | This Investment Option is only available to Contracts issued before October 16, 2017. |
Investment Options Available with Versions: 11.17, 12.17, 01.18, 02.18, 03.18, 04.18, 05.18, 06.18, 07.18, 08.18, 09.18, 10.18, 11.18, 12.18, 01.19, 02.19, 03.19, 04.19v1, 04.19v2, 05.19, 06.19, 07.19, 08.19, 09.19, 10.19, 11.19, 12.19, 01.20, 02.20, 03.20, 04.20, 05.20, 06.20, 07.20, 08.20, 09.20, 10.20, 11.20, 12.20, 01.21, 02.21 |
|
AZL DFA Five-Year Global Fixed Income Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund AZL MVP Balanced Index Strategy Fund AZL MVP Global Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund AZL MVP Fidelity Institutional Asset Management® Multi-Strategy Fund |
AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund JPMorgan Insurance Trust Core Bond Portfolio MFS Total Return Bond Portfolio PIMCO Balanced Allocation Portfolio PIMCO Global Core Bond (Hedged) Portfolio PIMCO Total Return Portfolio |
Investment Options Available with Versions: 01.12, 05.12, 07.12, 10.12, 04.15, 04.16, 05.16, 06.16, 07.16, 08.16, 09.16, 10.16, 11.16, 12.16, 01.17, 02.17, 03.17, 04.17, 05.17, 06.17, 07.17, 08.17, 09.17, 10.17 |
|
AZL DFA Five-Year Global Fixed Income Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund AZL MVP Balanced Index Strategy Fund AZL MVP Global Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund AZL MVP Fidelity Institutional Asset Management® Multi-Strategy Fund AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund |
AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund Franklin U.S. Government Securities VIP Fund* JPMorgan Insurance Trust Core Bond Portfolio MFS Total Return Bond Portfolio PIMCO Balanced Allocation Portfolio PIMCO Global Core Bond (Hedged) Portfolio PIMCO High Yield Portfolio* PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
Investment Options Available with Versions: 08.09, 05.10, 05.11 |
|
AZL Balanced Index Strategy Fund AZL DFA Five-Year Global Fixed Income Fund AZL DFA Multi-Strategy Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Gateway Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund AZL Moderate Index Strategy Fund AZL MVP Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund |
AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund Franklin U.S. Government Securities VIP Fund* JPMorgan Insurance Trust Core Bond Portfolio MFS Total Return Bond Portfolio PIMCO Balanced Allocation Portfolio PIMCO Emerging Markets Bond Portfolio* PIMCO Global Core Bond (Hedged) Portfolio PIMCO High Yield Portfolio* PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
* | Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Income Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
Income Focus Available Investment Options: |
|
AZL MVP Balanced Index Strategy Fund AZL MVP Global Balanced Index Strategy Fund AZL MVP Fidelity Institutional Asset Management® Multi-Strategy Fund AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund |
AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund PIMCO Balanced Allocation Portfolio |
Lifetime Benefit | Available Dates |
Lifetime Plus Benefit (only version) | 10/1/2007 - 3/31/2009 |
Lifetime Plus 8 Benefit version 1 | 8/7/2008 - 1/23/2009 |
Lifetime Plus 8 Benefit version 2 | 1/26/2009 - 1/23/2009 |
• | You cannot allocate more than 25% of your total Contract Value to Investment Option Group A. |
• | You cannot allocate more than 70% of your total Contract Value to Investment Option Group A and Group B. |
• | We do not limit allocations to Investment Option Group C. |
Group A Investment Options | |
AZL MSCI Emerging Markets Equity Index Fund AZL Small Cap Stock Index Fund |
Davis VA Financial Portfolio* PIMCO CommodityRealReturn® Strategy Portfolio |
Group B Investment Options | |
AZL International Index Fund AZL Mid Cap Index Fund AZL Russell 1000 Growth Index Fund AZL Russell 1000 Value Index Fund |
AZL S&P 500 Index Fund PIMCO StocksPLUS® Global Portfolio AZL MSCI Global Equity Index Fund |
Group C Investment Options | |
AZL Balanced Index Strategy Fund AZL DFA Five-Year Global Fixed Income Fund AZL DFA Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Gateway Fund AZL Government Money Market Fund AZL Moderate Index Strategy Fund AZL MVP Balanced Index Strategy Fund AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund |
AZL T. Rowe Price Capital Appreciation Fund AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund Franklin U.S. Government Securities VIP Fund* PIMCO Emerging Markets Bond Portfolio* PIMCO Global Core Bond (Hedged) Portfolio PIMCO Balanced Allocation Portfolio PIMCO High Yield Portfolio* PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
* | Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to the Lifetime Benefit’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
TABLE 1: Available Investment Option Groups | |
Equity Group | |
AZL Balanced Index Strategy Fund AZL DFA Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Gateway Fund AZL International Index Fund AZL Mid Cap Index Fund AZL Moderate Index Strategy Fund AZL MSCI Global Equity Index Fund AZL MVP Balanced Index Strategy Fund |
AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund AZL Russell 1000 Growth Index Fund AZL Russell 1000 Value Index Fund AZL S&P 500 Index Fund AZL T. Rowe Price Capital Appreciation Fund PIMCO Balanced Allocation Portfolio PIMCO StocksPLUS® Global Portfolio |
Fixed Income Group | |
AZL DFA Five-Year Global Fixed Income Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund Franklin U.S. Government Securities VIP Fund* JP Morgan Insurance Trust Core Bond Portfolio |
MFS Total Return Bond Portfolio PIMCO Global Core Bond (Hedged) Portfolio PIMCO High Yield Portfolio* PIMCO Long-Term U.S. Government Portfolio PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
* | Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Investment Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
TABLE 2: Maximum Contract Value Allowed in the Equity Group | |||||||||||||||||
Number of Rider Years* to the Initial Target Value Date |
CV = 94%+ of TV |
CV = 88% to < 94% of TV |
CV = 82% to < 88% of TV |
CV = 76% to < 82% of TV |
CV = 70% to < 76% of TV |
CV = 64% to < 70% of TV |
CV = 58% to < 64% of TV |
CV = 52% to < 58% of TV |
CV = 46% to < 52% of TV |
CV = 40% to < 46% of TV |
CV = 34% to < 40% of TV |
CV = 28% to < 34% of TV |
CV = 22% to < 28% of TV |
CV = 16% to < 22% of TV |
CV = 10% to < 16% of TV |
CV = 4% to < 10% of TV |
CV < 4% of TV |
33+ | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% |
32 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% |
31 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% |
30 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% |
29 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% |
28 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% |
27 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% |
26 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% |
25 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% |
24 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% |
23 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% |
22 | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% |
21 | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% |
20 | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% |
19 | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% |
18 | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% |
17 | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% |
16 | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% |
15 | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% |
14 | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% |
13 | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% |
12 | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% |
11 | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% |
10 | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
9 | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
8 | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
7 | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
6 | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
5 | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
4 | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
3 | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
2 | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
1 | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
Initial Target Value Date and beyond |
10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
TABLE 1: Available Investment Option Groups |
|
Group A | |
AZL MSCI Emerging Markets Equity Index Fund AZL MVP Growth Index Strategy Fund AZL Small Cap Stock Index Fund |
Davis VA Financial Portfolio* PIMCO CommodityRealReturn® Strategy Portfolio |
Group B/X | |
AZL Balanced Index Strategy Fund AZL DFA Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Gateway Fund AZL International Index Fund AZL Mid Cap Index Fund AZL Moderate Index Strategy Fund AZL MSCI Global Equity Index Fund AZL MVP Balanced Index Strategy Fund |
AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund AZL Russell 1000 Growth Index Fund AZL Russell 1000 Value Index Fund AZL S&P 500 Index Fund AZL T. Rowe Price Capital Appreciation Fund PIMCO Balanced Allocation Portfolio PIMCO StocksPLUS® Global Portfolio |
Group Y | |
AZL DFA Five-Year Global Fixed Income Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund Franklin U.S. Government Securities VIP Fund JP Morgan Insurance Trust Core Bond Portfolio MFS Total Return Bond Portfolio |
PIMCO Emerging Markets Bond Portfolio* PIMCO Global Core Bond (Hedged) Portfolio PIMCO High Yield Portfolio* PIMCO Long-Term U.S. Government Portfolio PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
* | Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Investment Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
TABLE 2: Maximum Contract Value Allowed in Groups A and B/X | |||||||||||||||||
Number of Rider Years* to the Initial Target Value Date |
CV = 94% + of TV |
CV = 88% to < 94% of TV |
CV = 82% to < 88% of TV |
CV = 76% to < 82% of TV |
CV = 70% to < 76% of TV |
CV = 64% to < 70% of TV |
CV = 58% to < 64% of TV |
CV = 52% to < 58% of TV |
CV = 46% to < 52% of TV |
CV = 40% to < 46% of TV |
CV = 34% to < 40% of TV |
CV = 28% to < 34% of TV |
CV = 22% to < 28% of TV |
CV = 16% to < 22% of TV |
CV = 10% to < 16% of TV |
CV = 4% to < 10% of TV |
CV < 4% of TV |
33+ | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% |
32 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% |
31 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% |
30 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% |
29 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% |
28 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% |
27 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% |
26 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% |
25 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% |
24 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% |
23 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% |
22 | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% |
21 | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% |
20 | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% |
19 | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% |
18 | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% |
17 | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% |
16 | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% |
15 | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% |
14 | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% |
13 | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% |
12 | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% |
11 | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% |
10 | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
9 | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
8 | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
7 | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
6 | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
5 | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
4 | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
3 | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
2 | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
1 | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
Initial Target Value Date and beyond |
10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
TABLE 3: Maximum Contract Value Allowed in Group A and Minimum Contract Value Required in Group Y | ||||
When the maximum % of Contract Value allowed in Groups A and B/X is… | then the maximum % of Contract Value allowed in Group A is… | and the minimum % of Contract Value required in Group Y is… | ||
95% | 30% | 5% | ||
90% | 30% | 10% | ||
85% | 25% | 15% | ||
80% | 25% | 20% | ||
75% | 20% | 25% | ||
70% | 20% | 30% | ||
65% | 15% | 35% | ||
60% | 15% | 40% | ||
55% | 10% | 45% | ||
50% | 10% | 50% | ||
45% | 5% | 55% | ||
40% | 5% | 60% | ||
35% | 5% | 65% | ||
30% | 5% | 70% | ||
25% | 5% | 75% | ||
20% | 5% | 80% | ||
15% | 5% | 85% | ||
10% | 5% | 90% |
TABLE 1: Investment Option Groups | |
Group A(1) | |
AZL MSCI Emerging Markets Equity Index Fund | Davis VA Financial Portfolio* |
AZL MVP Growth Index Strategy Fund* | PIMCO CommodityRealReturn® Strategy Portfolio |
AZL Small Cap Stock Index Fund |
Group B | |
AZL International Index Fund | AZL S&P 500 Index Fund |
AZL Mid Cap Index Fund | AZL T. Rowe Price Capital Appreciation Fund |
AZL Russell 1000 Growth Index Fund | PIMCO StocksPLUS® Global Portfolio |
AZL Russell 1000 Value Index Fund | AZL MSCI Global Equity Index Fund |
Group X | Group Y | |
AZL DFA Multi-Strategy Fund | AZL Balanced Index Strategy Fund | |
AZL Fidelity Institutional Asset Management® Multi-Strategy Fund | AZL DFA Five-Year Global Fixed Income Fund | |
AZL Gateway Fund | AZL Fidelity Institutional Asset Management® Total Bond Fund | |
AZL Moderate Index Strategy Fund | AZL Government Money Market Fund | |
AZL MVP Fusion Moderate Fund | AZL MVP Balanced Index Strategy Fund | |
PIMCO Balanced Allocation Portfolio | AZL MVP Fusion Balanced Fund | |
AZL MVP Fusion Conservative Fund | ||
Franklin U.S. Government Securities VIP Fund* | ||
PIMCO Emerging Markets Bond Portfolio * | ||
PIMCO Global Core Bond (Hedged) Portfolio | ||
PIMCO High Yield Portfolio* | ||
PIMCO Long-Term U.S. Government Portfolio | ||
PIMCO Real Return Portfolio* | ||
PIMCO Total Return Portfolio | ||
Templeton Global Bond VIP Fund* |
TABLE 2: Maximum Contract Value Allowed in Groups A and B/X | |||||||||||||||||
Number of Rider Years* to the Initial Target Value Date |
CV = 94%+ of TV |
CV = 88% to < 94% of TV |
CV = 82% to < 88% of TV |
CV = 76% to < 82% of TV |
CV = 70% to < 76% of TV |
CV = 64% to < 70% of TV |
CV = 58% to < 64% of TV |
CV = 52% to < 58% of TV |
CV = 46% to < 52% of TV |
CV = 40% to < 46% of TV |
CV = 34% to < 40% of TV |
CV = 28% to < 34% of TV |
CV = 22% to < 28% of TV |
CV = 16% to < 22% of TV |
CV = 10% to < 16% of TV |
CV = 4% to < 10% of TV |
CV < 4% of TV |
28+ | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% |
27 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% |
26 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% |
25 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% |
24 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% |
23 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% |
22 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% |
21 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% |
20 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% |
19 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% |
18 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% |
17 | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% |
16 | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% |
15 | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% |
14 | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% |
13 | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% |
12 | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% |
11 | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% |
10 | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
9 | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
8 | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
7 | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
6 | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
5 | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
4 | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
3 | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
2 | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
1 | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
Initial Target Value Date and beyond |
35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
* | We round the number of years until the initial Target Value Date up to the next whole number. For example, when you are seven rider years and four months away from your initial Target Value Date, in this table you are eight rider years from the initial Target Value Date. |
When the maximum % of Contract Value allowed in the combined Groups A, B and X is… |
then the maximum % of Contract Value allowed in Group A is… |
and the minimum % of Contract Value required in Group Y is… |
||
95% | 30% | 5% | ||
90% | 30% | 10% | ||
85% | 25% | 15% | ||
80% | 25% | 20% | ||
75% | 20% | 25% | ||
70% | 20% | 30% | ||
65% | 15% | 35% | ||
60% | 15% | 40% | ||
55% | 10% | 45% | ||
50% | 10% | 50% | ||
45% | 5% | 55% | ||
40% | 5% | 60% | ||
35% | 5% | 65% |
Contract Value |
Total Income Value (Income Focus) and Traditional Death Benefit Value |
Benefit Base (Income Protector) |
Rider Anniversary Value (Investment Protector) |
Maximum Anniversary Value (Maximum Anniversary Death Benefit) |
||||||
Issue Date | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | |||||
1st Quarterly Anniversary | $101,000 | $100,000 | + ($100,000) x 1.25%) |
$100,000 | $100,000 | |||||
= +1,250 | ||||||||||
$101,250 |
Partial Withdrawal |
Contract Value |
Total Income Value (Income Focus) and Traditional Death Benefit Value |
Benefit Base (Income Protector) |
Rider Anniversary Value (Investment Protector) |
Maximum Anniversary Value (Maximum Anniversary Death Benefit) |
|||||
Prior to withdrawal | $ 101,000 | $ 100,000 | $101,250 | $100,000 | $100,000 | |||||
$5,000 withdrawal | – [(5,000/ 101,000) x 100,000)] |
– [(5,000/ 101,000) x 101,250)] |
– [(5,000/ 101,000) x 100,000)] |
– [(5,000/ 100,000) x 101,000)] |
||||||
– 5,000 | = – 4,950 | = – 5,012 | = – 4,950 | : = – 4,950 | ||||||
After withdrawal | $ 96,000 | $ 95,050 | $ 96,238 | $ 95,050 | $ 95,050 |
Lifetime Plus Payment |
Contract Value |
Traditional Death Benefit Value |
Benefit Base |
Income Focus Payment |
Contract Value |
Traditional Death Benefit Value |
Income Value |
|||||||
Before payment | $ 97,000 | $ 85,500 | $ 120,000 | Before payment | $ 97,000 | $ 85,500 | $ 85,500 | |||||||
$4,800 payment | – [(4,800/ 97,000) | $ 5,344 payment | – [(5,344/ 97,000) | |||||||||||
x 85,500)] | x 85,500)] | |||||||||||||
– 4,800 | = – 4,231 | no change | – 5,344 | = – 4,710 | no change | |||||||||
After payment | $ 92,200 | $ 81,269 | $ 120,000 | After payment | $ 91,656 | $ 80,790 | $ 85,500 |
Excess Withdrawal |
Contract Value |
Traditional Death Benefit Value |
Benefit Base | Next anniverary’s annual maximum Lifetime Plus Payment |
Income Value | Next anniverary’s annual maximum Income Focus Payment |
||||||
Prior to withdrawal | $ 92,000 | $ 81,269 | $ 120,000 | $ 4,800 | $ 85,500 | $ 5,344 | ||||||
$5,000 withdrawal | – [(5,000/ 92,000) | – [(5,000/ 92,000) | – [(5,000/ 92,000) | – [(5,000/ 92,000) | – [(5,000/ 92,000) | |||||||
x 81,269)] | x 120,000)] | x 4,800)] | x 85,500 | x 5,344)] | ||||||||
– 5,000 | = – 4,417 | = – 6,522 | = – 261 | = – 4,647 | = – 290 | |||||||
After withdrawal | $ 87,000 | $ 76,852 | $ 113,478 | $ 4,539 | $ 80,853 | $ 5,054 |
• | If you do not begin receiving Lifetime Plus Payments during the eligibility period, your benefit ends and you will have paid for the benefit without receiving any of its advantages. In addition, before Lifetime Plus Payments begin you are paying for a benefit you are not currently using. |
• | Joint Lifetime Plus Payments are not available under Lifetime Plus Benefit if there is more than a 30-year age difference between spouses, or under Lifetime Plus 8 Benefit if there is more than a 25-year age difference between spouses. |
• | Lifetime Benefits do not create Contract Value or guarantee the performance of any Investment Option. |
• | We restrict Contract Value allocations and transfers, and rebalance your Contract Value quarterly. These restrictions support the benefit’s guarantees, and to the extent they limit your investment flexibility, they may limit the upside potential to your Contract Value and Benefit Base. |
• | If you take less than the annual maximum Lifetime Plus Payment, you may not receive an annual payment increase. Allocations to the Cumulative Withdrawal Benefit (the difference between your annual maximum Lifetime Plus Payment and the annual actual Lifetime Plus Payment you receive) do not earn interest or participate in your selected Investment Options’ performance, and are not available to your Beneficiaries* upon death. (See the “Cumulative Withdrawal Benefit” discussion later in this appendix.) |
* | If you selected joint Lifetime Plus Payments and the surviving spouse who is also the joint Covered Person continues the Contract, the Cumulative Withdrawal Value is available to your spouse. |
• For the flexible rebalancing program: The program is not available while your Lifetime Benefit is in effect. However, you can participate in the flexible rebalancing program after the rider termination date if you remove a Lifetime Benefit from your Contract. |
• For partial withdrawals: You cannot take a partial withdrawal from specific Investment Options if you have a Lifetime Benefit. |
• | taking an Excess Withdrawal of the total Contract Value (your Contract Value must be greater than the Cumulative Withdrawal Value); or |
• | requesting a Full Annuitization. |
• | Contract Value as of the end of the last Business Day before the Benefit Date, |
• | Quarterly Anniversary Value, or |
• | For Lifetime Plus Benefit, an annual 5% compounded interest applied to Purchase Payments adjusted for withdrawals. Each Contract Anniversary before the older Covered Person’s 81st birthday we automatically reset the compounded interest to equal the Contract Value, if greater (5% Annual Increase). |
• | For Lifetime Plus 8 Benefit, a quarterly simple interest of 2% applied to Purchase Payments adjusted for withdrawals for up to 20 years. Each quarter we reset the simple interest to equal the Contract Value, if greater (8% Annual Increase). |
Lifetime Plus Payment Table for Lifetime Plus Benefit with single Lifetime Plus Payments |
||
Age band of the Covered Person | Annual maximum Lifetime Plus Payment percentage |
|
55 – 59 | 4% | |
60 – 69 | 5% | |
70 – 79 | 6% | |
80+ | 7% |
Lifetime Plus Payment Table for Lifetime Plus Benefit with joint Lifetime Plus Payments |
||
Age band of the younger Covered Person |
Annual maximum Lifetime Plus Payment percentage |
|
60 – 69 | 5% | |
70 – 74 | 5.5% | |
75 – 79 | 6% | |
80+ | 7% |
Lifetime Plus Payment Table for Lifetime Plus 8 Benefit |
||
Age band of the Covered Person (or younger Covered Person for joint Lifetime Plus Payments) |
Annual maximum Lifetime Plus Payment percentage |
|
65 – 79 | 5% | |
80+ | 6% |
• | the Quarterly Anniversary Value, |
• | for Lifetime Plus Benefit, the 5% Annual Increase, or |
• | for Lifetime Plus 8 Benefit, the 8% Annual Increase. |
• | If we increase your annual maximum Lifetime Plus Payment because the Contract Value increased, we increase your Benefit Base by the same percentage that we increased the payment. |
• | If we increase your annual maximum Lifetime Plus Payment because the current payment percentage multiplied by the current Contract Value results in a higher payment, we change your Benefit Base to equal this Contract Value. This change may increase or decrease your Benefit Base. For example, suppose a 60-year old has an annual maximum Lifetime Plus Payment of $4,000 based on the Benefit Base of $100,000 ($4,000 = 4% x $100,000). On the next Benefit Anniversary, if the payment percentage increases to 5% based on the Covered Person’s age, at 5% the annual maximum Lifetime Plus Payment would increase if the current Contract Value was at least $80,020 ($80,020 x 5% = $4,001). The Benefit Base of $100,000 would then reduce to equal the $80,020 Contract Value. |
For Bonus Option Contracts, bonus amounts are not included in the parts of the Quarterly Anniversary Value, 5% Annual Increase or 8% Annual Increase based on Purchase Payments. |
• | We increase it by the amount of any additional Purchase Payments. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
a | = | The 5% Annual Increase at the end of the prior Business Day; and |
b | = | Purchase Payments* received within 90 days of the Issue Date. |
c | = | The 5% Annual Increase at the end of the prior Business Day; and |
d | = | Purchase Payments* received more than one year ago and at most 11 years ago. If there was no reset, on the 11th Rider Anniversary we exclude from “d” any Purchase Payments received within 90 days of the Issue Date. |
* | We reduce each Purchase Payment by the percentage of any Contract Value withdrawn, determined at the end of each Business Day. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
e | = | The 5% Annual Increase at the end of the prior Business Day; and |
f | = | Contract Value* determined at the end of the last Business Day before the rider effective date (or reset date). |
g | = | The 5% Annual Increase at the end of the prior Business Day; and |
h | = | Contract Value* determined at the end of the last Business Day before the rider effective date (or reset date), plus total Purchase Payments* received more than one year ago and at most 11 years ago and after the rider effective date (or reset date). If there was no reset, on the 11th Rider Anniversary we exclude from “d” any Purchase Payments received within 90 days of the Issue Date. We reduce each Purchase Payment by the percentage of any Contract Value withdrawn, determined at the end of each Business Day. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
* | Reduced by the percentage of any Contract Value withdrawn on or after the rider effective date (or reset date), determined at the end of each Business Day. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
5% Annual Increase | ||
Issue Date | $50,000 | |
Immediately After 2nd Purchase Payment | $100,000 | |
1st Contract Anniversary | $105,000 | |
Immediately After 3rd Purchase Payment | $155,000 | |
2nd Contract Anniversary | $160,000 | |
3rd Contract Anniversary | $167,500 | |
4th Contract Anniversary | $175,000 | |
5th Contract Anniversary | $182,500 | |
6th Contract Anniversary | $190,000 | |
7th Contract Anniversary | $197,500 | |
8th Contract Anniversary | $205,000 | |
9th Contract Anniversary | $212,500 | |
10th Contract Anniversary | $220,000 | |
11th Contract Anniversary | $222,500 | |
12th Contract Anniversary | $225,000 |
• | On the Issue Date, the 5% Annual Increase is equal to the Purchase Payment received on the Issue Date ($50,000). |
• | During the third month, on the Business Day we receive the second Purchase Payment, we add that payment to the 5% Annual Increase ($50,000 + $50,000 = $100,000). |
• | On the first Contract Anniversary, since all Purchase Payments were received within 90 days of the Issue Date, we credit 5% of the $100,000 to the 5% Annual Increase (5% x $100,000 = $105,000). |
• | During the second Contract Year, on the Business Day we receive the third Purchase Payment, we add that payment to both the 5% Annual Increase ($105,000 + $50,000 = $155,000). |
• | On the second Contract Anniversary, since the total purchase payments received more than 1 year ago and at most 11 years ago is $100,000, we credit 5% of $100,000 to the 5% Annual Increase ((5% x $100,000) + $155,000 = $160,000). |
• | On the third Contract Anniversary, since the total Purchase Payments received more than 1 year ago and at most 11 years ago is $150,000, we credit 5% of $150,000 to the 5% Annual Increase (5% x $150,000 + $160,000 = $167,500). |
• | On the fourth through tenth Contract Anniversaries the total Purchase Payments received more than 1 year ago and at most 11 years ago is $150,000, so we credit 5% of $150,000 (5% x $150,000 = $7,500) to the 5% Annual Increase on each of these years. |
• | On the 11th Contract Anniversary, since total purchase payments received more than 1 year ago, at most most 11 years ago, and after 90 days of the Issue Date are $50,000, we credit the 5% Annual Increase value 5% of $50,000 (5% x $50,000 + $220,000 = $222,500). |
• | On the 13th and later Contract Anniversaries there are no Purchase Payments received more than 1 year ago and at most 11 years ago, so the 5% Annual Increase stays the same. |
• | We increase them by the amount of any additional Purchase Payments. |
• | We reduce them by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
a | = | The 8% Annual Increase at the end of the prior Business Day; |
b | = | The increase base at the end of the prior Business Day; and |
c | = | Purchase Payments* received on or after the prior Quarterly Anniversary. If you selected this benefit at issue, we exclude from “c” any Purchase Payments received before the first Quarterly Anniversary. |
* | We reduce each Purchase Payment by the percentage of any Contract Value withdrawn, determined at the end of each Business Day. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
Contract Value | Increase Base | 2% Quarterly Increase | 8% Annual Increase | |||||
Issue Date | $100,000 | $100,000 | $100,000 | |||||
1st Quarterly Anniversary | $101,000 | $100,000 | $2,000 | $102,000 | ||||
Immediately after 2nd Purchase Payment | $110,000 | $110,000 | $112,000 | |||||
2nd Quarterly Anniversary | $108,500 | $110,000 | $2,000 | $114,000 | ||||
3rd Quarterly Anniversary | $119,000 | $119,000 | $2,200 | $119,000 |
• | On the Issue Date, both the 8% Annual Increase and the increase base are equal to the Purchase Payment received on the Issue Date ($100,000). |
• | On the first Quarterly Anniversary we apply the quarterly increase to the increase base and add it to the 8% Annual Increase, which is: (2% x $100,000) + $100,000 = $2,000 + $100,000 = $102,000. The Contract Value on the last Business Day before this anniversary is $101,000, which is less than the 8% Annual Increase so there is no reset. |
• | During the second quarter, on the Business Day we receive the additional Purchase Payment of $10,000 we add that payment to both the increase base ($100,000 + $10,000 = $110,000) and the 8% Annual Increase ($102,000 + $10,000 = $112,000). |
• | On the second Quarterly Anniversary we apply the quarterly increase to the increase base minus the Purchase Payment we received during the last quarter, or 2% x ($110,000 – $10,000) = $2,000. We then add the quarterly increase to the 8% Annual Increase, which is: $2,000 + $112,000 = $114,000. The Contract Value on the last Business Day before this anniversary is $108,500, which is less than the 8% Annual Increase so there is no reset. |
• | On the third Quarterly Anniversary we apply the quarterly increase to the increase base and add it to the 8% Annual Increase, which is: (2% x $110,000) + $114,000 = $2,200 + $114,000= $116,200. However, the Contract Value on the last Business Day before this anniversary is $119,000, which is greater than the 8% Annual Increase, so we reset both the 8% Annual Increase and the increase base to equal the Contract Value of $119,000. |
• | You can no longer remove your selected Lifetime Benefit from the Contract. |
• | You cannot take new Partial Annuitizations. |
• | You cannot make additional Purchase Payments so the Traditional Death Benefit Value (if applicable) no longer increases. |
• | Any active AIP and/or systematic withdrawal or DCA programs end. |
• | The free withdrawal privilege is not available. |
• | You can only change the Owner if you selected joint Lifetime Plus Payments and: |
– | an Owner dies and the spouse continues the Contract, or |
– | you remove a joint Covered Person who is also a Joint Owner from the Contract. In this case, the remaining Covered Person must become the new sole Owner. |
• | If you selected Lifetime Plus Benefit, the additional M&E charge continues until the benefit ends, or the Business Day the Contract Value reduces to zero. |
• | If you selected Lifetime Plus 8 Benefit and your rider effective date is before January 26, 2009, the additional M&E charge decreases as indicated in section 11, and it continues until the benefit ends, or the Contract Value reduces to zero. |
• | If you selected Lifetime Plus 8 Benefit and your rider effective date is from January 26, 2009 through March 31, 2009, the additional M&E charge continues until the benefit ends, or the Contract Value reduces to zero. |
• | If you selected the Quarterly Value Death Benefit, its additional M&E charge continues until that benefit ends. |
• | If you take a Full Annuitization, Lifetime Plus Payments stop and your Lifetime Benefit ends. |
• | The Contract Value continues to fluctuate as a result of Investment Option performance, and it decreases on a dollar for dollar basis with each Lifetime Plus Payment, Cumulative Withdrawal and any Excess Withdrawal, and the deduction of Contract charges other than the M&E charge. |
• | Lifetime Plus Payments and Cumulative Withdrawals do not reduce your Benefit Base, but Excess Withdrawals reduce your Benefit Base and annual maximum Lifetime Plus Payment by the percentage of Contract Value withdrawn (including any withdrawal charge). Excess Withdrawals may cause your Lifetime Plus Payments to stop and your Lifetime Benefit to end. |
• | Each Lifetime Plus Payment, Cumulative Withdrawal and any Excess Withdrawal reduces the Traditional Death Benefit Value (or the Quarterly Anniversary Value under the Quarterly Value Death Benefit, if applicable) by the percentage of Contract Value withdrawn (including any withdrawal charge). |
• | We may increase your annual maximum Lifetime Plus Payment on every Benefit Anniversary before the older Covered Person reaches age 91. If you receive a payment increase, we may also change your Benefit Base and we reserve the right to change your Lifetime Benefit’s additional M&E charge subject to the maximum additional M&E charge stated in section 11. |
• | If your Contract Value reduces to zero for any reason other than an Excess Withdrawal or annuitization that does not convert your Lifetime Plus Payments to Annuity Payments, you will continue to receive your maximum available Lifetime Plus Payment at the previous selected payment frequency until the earlier of the death of the Owner or last surviving Covered Person. |
If the older Covered Person was age 80 on the rider effective date we extend the latest available Benefit Date by 30 calendar days in order to allow you to receive the maximum benefit from the Benefit Base values. |
Age | Contract Value | Annual Payment Percentage |
Annual Maximum Lifetime Plus Payment |
Actual Payment |
Cumulative Withdrawal Value |
|||||||
Benefit Date | 66 | $100,000 | 4% | $4,200 | $3,000 | $1,200 | ||||||
1st Benefit Anniversary | 67 | $98,000 | 4% | $4,200 | $4,200 | $1,200 |
• | On the Benefit Date we pay you $3,000 and apply the remaining amount of the maximum Lifetime Plus Payment that you did not take to your Cumulative Withdrawal Value ($4,200 – $3,000 = $1,200). |
• | On the first Benefit Anniversary, you request to receive the maximum Lifetime Plus Payment, so we pay you $4,200. Your Cumulative Withdrawal Value does not change, but is available for withdrawal at your request without incurring a withdrawal charge or decreasing your annual maximum Lifetime Plus Payment on the next Benefit Anniversary. |
• For Qualified Contracts, if we calculate a required minimum distribution (RMD) based on this Contract, after making all Lifetime Plus Payments for the calendar year, we determine whether this calendar year’s total RMD has been satisfied by these payments, Cumulative Withdrawals and any Excess Withdrawals. If the RMD amount for this Contract has not been satisfied, we send you this remaining amount as one RMD payment by the end of the calendar year. We consider this payment to be a withdrawal, but it is not an Excess Withdrawal and it is not subject to a withdrawal charge. |
• For required annuitizations, if on the Income Date you are receiving Lifetime Plus Payments, we guarantee to pay you the greater of your maximum Lifetime Plus Payment, or fixed Annuity Payments based on the greater of Contract Value or Cumulative Withdrawal Value under Annuity Option 1 or Annuity Option 3. If we pay you the maximum Lifetime Plus Payment on the Income Date, we also send you any remaining Cumulative Withdrawal Value. If you select any other Annuity Option, or if you choose variable Annuity Payments, these guarantees do not apply. For more information, see section 13, The Annuity Phase. |
• | If you took your annual maximum Lifetime Plus Payment during the last Benefit Year, we increase next year’s annual maximum payment if the Contract Value at the end of the prior Business Day is greater than the Contract Value from one year ago (which is the end of the last Business Day before the prior Benefit Anniversary, or the Benefit Date if this is the first Benefit Anniversary). This increase is equal to the percentage of growth between these two Contract Values. For example, if the Contract Value increased by 5%, we also increase your annual maximum Lifetime Plus Payment by 5%. |
• | If the current payment percentage multiplied by the Contract Value at the end of the prior Business Day results in a higher annual maximum Lifetime Plus Payment. |
Automatic annual Lifetime Plus Payment increases are not available once the older Covered Person reaches age 91, or on or after the Business Day your Contract Value reduces to zero. |
• | Before the Benefit Date, the Business Day we process your request to remove your benefit from your Contract (the rider termination date). |
• | Before the Benefit Date, the Business Day all original Covered Persons no longer have the required relationship (Owner, Annuitant or sole Beneficiary) as stated under “Covered Persons” in section 6. |
• | The older Covered Person’s 91st birthday if it occurs before the Benefit Date. |
• | The Business Day before the Income Date you take a Full Annuitization. |
• | The Business Day we process your request for a full withdrawal, other than a full withdrawal caused by a Lifetime Plus Payment. |
• | The Benefit Date or a Benefit Anniversary if the annual maximum Lifetime Plus Payment is less than $100. |
• | The date of death of an Owner (or Annuitant if the Owner is a non-individual). However, if a federally recognized spouse is a Covered Person and continues this Contract, the Lifetime Benefit also continues. |
• | The date of death of the last surviving Covered Person. |
• | The Business Day the Contract ends. |
Your Contract refers to both of these benefits as “Target Date Retirement Benefit Rider.” If your Contract has a minimum of ten Contract Years to the initial Target Value Date then you have Target Date 10 Benefit; if the minimum is seven you have Target Date Retirement Benefit. |
• | Target Date Benefits do not guarantee Investment Option performance. |
• | You cannot take a partial withdrawal from specific Investment Options if you have a Target Date Benefit. |
• | We restrict Contract Value allocations and transfers, and rebalance your Contract Value quarterly. These restrictions support the benefit’s guarantees, and to the extent they limit your investment flexibility, they may limit the upside potential to your Contract Value and Target Value. |
• | We no longer accept additional Purchase Payments for Contracts with a Target Date Benefit. If you have a Target Date Benefit you can also no longer participate in the flexible rebalancing program while your Target Date Benefit is in effect. This restriction no longer applies if you remove a Target Date Benefit. |
• | The Target Value does not lock in any Contract Value gains that occur between Rider Anniversaries. |
• | The Target Value does not provide any guarantee to your Contract Value before the initial Target Value Date, or during the period between Target Value Dates. |
• | The last Business Day before each Target Value Date is the only day that we guarantee your Contract Value equals the Target Value. |
• | We increase it by the amount of any additional Purchase Payments. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
For Bonus Option Contracts, bonus amounts are not included in the parts of the Target Value based on Purchase Payments. |
TABLE 1: Investment Option Groups | |
Group A(1) | |
AZL MSCI Emerging Markets Equity Index Fund | Davis VA Financial Portfolio* |
AZL MVP Growth Index Strategy Fund* | PIMCO CommodityRealReturn® Strategy Portfolio |
AZL Small Cap Stock Index Fund |
Group B | |
AZL International Index Fund | AZL S&P 500 Index Fund |
AZL Mid Cap Index Fund | AZL T. Rowe Price Capital Appreciation Fund |
AZL Russell 1000 Growth Index Fund | PIMCO StocksPLUS® Global Portfolio |
AZL Russell 1000 Value Index Fund | AZL MSCI Global Equity Index Fund |
Group X | Group Y | |
AZL DFA Multi-Strategy Fund | AZL Balanced Index Strategy Fund | |
AZL Fidelity Institutional Asset Management® Multi-Strategy Fund | AZL DFA Five-Year Global Fixed Income Fund | |
AZL Gateway Fund | AZL Fidelity Institutional Asset Management® Total Bond Fund | |
AZL Moderate Index Strategy Fund | AZL Government Money Market Fund | |
AZL MVP Fusion Moderate Fund | AZL MVP Balanced Index Strategy Fund | |
PIMCO Balanced Allocation Portfolio | AZL MVP Fusion Balanced Fund | |
AZL MVP Fusion Conservative Fund | ||
Franklin U.S. Government Securities VIP Fund* | ||
PIMCO Emerging Markets Bond Portfolio* | ||
PIMCO Global Core Bond (Hedged) Portfolio | ||
PIMCO High Yield Portfolio* | ||
PIMCO Long-Term U.S. Government Portfolio | ||
PIMCO Real Return Portfolio* | ||
PIMCO Total Return Portfolio | ||
Templeton Global Bond VIP Fund* |
TABLE 2: Maximum Contract Value Allowed in Groups A and B/X | |||||||||||||||||
Number of Rider Years* to the Initial Target Value Date |
CV = 94%+ of TV |
CV = 88% to < 94% of TV |
CV = 82% to < 88% of TV |
CV = 76% to < 82% of TV |
CV = 70% to < 76% of TV |
CV = 64% to < 70% of TV |
CV = 58% to < 64% of TV |
CV = 52% to < 58% of TV |
CV = 46% to < 52% of TV |
CV = 40% to < 46% of TV |
CV = 34% to < 40% of TV |
CV = 28% to < 34% of TV |
CV = 22% to < 28% of TV |
CV = 16% to < 22% of TV |
CV = 10% to < 16% of TV |
CV = 4% to < 10% of TV |
CV < 4% of TV |
28+ | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% |
27 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% |
26 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% |
25 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% |
24 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% |
23 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% |
22 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% |
21 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% |
20 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% |
19 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% |
18 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% |
17 | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% |
16 | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% |
15 | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% |
14 | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% |
13 | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% |
12 | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% |
11 | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% |
10 | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
9 | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
8 | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
7 | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
6 | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
5 | 60% | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
4 | 55% | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
3 | 50% | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
2 | 45% | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
1 | 40% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
Initial Target Value Date and beyond |
35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
* | We round the number of years until the initial Target Value Date up to the next whole number. For example, when you are seven rider years and four months away from your initial Target Value Date, in this table you are eight rider years from the initial Target Value Date. |
When the maximum % of Contract Value allowed in the combined Groups A, B and X is… |
then the maximum % of Contract Value allowed in Group A is… |
and the minimum % of Contract Value required in Group Y is… |
||
95% | 30% | 5% | ||
90% | 30% | 10% | ||
85% | 25% | 15% | ||
80% | 25% | 20% | ||
75% | 20% | 25% | ||
70% | 20% | 30% | ||
65% | 15% | 35% | ||
60% | 15% | 40% | ||
55% | 10% | 45% | ||
50% | 10% | 50% | ||
45% | 5% | 55% | ||
40% | 5% | 60% | ||
35% | 5% | 65% |
1. | Your current future allocation instructions comply with the new maximum allowed and new minimum required group allocations. No change to your future allocation instructions. |
2. | Your current future allocation instructions for Group A comply with the new maximum allowed allocation, but your current future allocation instructions for combined Groups B and X Investment Options are greater than the new maximum allowed allocation. No change to your Group A future allocation instructions, but we decrease the required allocation for Groups B and X to equal the new maximum allowed allocation. We then take the excess from Groups B and X (your future allocation instructions for Group B and X minus the new maximum allowed allocation) and apply it to Group Y. |
3. | Your current future allocation instructions for Group A are greater than the new maximum allowed allocation. We decrease the required allocation for Group A to equal the new maximum allowed allocation. We then take the excess from Group A (your future allocation instructions for Group A minus the new maximum allowed allocation) and reallocate it as follows. |
a) | If your future allocation instructions for combined Groups B and X are less than the new maximum allowed allocation for these groups, the new required allocation is equal to your future allocation instructions for Groups B and X, plus the excess from Group A, subject to the new maximum allowed allocation for the combined Groups B and X. We then apply any remaining excess allocation from Group A to Group Y. |
b) | If your future allocation instructions for combined Groups B and X are greater than or equal to the new maximum allowed allocation for these groups, then we decrease the new required allocation for Groups B and X to equal the new maximum allowed allocation. We then take any excess allocation from Groups B and X (your future allocation instructions for Group B and X minus the new maximum allowable allocation), plus any excess allocation from Group A, and apply it all to Group Y. |
a | = | The new required group allocation for the current Quarterly Anniversary. |
b | = | The required allocation for each Investment Option at the end of the prior Business Day. |
c | = | The required group allocation at the end of the prior Business Day. |
|
• In any twelve-month period, we cannot reduce the maximum allowed Contract Value allocation in Group A by more than 10%, and in combined Groups A, B and X by more than 15%. |
• Unless the maximum allowed allocation for combined Groups A, B, and X changes, the maximum allowed allocation for Group A and the minimum required allocation for Group Y do not change. |
• We may move all of your Contract Value out of one or more of your selected Investment Options. However, we send you a transaction confirmation each time we move Contract Value between Investment Options. |
• Unless you reset the initial Target Value Date, the maximum allowed in Group A, and in combined Groups A, B and X never increases. |
• If you allocate less than the maximum allowed to combined Groups A, B and X, you may be subject to fewer Investment Option reallocations. |
• | The Business Day we process your request to remove your benefit from your Contract (the rider termination date). |
• | The date of death of any Owner (or Annuitant, if the Contract is owned by a non-individual), unless the surviving spouse elects to continue the Contract. However, if an Owner (or Annuitant, if the Contract is owned by a non-individual) dies and the surviving spouse elects to receive payout of the death benefit, then your Target Date Benefit ends as of the end of the Business Day during which we receive in Good Order at the Service Center, both due proof of death and an election of the death benefit payment option. |
• | The Business Day before the Income Date that you take a Full Annuitization. |
• | The Business Day we process your request for a full withdrawal. |
• | When the Contract ends. |
Income Focus (07.12) Initial Income Value Percentage Table | ||||||
Age of the Covered Person on the Rider Effective Date for single Income Focus Payments |
Initial Income Value Percentage |
Age of the younger Covered Person on the Rider Effective Date for joint Income Focus Payments |
Initial Income Value Percentage |
|||
45 – 64 | 3.25% | 45 – 64 | 2.75% | |||
65 – 79 | 3.75% | 65 – 79 | 3.25% | |||
80+ | 4.75% | 80+ | 4.25% |
Income Focus (05.12) Initial Income Value Percentage Table | ||||||
Age of the Covered Person on the Rider Effective Date for single Income Focus Payments |
Initial Income Value Percentage |
Age of the younger Covered Person on the Rider Effective Date for joint Income Focus Payments |
Initial Income Value Percentage |
|||
45 – 64 | 3.75% | 45 – 64 | 3.25% | |||
65 – 79 | 4.25% | 65 – 79 | 3.75% | |||
80+ | 5.25% | 80+ | 4.75% |
• | If the Rider Effective Date is the Issue Date, the first Income Value is equal to all Purchase Payments received before the first Quarterly Anniversary. If you make any additional Purchase Payments on or after the first Quarterly Anniversary and before the first Rider Anniversary we add them together and establish a new Income Value. |
• | If the Rider Effective Date occurs after the Issue Date, the first Income Value is initially equal to the Contract Value at the end of the prior Business Day. If you make any additional Purchase Payments during the first Rider Year we add them together and establish a new Income Value. |
FOR BONUS OPTION CONTRACTS: Bonus amounts are not included in the parts of Income Values or Total Income Value based on Purchase Payments. |
|
• Performance Increases are not available once the older Covered Person reaches age 91. |
• After the Benefit Date Performance Increases are only available while your Contract Value is positive and if you took your annual maximum Income Focus Payment during the last Benefit Year. |
• If we increased the Contract Value to equal the death benefit due to a spousal continuation of the Contract during the last Rider Year or Benefit Year, we also subtract the amount of this increase from the Contract Value on the next Rider Anniversary or Benefit Anniversary when determining Performance Increases. |
• | You cannot take new Partial Annuitizations. |
• | You cannot make additional Purchase Payments, therefore the Traditional Death Benefit Value (if applicable) no longer increases. |
• | Any active AIP and/or systematic withdrawal program ends. |
• | The free withdrawal privilege is not available. |
• | You can only remove Income Focus while the Contract Value is positive. If you remove this benefit, the restrictions listed above do not apply on or after the rider termination date. |
• | The rider charge continues until the benefit ends, or the Business Day the Contract Value reduces to zero. |
• | If you have the Maximum Anniversary Death Benefit, its additional M&E charge continues as indicated in section 11, Expenses – Mortality and Expense Risk (M&E) Charge. |
• | If you take a Full Annuitization, Income Focus Payments stop and Income Focus ends. |
• | The Contract Value continues to fluctuate as a result of Investment Option performance. It decreases on a dollar for dollar basis with each Income Focus Payment, Excess Withdrawal, and any Contract charges we deduct. |
• | Income Focus Payments do not reduce your Income Values, but Excess Withdrawals reduce the annual maximum Income Focus Payment and each Income Value by the percentage of Contract Value withdrawn (including any withdrawal charge). If you take an Excess Withdrawal of your total Contract Value, Income Focus Payments stop and Income Focus ends. |
• | Each Income Focus Payment and any Excess Withdrawal reduces the Traditional Death Benefit Value (or the Maximum Anniversary Value under the Maximum Anniversary Death Benefit, if applicable) by the percentage of Contract Value withdrawn (including any withdrawal charge). |
• | Any part of your annual maximum Income Focus Payment that you do not withdraw in a given Benefit Year remains in your Contract for the remainder of that year, but is not added to the annual maximum payment available next year. |
• | You may receive a Performance Increase to Income Value Percentages on every Benefit Anniversary before the older Covered Person reaches age 91. Performance Increases increase your annual maximum Income Focus Payment. |
• For Qualified Contracts, if we calculate a required minimum distribution (RMD) based on this Contract, after making all Income Focus Payments for the calendar year, we determine whether this calendar year’s total RMD has been satisfied by these payments and any Excess Withdrawals. If the RMD amount for this Contract has not been satisfied, we send you this remaining amount as one RMD payment by the end of the calendar year. We consider this payment to be a withdrawal, but it is not an Excess Withdrawal and it is not subject to a withdrawal charge. |
• For required annuitization, if on the Income Date you are receiving Income Focus Payments, we guarantee to pay you the greater of your maximum Income Focus Payment or fixed Annuity Payments based on the Contract Value under Annuity Option 1 or Annuity Option 3. If you select any other Annuity Option, or if you choose to take variable Annuity Payments, this guarantee does not apply. For more information, see section 13, The Annuity Phase. |
• | The Business Day we process your request to remove this benefit from your Contract (the rider termination date). |
• | The older Covered Person’s 91st birthday if it occurs before the Benefit Date. |
• | The Business Day before the Income Date if you take a Full Annuitization. |
• | The Business Day we process your request for a full withdrawal, other than a full withdrawal caused by an Income Focus Payment. |
• | The Benefit Date or a Benefit Anniversary if the annual maximum Income Focus Payment is less than $100. |
• | Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we first receive a Valid Claim from any one Beneficiary. However, if a federally recognized spouse is a Covered Person and continues this Contract, Income Focus also continues. |
• | The date of death of the last surviving Covered Person. |
• | The Business Day the Contract ends. |
• An assignment or change of ownership does not change the Covered Person(s). After an assignment or change of ownership, if a Covered Person who was previously an Owner or Annuitant no longer has that position, Income Focus ends on the earlier of the date of death of an individual Owner (or Annuitant if the Owner is a non individual), or last surviving Covered Person. Upon the death of an individual Owner (or Annuitant if the Owner is a non individual), if the deceased’s spouse is a sole Beneficiary and continues the Contract, Income Focus ends on the earlier of the date of death of the surviving spouse or last surviving Covered Person. If a surviving spouse instead elects to receive payment of the death benefit, Income Focus ends on the Business Day we receive his or her Valid Claim. This means that Income Focus Payments may end even if a Covered Person is still alive. |
Investment Protector (Version Identifier) | Contract Version |
Available Dates | Rider Charge (as a percentage of the Target Value) |
||||
Maximum | Minimum | Current | |||||
(07.13 through 10.16) | A(1) and B | 7/22/2013 – 10/16/2016 | 2.50% | 0.35% | 1.30% | ||
(01.12, 07.12) | A(1) and B | 4/30/2012 - 7/19/2013 | 2.50% | 0.35% | 1.20% | ||
(01.12) | A and B | 1/23/2012 – 4/27/2012 | 2.50% | 0.35% | 1.20% | ||
(05.10) | A and B | 5/3/2010 – 1/20/2012 | 2.50% | 0.35% | 1.15% | ||
(08.09) | A | 7/22/2009 – 4/30/2010 | 2.50% | 0.35% | 1.05% |
Investment Protector (Version Identifier) |
Available Dates | Earliest Anniversary used to determine the initial Target Value Date |
Future Anniversary used to determine subsequent Target Value Dates |
Guarantee Percentage used to calculate the Target Value |
(07.13 through 10.16) | 7/22/2013 – 10/16/2016 | Tenth Rider Anniversary |
Fifth Rider Anniversary |
80% |
(05.10 through 07.12) | 5/3/2010 – 7/19/2013 | Tenth Rider Anniversary |
Fifth Rider Anniversary |
100% |
(08.09) | 7/22/2009 – 4/30/2010 | Tenth Rider Anniversary |
Fifth Rider Anniversary |
95% |
• | If you selected the benefit at issue, total Purchase Payments reduced by the percentage of Contract Value withdrawn, determined at the end of the Business Day we process each withdrawal. |
• | If you selected the benefit after issue, the Contract Value determined at the end of the last Business Day (after the deduction of all Contract fees and expenses) before the Rider Effective Date plus all Purchase Payments received on or after the Rider Effective Date, and reduced by the percentage of Contract Value withdrawn determined at the end of the Business Day we process each withdrawal taken on or after the Rider Effective Date. |
• | If you reset the initial Target Value Date, the Contract Value determined at the end of the last Business Day (after the deduction of all Contract fees and expenses) before the reset date plus all Purchase Payments received on or after the reset date, and reduced by the percentage of Contract Value withdrawn determined at the end of the Business Day we process each withdrawal taken on or after the reset date. |
• | We increase it by the amount of any additional Purchase Payments. |
• | We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Partial Annuitizations and any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. |
For Bonus Option Contracts, the bonus is not included in the parts of the Target Value based on Purchase Payments. |
TABLE 1: Available Investment Option Groups | |
Equity Group | |
AZL Balanced Index Strategy Fund AZL DFA Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Gateway Fund AZL International Index Fund AZL Mid Cap Index Fund AZL Moderate Index Strategy Fund AZL MSCI Global Equity Index Fund AZL MVP Balanced Index Strategy Fund |
AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund AZL MVP Growth Index Strategy Fund AZL Russell 1000 Growth Index Fund AZL Russell 1000 Value Index Fund AZL S&P 500 Index Fund AZL T. Rowe Price Capital Appreciation Fund PIMCO Balanced Allocation Portfolio PIMCO StocksPLUS® Global Portfolio |
Fixed Income Group | |
AZL DFA Five-Year Global Fixed Income Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund Franklin U.S. Government Securities VIP Fund* JP Morgan Insurance Trust Core Bond Portfolio |
MFS Total Return Bond Portfolio PIMCO Global Core Bond (Hedged) Portfolio PIMCO High Yield Portfolio* PIMCO Long-Term U.S. Government Portfolio PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
* | Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Investment Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
TABLE 2: Maximum Contract Value Allowed in the Equity Group | |||||||||||||||||
Number of Rider Years* to the Initial Target Value Date |
CV = 94%+ of TV |
CV = 88% to < 94% of TV |
CV = 82% to < 88% of TV |
CV = 76% to < 82% of TV |
CV = 70% to < 76% of TV |
CV = 64% to < 70% of TV |
CV = 58% to < 64% of TV |
CV = 52% to < 58% of TV |
CV = 46% to < 52% of TV |
CV = 40% to < 46% of TV |
CV = 34% to < 40% of TV |
CV = 28% to < 34% of TV |
CV = 22% to < 28% of TV |
CV = 16% to < 22% of TV |
CV = 10% to < 16% of TV |
CV = 4% to < 10% of TV |
CV < 4% of TV |
33+ | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% |
32 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% |
31 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% |
30 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% |
29 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% |
28 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% |
27 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% |
26 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% |
25 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% |
24 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% |
23 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% |
22 | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% |
21 | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% |
20 | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% |
19 | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% |
18 | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% |
17 | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% |
16 | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% |
15 | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% |
14 | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% |
13 | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% |
12 | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% |
11 | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% |
10 | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
9 | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
8 | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
7 | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
6 | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
5 | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
4 | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
3 | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
2 | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
1 | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
Initial Target Value Date and beyond |
10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
1. | We determine the new maximum allowed allocation for the Equity group. It is the lesser of the maximum allowed allocation from the prior Quarterly Anniversary, or as set out in Table 2 (which appears earlier in this appendix). |
2. | If your current future allocation instructions comply with this new maximum allowed allocation for the Equity group, there is no change to your future allocation instructions and we rebalance your Contract Value according to these instructions. |
3. | If your current future allocation instructions are greater than the new maximum allowed allocation for the Equity group we decrease the required allocation for the Equity group to this new lower amount. We then subtract this new percentage from 100% to determine the new required minimum allocation for the Fixed Income group. Lastly we rebalance your Investment Options’ Contract Value using the formula: a x (b / c) where: |
a | = | The new required group allocation on the current Quarterly Anniversary. |
b | = | The required allocation for each Investment Option at the end of the prior Business Day. |
c | = | The required group allocation at the end of the prior Business Day. |
|
• For Bonus Option Contracts, we rebalance the Bonus Value using the same percentages we use to rebalance your Contract Value. |
• In any twelve-month period, we cannot reduce the maximum allowed Contract Value allocation in the Equity group by more than 15%. |
• Unless the maximum allowed allocation for the Equity group changes, the minimum required allocation for the Fixed Income group does not change. |
• We may move all of your Contract Value out of one or more of your selected Investment Options. However, we send you a transaction confirmation each time we move Contract Value between Investment Options. |
• Unless you reset the initial Target Value Date, the maximum allowed in the Equity group never increases. |
• The maximum allowed allocation to the Equity group reduces with negative Investment Option performance and as the time until the initial Target Value Date decreases. If you allocate less than the maximum allowed to the Equity group, you may be subject to fewer Investment Option reallocations resulting from negative Investment Option performance. |
TABLE 1: Available Investment Option Groups |
|
Group A | |
AZL MSCI Emerging Markets Equity Index Fund AZL MVP Growth Index Strategy Fund AZL Small Cap Stock Index Fund |
Davis VA Financial Portfolio* PIMCO CommodityRealReturn® Strategy Portfolio |
Group B/X | |
AZL Balanced Index Strategy Fund AZL DFA Multi-Strategy Fund AZL Fidelity Institutional Asset Management® Multi-Strategy Fund AZL Gateway Fund AZL International Index Fund AZL Mid Cap Index Fund AZL Moderate Index Strategy Fund AZL MSCI Global Equity Index Fund AZL MVP Balanced Index Strategy Fund |
AZL MVP Fusion Balanced Fund AZL MVP Fusion Conservative Fund AZL MVP Fusion Moderate Fund AZL Russell 1000 Growth Index Fund AZL Russell 1000 Value Index Fund AZL S&P 500 Index Fund AZL T. Rowe Price Capital Appreciation Fund PIMCO Balanced Allocation Portfolio PIMCO StocksPLUS® Global Portfolio |
Group Y | |
AZL DFA Five-Year Global Fixed Income Fund AZL Enhanced Bond Index Fund AZL Fidelity Institutional Asset Management® Total Bond Fund AZL Government Money Market Fund AZL MetWest Total Return Bond Fund Franklin U.S. Government Securities VIP Fund JP Morgan Insurance Trust Core Bond Portfolio MFS Total Return Bond Portfolio |
PIMCO Emerging Markets Bond Portfolio* PIMCO Global Core Bond (Hedged) Portfolio PIMCO High Yield Portfolio* PIMCO Long-Term U.S. Government Portfolio PIMCO Real Return Portfolio* PIMCO Total Return Portfolio Templeton Global Bond VIP Fund* |
* | Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Investment Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
TABLE 2: Maximum Contract Value Allowed in Groups A and B/X | |||||||||||||||||
Number of Rider Years* to the Initial Target Value Date |
CV = 94% + of TV |
CV = 88% to < 94% of TV |
CV = 82% to < 88% of TV |
CV = 76% to < 82% of TV |
CV = 70% to < 76% of TV |
CV = 64% to < 70% of TV |
CV = 58% to < 64% of TV |
CV = 52% to < 58% of TV |
CV = 46% to < 52% of TV |
CV = 40% to < 46% of TV |
CV = 34% to < 40% of TV |
CV = 28% to < 34% of TV |
CV = 22% to < 28% of TV |
CV = 16% to < 22% of TV |
CV = 10% to < 16% of TV |
CV = 4% to < 10% of TV |
CV < 4% of TV |
33+ | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% |
32 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% |
31 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% |
30 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% |
29 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% |
28 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% |
27 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% |
26 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% |
25 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% |
24 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% |
23 | 95% | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% |
22 | 95% | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% |
21 | 95% | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% |
20 | 95% | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% |
19 | 95% | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% |
18 | 95% | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% |
17 | 95% | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% |
16 | 90% | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% |
15 | 85% | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% |
14 | 80% | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% |
13 | 75% | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% |
12 | 70% | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% |
11 | 65% | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% |
10 | 60% | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
9 | 55% | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
8 | 50% | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
7 | 45% | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
6 | 40% | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
5 | 35% | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
4 | 30% | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
3 | 25% | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
2 | 20% | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
1 | 15% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
Initial Target Value Date and beyond |
10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
TABLE 3: Maximum Contract Value Allowed in Group A and Minimum Contract Value Required in Group Y | ||||
When the maximum % of Contract Value allowed in Groups A and B/X is… | then the maximum % of Contract Value allowed in Group A is… | and the minimum % of Contract Value required in Group Y is… | ||
95% | 30% | 5% | ||
90% | 30% | 10% | ||
85% | 25% | 15% | ||
80% | 25% | 20% | ||
75% | 20% | 25% | ||
70% | 20% | 30% | ||
65% | 15% | 35% | ||
60% | 15% | 40% | ||
55% | 10% | 45% | ||
50% | 10% | 50% | ||
45% | 5% | 55% | ||
40% | 5% | 60% | ||
35% | 5% | 65% | ||
30% | 5% | 70% | ||
25% | 5% | 75% | ||
20% | 5% | 80% | ||
15% | 5% | 85% | ||
10% | 5% | 90% |
1. | Your current future allocation instructions comply with the new maximum allowed and new minimum required group allocations. No change to your future allocation instructions. |
2. | Your current future allocation instructions for Group A comply with the new maximum allowed allocation, but your current future allocation instructions for Group B/X Investment Options are greater than the new maximum allowed allocation. No change to your Group A future allocation instructions, but we decrease the required allocation for Group B/X to equal the new maximum allowed allocation. We then take the excess from Group B/X (your future allocation instructions for Group B/X minus the new maximum allowed allocation) and apply it to Group Y. |
3. | Your current future allocation instructions for Group A are greater than the new maximum allowed allocation. We decrease the required allocation for Group A to equal the new maximum allowed allocation. We then take the excess from Group A (your future allocation instructions for Group A minus the new maximum allowed allocation) and reallocate it as follows. |
a) | If your future allocation instructions for Group B/X are less than the new maximum allowed allocation for these groups, the new required allocation is equal to your future allocation instructions for Group B/X, plus the excess from Group A, subject to the new maximum allowed allocation for the Group B/X. We then apply any remaining excess allocation from Group A to Group Y. |
b) | If your future allocation instructions for Group B/X are greater than or equal to the new maximum allowed allocation for this group, then we decrease the new required allocation for Group B/X to equal the new maximum allowed allocation. We then take any excess allocation from Group B/X (your future allocation instructions for Group B/X minus the new maximum allowable allocation), plus any excess allocation from Group A, and apply it all to Group Y. |
|
• For Bonus Option Contracts, we rebalance the Bonus Value using the same percentages we use to rebalance your Contract Value. |
• In any twelve-month period, we cannot reduce the maximum allowed Contract Value allocation in Group A by more than 10%, and in combined Groups A and B/X by more than 15%. |
• Unless the maximum allowed allocation for combined Groups A and B/X changes, the maximum allowed allocation for Group A and the minimum required allocation for Group Y do not change. |
• We may move all of your Contract Value out of one or more of your selected Investment Options. However, we send you a transaction confirmation each time we move Contract Value between Investment Options. |
• Unless you reset the initial Target Value Date, the maximum allowed in Group A, and in combined Groups A and B/X never increases. |
• If you allocate less than the maximum allowed to combined Groups A and B/X, you may be subject to fewer Investment Option reallocations. |
• | The Business Day we process your request to remove this benefit from your Contract (the rider termination date). |
• | The date of death of any Owner (or Annuitant, if the Contract is owned by a non-individual), unless the surviving spouse elects to continue the Contract. However, if an Owner (or Annuitant, if the Contract is owned by a non-individual) dies and the surviving spouse elects to receive payout of the death benefit, then this benefit ends at the end of the Business Day we receive a Valid Claim. |
• | The Business Day before the Income Date if you take a Full Annuitization. |
• | The Business Day we process your request for a full withdrawal. |
• | The Business Day the Contract ends. |
• | If your Contract does not include one of these optional living benefits, we no longer allow assets to move into a closed Investment Option either by Purchase Payment or transfer. |
• | If your Contract includes one of these optional living benefits, closed Investment Options remain in your future Purchase Payment allocation instructions, continue to be subject to the automatic quarterly asset rebalancing transfers associated with your living benefit, and remain in an active AIP or DCA program unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you. |
To send a check for an additional Purchase Payment, or for general customer service, please mail to the appropriate address as follows: |
REGULAR MAIL |
Allianz Life Insurance Company of New York P.O. Box 59060 Minneapolis, MN 55459-0060 |
OVERNIGHT, CERTIFIED, OR REGISTERED MAIL |
Allianz Life Insurance Company of New York 5701 Golden Hills Drive Golden Valley, MN 55416-1297 |
Checks sent to the wrong address for additional Purchase Payments are forwarded to the 5701 Golden Hills Drive address listed above, which may delay processing. |
Calendar Year | Aggregate Amount of Commissions Paid to ALFS |
Aggregate Amount of Commissions Retained by ALFS After Payments to Selling Firms |
2019 | $27,988,133.70 | $0 |
2020 | $31,063,685.59 | $0 |
2021 | $46,891,700.63 | $0 |
• | Under Annuity Options 1 and 3, the death of the last surviving Annuitant. |
• | Under Annuity Options 2 and 4, the death of the last surviving Annuitant and the end of the guaranteed period. If we make a lump sum payment of the remaining guaranteed Annuity Payments at the death of the last surviving Annuitant, this portion of the Contract ends upon payment of the lump sum. |
• | Under Annuity Option 5, the death of the Annuitant and payment of any lump sum refund. |
• | When the Contract ends. |
(A) | = | annuity unit value of the subaccount for that given Investment Option when due proof of the Annuitant’s death is received at our Service Center. |
(B) | = | The amount applied to variable Annuity Payments on the Income Date. |
(C) | = | Allocation percentage in a given subaccount (in decimal form) when due proof of the Annuitant’s death is received at our Service Center. |
(D) | = | The number of annuity units used in determining each variable Annuity Payment attributable to that given subaccount when due proof of the Annuitant’s death is received at our Service Center. |
(E) | = | Dollar value of first variable Annuity Payment. |
(F) | = | Number of variable Annuity Payments made since the Income Date. |
• | The Contract has one Owner who is a 65-year-old male. He selects variable Annuity Payments under Annuity Option 5 based on a Contract Value of $100,000 (item “B”). |
• | The Owner who is also the Annuitant allocates all the Contract Value to one Investment Option, so the allocation percentage in this subaccount is 100% (item “C”). |
• | The purchase rate for the selected assumed investment rate is $6.15 per month per thousand dollars of Contract Value annuitized. Therefore, the first variable Annuity Payment is: $6.15 x ($100,000 / $1,000) = $615 (item “E”). |
• | Assume the annuity unit value on the Income Date is $12, then the number of annuity units used in determining each Annuity Payment is: $615 / $12 = 51.25 (item “D”). |
• | The Owner who is also the Annuitant dies after receiving 62 Annuity Payments (item “F”) and the annuity unit value for the subaccount on the date the Service Center receives due proof of death is $10 (item “A”). |
• | we multiply the annuity unit value for the immediately preceding Business Day by the net investment factor for the current Business Day; and |
• | divide by the assumed net investment factor for the current Business Day. |
• | We pay a death benefit to the Beneficiary unless the Beneficiary is the surviving spouse and continues the Contract. If you selected a Target Date Benefit or Investment Protector, this benefit ends unless the Contract is continued by a surviving spouse. If you selected Income Protector, a Lifetime Benefit, or Income Focus, this benefit and any lifetime payments end unless the Contract is continued by a surviving spouse who is also both a Beneficiary and Covered Person. For a description of the death benefit and payout options, see prospectus section 15, Death Benefit - Death Benefit Payment Options During the Accumulation Phase. |
• | The death benefit is the greater of the Contract Value or the guaranteed death benefit value. The guaranteed death benefit value is total Purchase Payments adjusted for withdrawals under the Traditional Death Benefit, the Quarterly Anniversary Value under the Quarterly Value Death Benefit, or the Maximum Anniversary Value under the Maximum Anniversary Death Benefit. |
• | If a surviving spouse Beneficiary continues the Contract, as of the end of the Business Day we receive their Valid Claim: |
• | The Beneficiary becomes the Payee. If we are still required to make Annuity Payments under the selected Annuity Option, the Beneficiary also becomes the new Owner. |
• | If the deceased was not an Annuitant, Annuity Payments to the Payee continue. No death benefit is payable. |
• | If the deceased was the only surviving Annuitant, Annuity Payments end or continue as follows. |
• | The surviving Joint Owner is the sole primary Beneficiary. If the Joint Owners were spouses there may also be contingent Beneficiaries. |
• | We pay a death benefit to the surviving Joint Owner unless he or she is the surviving spouse and continues the Contract. If you selected a Target Date Benefit or Investment Protector, this benefit ends unless the Contract is continued by the surviving Joint Owner who is also a surviving spouse. If you selected Income Protector, a Lifetime Benefit, or Income Focus, this benefit and any lifetime payments end unless the Contract is continued by the surviving Joint Owner who is also both the surviving spouse and a Covered Person. This means lifetime payments may end even if a Covered Person is still alive. For a description of the death benefit and payout options, see prospectus section 15, Death Benefit - Death Benefit Payment Options During the Accumulation Phase. |
• | The death benefit is the greater of the Contract Value or the guaranteed death benefit value. The guaranteed death benefit value is total Purchase Payments adjusted for withdrawals under the Traditional Death Benefit, the Quarterly Anniversary Value under the Quarterly Value Death Benefit, or the Maximum Anniversary Value under the Maximum Anniversary Death Benefit. |
• | If a surviving Joint Owner who is also a surviving spouse continues the Contract, as of the end of the Business Day we receive their Valid Claim: |
• | If we are still required to make Annuity Payments under the selected Annuity Option, the surviving Joint Owner becomes the sole Owner. |
• | If the deceased was not an Annuitant, Annuity Payments to the Payee continue. No death benefit is payable. |
• | If the deceased was the only surviving Annuitant, Annuity Payments end or continue as follows. |
• | If the deceased Annuitant was not an Owner, and the Contract is owned only by an individual(s), we do not pay a death benefit. The Owner can name a new Annuitant subject to our approval. |
• | If the deceased Annuitant was a sole Owner, we pay a death benefit as discussed in the “Upon the Death of a Sole Owner” table. If the Contract is continued by a surviving spouse, the new spouse Owner can name a new Annuitant subject to our approval. |
• | If the deceased Annuitant was a Joint Owner, we pay a death benefit as discussed in the “Upon the Death of a Joint Owner” table. If the Contract is continued by a surviving Joint Owner who is also a surviving spouse, the surviving Joint Owner can name a new Annuitant subject to our approval. |
• | If the Contract is owned by a non-individual, we treat the death of the Annuitant as the death of a sole Owner, and we pay a death benefit as discussed in the “Upon the Death of a Sole Owner” table. NOTE: For non-individually owned Contracts, spousal continuation is only available if the Contract is Qualified, owned by a qualified plan or a custodian, and the surviving spouse is named as the sole primary beneficiary under the qualified plan or custodial account. |
– | Annuity Option 1 or 3, payments end. |
– | Annuity Option 2 or 4, payments end either when the guaranteed period ends, or when we pay any final lump sum. |
– | Annuity Option 5, payments end and the Payee may receive a lump sum refund. |
• | If we are still required to make Annuity Payments under the selected Annuity Option and the deceased was a sole Owner, the Beneficiary becomes the new sole Owner. |
• | If we are still required to make Annuity Payments under the selected Annuity Option and the deceased was a Joint Owner, the surviving Joint Owner becomes the sole Owner. |
• | Only Annuity Options 3 and 4 allow joint Annuitants. Under Annuity Options 3, Annuity Payments to the Payee continue during the lifetime of the surviving joint Annuitant. Under Annuity Option 4, Annuity Payments to the Payee continue until either the guaranteed period ends, or when we pay any final lump sum. |
• | No death benefit is payable. |
• | If we are still required to make Annuity Payments under the selected Annuity Option and the deceased was a sole Owner, the Beneficiary becomes the new Owner. |
• | If we are still required to make Annuity Payments under the selected Annuity Option and the deceased was a Joint Owner, the surviving Joint Owner becomes the sole Owner. |
(a)
|
Resolution of Board of Directors of the Company authorizing the establishment
of the Separate Account, dated February 26, 1988 incorporated by reference as exhibit EX-99.B1 from Registrant’s N-4 filing (File Nos. 333-19699 and 811-05716) electronically filed on January 13, 1997.
|
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(b)
|
Not Applicable
|
||||||||||||
(c)
|
1.
|
Principal Underwriter Agreement by and between Preferred Life Insurance
Company of New York on behalf of Preferred Life Variable Account C and NALAC Financial Plans, Inc. incorporated by reference as exhibit EX-99.B3.a. from Registrant’s Pre-Effective Amendment No. 1 to Form N-4 (File Nos. 333-19699 and
811-05716) electronically filed on May 12, 1997.
Preferred Life Insurance Company of New York is the predecessor to Allianz Life Insurance Company of New York. Preferred Life Variable Account C is the predecessor to Allianz Life of NY Variable Account C. NALAC Financial Plans, Inc., is the predecessor to USAllianz Investor Services, LLC, which is the predecessor to Allianz Life Financial Services, LLC. |
|||||||||||
2.
|
Broker-Dealer Agreement (amended and restated) between Allianz Life Insurance
Company of New York and Allianz Life Financial Services, LLC, dated June 1, 2010 incorporated by reference as exhibit EX-99.B3.b. from Registrant’s Post Effective Amendment No. 21 to Form N-4 (File Nos. 333-143195 and 811-05716)
electronically filed on October 21, 2010.
|
||||||||||||
3.
|
The current specimen of the selling agreement between
Allianz Life Financial Services, LLC, the principal underwriter for the Contracts, and retail brokers which offer and sell the Contracts to the public is incorporated by reference as exhibit EX-99.B3.b. from the Initial Registration Statement
to Allianz Life Variable Account B’s Form N-4 (File Nos.333-134267 and 811-05618) electronically filed on May 19, 2006.
The underwriter has executed versions of the agreement with approximately 2,100 retail brokers. |
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(d)
|
1.
|
Individual Variable Annuity "Base" Contract-L40529-NY01
incorporated by reference as exhibit EX-99.B4.a. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
|||||||||||
2.
|
Individual Variable Annuity "Bonus" Contract-L40530-NY01 incorporated by
reference as exhibit EX-99.B4.b. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
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3.
|
Schedule Pages (1 thru 33) incorporated by reference as
exhibit EX-99.B4.c. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
||||||||||||
4.
|
Schedule Pages S40747 to S40796-NY incorporated by reference
as exhibit EX-99.B4.d. from Registrant’s Post Effective Amendment No. 6 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 7, 2008.
|
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5.
|
Schedule Pages-S40778-02-NY to S40805-DP-NY incorporated by
reference as exhibit EX-99.B4.e. from Registrant’s Post Effective Amendment No. 16 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 23, 2010.
|
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6.
|
Schedule Page-S20325 MAV DB incorporated by reference as exhibit
EX-99.B4.f. from Registrant’s Post Effective Amendment No. 20 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 26, 2010.
|
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7.
|
Schedule Pages Investment Plus- S40828-NY, S40829-NY, S40830
incorporated by reference as exhibit EX-99.B4.g. from Registrant’s Post Effective Amendment No. 23 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on December 22, 2010.
|
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8.
|
Asset Allocation Rider-S40741-NY incorporated by reference
as exhibit EX-99.B4.d. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
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9.
|
Asset Allocation Rider-S40741-02-NY and S40766-02-NYincorporated
by reference as exhibit EX-99.B4.g. from Registrant’s Post Effective Amendment No. 16 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 23, 2010.
|
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10.
|
Asset Allocation Rider- S40766-03-NY and Investment Options-S40789-03-NY for Investment Protector incorporated by reference as exhibit EX-99.B4.h. from
Registrant’s Post Effective Amendment No. 10 to Form N-4 (File Nos. 333-171428 and 811-05716) electronically filed on June 7, 2012.
|
||||||||||||
11.
|
Lifetime Plus Benefit Rider-S40742-NY incorporated by
reference as exhibit EX-99.B4.e. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
||||||||||||
12.
|
Lifetime Plus Benefit Rider (revised)-S40742-NY02
incorporated by reference as exhibit EX-99.B4.g. from Registrant’s Post Effective Amendment No. 6 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 7, 2008.
|
||||||||||||
13.
|
Lifetime Plus 8 Benefit Rider-S40795-NY incorporated by
reference as exhibit EX-99.B4.h. from Registrant’s Post Effective Amendment No. 6 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 7, 2008.
|
||||||||||||
14.
|
Target Date Retirement Benefit Rider-S40762-NY incorporated
by reference as exhibit EX-99.B4.i. from Registrant’s Post Effective Amendment No. 6 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 7, 2008.
|
||||||||||||
15.
|
Target Date Asset Allocation Rider-S40766-NY incorporated by
reference as exhibit EX-99.B4.j. from Registrant’s Post Effective Amendment No. 6 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 7, 2008.
|
||||||||||||
16.
|
Income Protector (08.09) Rider-S40799-NY incorporated by
reference as exhibit EX-99.B4.m. from Registrant’s Post Effective Amendment No. 16 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 23, 2010.
|
||||||||||||
17.
|
Investment Protector (08.09) Rider-S40801-NY incorporated by
reference as exhibit EX-99.B4.n. from Registrant’s Post Effective Amendment No. 16 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 23, 2010.
|
||||||||||||
18.
|
Investment Plus Rider S40827-NY incorporated by reference as
exhibit EX-99.B4.q. from Registrant’s Post Effective Amendment No. 23 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on December 22, 2010.
|
||||||||||||
19.
|
Quarterly Value Death Benefit Rider-S40743-01-NY
incorporated by reference as exhibit EX-99.B4.g. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
||||||||||||
20.
|
Quarterly Value Death Benefit Rider-S40743-02-NY
incorporated by reference as exhibit EX-99.B4.p. from Registrant’s Post Effective Amendment No. 16 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 23, 2010.
|
||||||||||||
21.
|
Maximum Anniversary Death Benefit Rider-S20326-NY
incorporated by reference as exhibit EX-99.B4.r. from Registrant’s Post Effective Amendment No. 20 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 26, 2010.
|
||||||||||||
22.
|
Inherited IRA/Roth IRA Endorsement - S40714-NY incorporated
by reference as exhibit EX-99.B4.j. from Registrant’s Post Effective Amendment No. 23 to Form N-4 (File Nos.333-19699 and 811-05716) electronically filed on April 27, 2005.
|
||||||||||||
23.
|
Roth IRA Endorsement - P20041 incorporated by reference as
exhibit EX-99.B4.k. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-124767 and 811-05716) electronically filed on November 20, 2006.
|
||||||||||||
24.
|
IRA Endorsement - P30012-NY incorporated by reference as
exhibit EX-99.B4.i. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-124767 and 811-05716) electronically filed on November 20, 2006.
|
||||||||||||
25.
|
Unisex Endorsement(S20146) incorporated by reference as
exhibit EX-99.B4.l. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-124767 and 811-05716) electronically filed on November 20, 2006.
|
||||||||||||
26.
|
403(b) Endorsement - P30014 incorporated by reference as
exhibit EX-99.B4.j. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-124767 and 811-05716) electronically filed on November 20, 2006.
|
||||||||||||
27.
|
Waiver of Withdrawal Charge rider-S40749-NY, incorporated by
reference as exhibit EX‑99.B4.e. from Registrant's initial filing on Form N-4 (File Nos. 333-213128 and 811-05716), electronically filed on August 15, 2016.
|
||||||||||||
(e)
|
1.
|
Application for Ind. Var. Annuity Contract-F40461-NY
incorporated by reference as exhibit EX-99.5. from Registrant’s Pre Effective Amendment No. 1 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 17, 2007.
|
|||||||||||
2.
|
Application for Ind. Var. Annuity Contract-F70033
incorporated by reference as exhibit EX-99.B5.b. from Registrant’s Post Effective Amendment No. 6 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 7, 2008.
|
||||||||||||
3.
|
Application for Ind. Var. Annuity Contract-F70034-NY
incorporated by reference as exhibit EX-99.B5.c. from Registrant’s Post Effective Amendment No. 16 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 23, 2010.
|
||||||||||||
4.
|
Application for Ind. Var. Annuity Contract-F70034-NY
incorporated by reference as exhibit EX-99.B5.d. from Registrant’s Post Effective Amendment No. 20 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on August 26, 2010.
|
||||||||||||
5.
|
Application for Ind. Var. Annuity Contract-F60000-NY
incorporated by reference as exhibit EX-99.B5.e. from Registrant’s Post Effective Amendment No. 23 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on December 22, 2010.
|
||||||||||||
(f)
|
1.
|
The Restated Articles of Incorporation of the Company (as
amended August 1, 2006) incorporated by reference as exhibit EX-99.B6.i. from Allianz Life Variable Account B’s Form N-4 Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-166408 and 811-05618) electronically filed on
September 24, 2010.
|
|||||||||||
2.
|
The Restated Bylaws of the Company (as amended August 1,
2006) incorporated by reference as exhibit EX-99.B6.ii. from Allianz Life Variable Account B’s Form N-4 Pre-Effective Amendment No. 1 to Registrant's Form N-4 (File Nos. 333-166408 and 811-05618) electronically filed on September 24, 2010.
|
||||||||||||
(g)
|
Not Applicable
|
||||||||||||
(h)
|
1.
|
Participation Agreement between BlackRock Series Fund, Inc.,
BlackRock Distributors, Inc., Allianz Life Insurance Co. of New York, and Allianz Life Financial Services, LLC, dated 5/1/2008 incorporated by reference as exhibit EX-99.B8.c. from Registrant’s Post
Effective Amendment No. 9 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 3, 2009.
|
|||||||||||
2.
|
Participation Agreement between Davis
Variable Account Fund, Inc., Davis Distributors, LLC and Preferred Life Insurance Company of New York, dated 11/1/1999 incorporated by reference as exhibit EX-99.B8.e. from Registrant’s Post-Effective Amendment No. 8 to Form N-4 (File
Nos.333-19699 and 811-05716) electronically filed on April 28, 2000.
|
||||||||||||
3.
|
-
|
Amendment to Participation Agreement between Davis Variable
Account Fund, Inc., Davis Distributors, LLC and Allianz Life Insurance Company of New York, dated 5/1/2008 incorporated by reference as exhibit EX-99.B8.f. from Registrant’s Post Effective Amendment No. 9 to Form N-4 (File Nos. 333-143195 and
811-05716) electronically filed on April 3, 2009.
|
|||||||||||
4.
|
-
|
Amendment to Participation Agreement pursuant to the
requirements of Rule 498 for Summary Prospectus between Davis Variable Account Fund, Inc., Davis Distributors, LLC and Allianz Life Insurance Company of New York, dated 9/1/2015 incorporated by reference as exhibit EX-99.B8.f. from
Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
|||||||||||
5.
|
Participation Agreement & Amendment between Fidelity Distributors Corporation and Allianz Life Insurance Company of New York, dated 09/29/10 incorporated by reference as exhibit EX-99.B8.q. from Registrant’s Post Effective Amendment No. 23 to Form
N-4 (File Nos. 333-143195 and 811-05716) electronically filed on December 22, 2010.
|
||||||||||||
6.
|
-
|
Amendment to Participation Agreement pursuant to the
requirements of Rule 498 for Summary Prospectus between Fidelity Distributors Corporation and Allianz Life Insurance Company of New York, dated 9-1-2015, incorporated by reference as exhibit EX-99.B8.h. from Registrant’s Post Effective
Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
|||||||||||
7.
|
Participation Agreement between Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of New York and USAllianz Investor Services, LLC (the predecessor to Allianz Life Financial Services,
LLC.), and dated 10/1/2003 incorporated by reference as exhibit EX-99.B8.n. from Registrant’s Post Effective Amendment No. 23 to Form N-4 (File Nos.333-19699 and 811-05716) electronically filed on April 27, 2005.
|
||||||||||||
8.
|
-
|
Amendment to Participation Agreement between Franklin
Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of New York and USAllianz Investor Services, LLC (the predecessor to Allianz Life Financial Services, LLC.), dated 5/1/2008
incorporated by reference as exhibit EX-99.B8.j. from Registrant’s Post Effective Amendment No. 9 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 3, 2009.
|
|||||||||||
9.
|
-
|
Amendment to Participation Agreement between Franklin
Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of New York and Allianz Life Financial Services, LLC., dated January 16, 2014, incorporated by reference as exhibit EX-99.B8.l.
from Registrant’s Post Effective Amendment No. 10 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on April 28, 2014.
|
|||||||||||
10.
|
-
|
Amendment to Participation Agreement pursuant to the
requirements of Rule 498 for Summary Prospectus between Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of New York and Allianz Life Financial Services, LLC., dated
9-1-2015, incorporated by reference as exhibit EX-99.B8.l. from Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
|||||||||||
11.
|
Participation Agreement between Allianz Life Insurance
Company of New York, JPMorgan Insurance Trust, JPMorgan Investment Advisers Inc., JPMorgan Investment Management Inc., and JPMorgan Funds Management Inc., dated April 24, 2009 incorporated by reference
as exhibit EX-99.B8.t. from Pre-Effective Amendment No. 1 to Registrant’s Form N-4 (File Nos. 333-180722 and 811-05716) electronically filed on July 27, 2012.
|
||||||||||||
12.
|
-
|
Amendment to Participation Agreement between Allianz Life
Insurance Company of New York, JPMorgan Insurance Trust, JPMorgan Investment Advisers Inc., JPMorgan Investment Management Inc., and JPMorgan Funds Management Inc., dated July 1, 2012 incorporated by reference as exhibit EX-99.B8.y. from
Post-Effective Amendment No. 4 to Registrant’s Form N-4 (File Nos. 333-167334 and 811-05716) electronically filed on April 24, 2013.
|
|||||||||||
13.
|
-
|
Amendment to Participation Agreement pursuant to the
requirements of Rule 498 for Summary Prospectus between Allianz Life Insurance Company of New York, JPMorgan Insurance Trust, JPMorgan Investment Management Inc., and JPMorgan Funds Management Inc., dated 9-1-2015, incorporated by reference
as exhibit EX-99.B8.o. from Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
|||||||||||
14.
|
Participation Agreement between Allianz Life Insurance
Company of New York, MFS Variable Insurance Trust, MFS Variable Insurance Trust II and MFS Fund Distributors, Inc., dated August 1, 2012 incorporated by reference as exhibit EX-99.B8.ae. from
Post-Effective Amendment No. 4 to Registrant’s Form N-4 (File Nos. 333-167334 and 811-05716) electronically filed on April 24, 2013.
|
||||||||||||
15.
|
-
|
Fund/SERV and Networking Supplement to Participation Agreement
between Allianz Life Insurance Company of New York, MFS Variable Insurance Trust, MFS Variable Insurance Trust II and MFS Fund Distributors, Inc., dated August 1, 2012 incorporated by reference as exhibit EX-99.B8.af. from Post-Effective
Amendment No. 4 to Registrant’s Form N-4 (File Nos. 333-167334 and 811-05716) electronically filed on April 24, 2013.
|
|||||||||||
16.
|
-
|
Amendment to Participation Agreement pursuant to the
requirements of Rule 498 for Summary Prospectus between Allianz Life Insurance Company of New York, MFS Variable Insurance Trust, MFS Variable Insurance Trust II and MFS Fund Distributors, Inc., dated dated 9-1-2015, incorporated by reference
as exhibit EX-99.B8.r. from Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
|||||||||||
17.
|
Participation Agreement between Allianz Life Insurance
Company of New York, Premier Multi-Series VIT and Allianz Global Investors Distributors LLC, dated May 1, 2014, incorporated by reference as exhibit EX-99.B8.s. from Registrant’s Post Effective
Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
||||||||||||
18.
|
Participation Agreement between Preferred Life Insurance
Company of New York, PIMCO Variable Insurance Trust, and PIMCO Funds Distributors LLC, dated 12/1/1999 incorporated by reference as exhibit EX-99.B8.i. from Registrant’s Post-Effective Amendment No. 8
to Form N-4 (File Nos.333-19699 and 811-05716) electronically filed on April 28, 2000.
|
||||||||||||
19.
|
-
|
Amendments to Participation Agreement between Allianz Life
Insurance Company of New York (formerly Preferred Life Insurance Company of New York), PIMCO Variable Insurance Trust, and Allianz Global Investors Distributors LLC (formerly PIMCO Funds Distributors LLC), dated 4/1/00, 5/1/02, 5/1/03,
4/30/04, 4/29/05 incorporated by reference as exhibit EX-99.B8.w. from Registrant’s Post Effective Amendment No. 26 to Form N-4 (File Nos. 333-19699 and 811-05716) electronically filed on April 23, 2007.
|
|||||||||||
20.
|
-
|
Amendment dated May 1, 2011 to the Participation Agreement dated December 1,
1999, between Allianz Life Insurance Company of New York, PIMCO Variable Insurance Trust, and PIMCO Investments LLC, incorporated by reference as exhibit EX-99.B8.p. from Post-Effective Amendment No. 2 to Registrant's Form N-4 (File Nos.
333-171428 and 811-05716), electronically filed on October 18, 2011.
|
|||||||||||
21.
|
-
|
Amendment dated April 30, 2012 to Participation Agreement
between Allianz Life Insurance Company of of New York, PIMCO Variable Insurance Trust and PIMCO Investments LLC (formerly Allianz Global Investors Distributiors LLC) dated December 1, 1999 incorporated by reference as exhibit EX-99.B8.q. from
Registrant’s Post Effective Amendment No. 8 to Form N-4 (File Nos. 333-171428 and 811-05716) electronically filed on April 6, 2012.
|
|||||||||||
22.
|
-
|
Amendment dated September 17, 2012 to Participation Agreement
between Allianz Life Insurance Company of New York, PIMCO Variable Insurance Trust and PIMCO Investments LLC (formerly Allianz Global Investors Distributiors LLC) dated December 1, 1999 incorporated by reference as exhibit EX-99.B8.w. from
Post-Effective Amendment No. 34 to Registrant’s Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on February 4, 2013.
|
|||||||||||
23.
|
-
|
Amendment to Participation Agreement pursuant to the
requirements of Rule 498 for Summary Prospectus between Allianz Life Insurance Company of New York, PIMCO Equity Series VIT, PIMCO Investments LLC (formerly Allianz Global Investors Distributors LLC, dated October 15, 2015, incorporated by
reference as exhibit EX-99.B8.y. from Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
|||||||||||
24.
|
Investor Services Agreement between Pacific Investment
Management Company (PIMCO) and Allianz Life Insurance Company of New York, dated June 23, 2010 incorporated by reference as exhibit EX-99.B8.t. from Registrant’s Post Effective Amendment No. 8 to Form
N-4 (File Nos. 333-171428 and 811-05716) electronically filed on April 6, 2012.
|
||||||||||||
25.
|
-
|
Amendment dated 4-30-2012 to Investor Services Agreement
between Pacific Investment Management Company (PIMCO) and Allianz Life Insurance Company of New York, dated June 23, 2010 incorporated by reference as exhibit EX-99.B8.u. from Registrant’s Post Effective Amendment No. 8 to Form N-4 (File Nos.
333-171428 and 811-05716) electronically filed on April 6, 2012.
|
|||||||||||
26.
|
-
|
Amendment dated September 17, 2012 to Investor Services Agreement between Pacific Investment Management Company (PIMCO) and
Allianz Life Insurance Company of New York, dated June 23, 2010 incorporated by reference as exhibit EX-99.B8.x. from Post-Effective Amendment No. 34 to Registrant’s Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on
February 4, 2013.
|
|||||||||||
27.
|
Revised Schedule A dated April 15, 2015 to the Amendment
dated March 5, 2015 to Shareholder Services Agreement between Allianz Global Investors Distributors LLC and Allianz Life Financial Services, LLC, incorporated by reference as exhibit EX-99.B8.al. from
Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716) electronically filed on November 9, 2015.
|
||||||||||||
28.
|
Marketing Support Agreement between Allianz Global Investors
Distributors LLC and Allianz Life Insurance Company of North America, dated April 15, 2015, incorporated by reference as exhibit EX-99.B8.am. from Registrant’s Post Effective Amendment No. 13 to Form N-4 (File Nos. 333-182990 and 811-05716)
electronically filed on November 9, 2015.
|
||||||||||||
(j)
|
1.
|
Adminstrative Services Agreement between BlackRock Advisors, LLC and Allianz Life, dated 5/1/2008 incorporated by reference as exhibit EX-99.B8.d. from Registrant’s Post Effective Amendment No. 9 to Form N-4 (File Nos. 333-143195 and 811-05716)
electronically filed on April 3, 2009.
|
|||||||||||
2.
|
Administrative Services Agreement between Franklin Templeton Services LLC and Preferred Life Insurance Company of New York, dated 10/1/2003 incorporated by reference as exhibit EX-99.B8.ac. from Registrant’s Post Effective Amendment No. 23 to Form
N-4 (File Nos.333-19699 and 811-05716) electronically filed on April 27, 2005.
|
||||||||||||
3.
|
-
|
Amendment to Administrative Services Agreement between
Franklin Templeton Services, LLC and Allianz Life Insurance Company of New York, dated 8/8/2008 incorporated by reference as exhibit EX-99.B8.h. from Registrant’s Post Effective Amendment No. 9 to Form N-4 (File Nos. 333-143195 and 811-05716)
electronically filed on April 3, 2009.
|
|||||||||||
4.
|
-
|
Amendment to Administrative Services Agreement between
Franklin Templeton Services, LLC and Allianz Life Insurance Company of New York, dated July 16, 2012 incorporated by reference as exhibit EX-99.B8.h. from Registrant's Post Effective Amendment No. 3 to Form N-4 (File Nos. 333-167334 and
811-05716) electronically filed on August 21, 2012.
|
|||||||||||
5.
|
Administrative Services Agreement between PIMCO
Variable Insurance Trust and Allianz Life Insurance Company of New York dated June 17, 2010 and Amendment dated April 1, 2012 incorporated by reference as exhibit EX-99.B8.v. from Registrant’s Post Effective Amendment No. 10 to Form N-4 (File
Nos. 333-171428 and 811-05716) electronically filed on June 7, 2012.
|
||||||||||||
6.
|
-
|
Amended and Restated Services Agreement between Pacific
Investment Management Company LLC and Allianz Life Insurance Company of New York, dated 01/01/2007 incorporated by reference as exhibit EX-99.B8.u. from Registrant’s Post Effective Amendment No. 26 to Form N-4 (File Nos. 333-19699 and
811-05716) electronically filed on April 23, 2007.
|
|||||||||||
7.
|
Master Professional Services Agreement effective January 1, 2020
between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited, incorporated by reference as exhibit 27(i)(1). from Post-Effective Amendment No. 23 to Registrant's Form N-4 (File Nos. 333-185866 and 811-05618),
electronically filed on April 15, 2022.
|
||||||||||||
8.
|
BPO Service Description and Statement of Work of the Master Professional
Serives Agreement between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited effective January 1, 2020, incorporated by reference as exhibit 27(i)(2). from Post-Effective Amendment No. 23 to
Registrant's Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 15, 2022.
|
||||||||||||
9.
|
Attachment 2-F to BPO Schedule 2 of the BPO Service Description and
Statement of Work of the Master Professional Serives Agreement between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited effective January 1, 2020, incorporated by reference as exhibit 27(i)(3). from
Post-Effective Amendment No. 23 to Registrant's Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 15, 2022.
|
||||||||||||
(j)
|
1.
|
22c-2 Agreements incorporated by reference as exhibit
EX-99.B8.a. from Registrant’s Post Effective Amendment No. 28 to Form N-4 (File Nos. 333-19699 and 811-05716) electronically filed on April 24, 2008.
|
|||||||||||
2.
|
22c-2 Agreement-BlackRock Distributors, Inc. dated 5/1/2008 incorporated by
reference as exhibit EX-99.B8.b. from Registrant’s Post Effective Amendment No. 9 to Form N-4 (File Nos. 333-143195 and 811-05716) electronically filed on April 3, 2009.
|
||||||||||||
3.
|
Service Agreement between Allianz Life Insurance Company of
New York, JPMorgan Investment Advisers Inc., and JPMorgan Investment Management Inc., dated April 24, 2009 incorporated by reference as exhibit EX-99.B8.u. from Pre-Effective Amendment No. 1 to
Registrant’s Form N-4 (File Nos. 333-180722 and 811-05716) electronically filed on July 27, 2012.
|
||||||||||||
4.
|
-
|
Amended and Restated Services Agreement between Pacific
Investment Management Company LLC and Allianz Life Insurance Company of New York, dated 01/01/2007 incorporated by reference as exhibit EX-99.B8.u. from Registrant’s Post Effective Amendment No. 26 to Form N-4 (File Nos. 333-19699 and
811-05716) electronically filed on April 23, 2007.
|
|||||||||||
5.
|
Distribution Service Agreement between Allianz Life
Insurance Company of New York and Allianz Global Investors Distributors, LLC dated 01/01/2007 incorporated by reference as exhibit EX-99.B8.x. from Registrant’s Post Effective Amendment No. 26 to Form
N-4 (File Nos. 333-19699 and 811-05716) electronically filed on April 23, 2007.
|
||||||||||||
6.
|
Amendment dated March 5, 2015 to Shareholder Services Agreement
between Allianz Global Investors Distributors LLC and Allianz Life Financial Services, LLC, incorporated by reference as exhibit EX-99.B8.ab. from Post-Effective Amendment No. 13 to Registrant’s Form
N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 13, 2015.
|
||||||||||||
(k)*
|
|||||||||||||
(l)*
|
|||||||||||||
(m)
|
Not Applicable
|
||||||||||||
(n)
|
Not Applicable
|
||||||||||||
(o)
|
Not Applicable
|
||||||||||||
(p)*
|
|||||||||||||
*
|
|||||||||||||
**
|
To be filed by amendment
|
Unless noted otherwise, all officers and directors have the following principal business address:
|
|
5701 Golden Hills Drive
|
|
The following are the Officers and Directors of the Company:
|
|
Name and Principal Business Address
|
Positions and Offices with Depositor
|
Director, Board Chair and Chief Executive Officer
|
|
William E. Gaumond
|
Director, Chief Financial Officer and Treasurer
|
Martha Clark Goss
|
Director
|
Gary A. Smith
|
Director
|
Eric J. Thomes
|
Director and President
|
Steven J. Thiel
|
Director, Vice President, Appointed Actuary
|
Neil H. McKay
|
Chief Actuary
|
Gretchen Cepek
|
Chief Legal Officer and Secretary
|
Stephen W Koslow
|
Vice President, Chief Ethics and Compliance Officer and Consumer Affairs Officer
|
Todd M. Hedtke
|
Chief Investment Officer
|
Brent M. Hipsher
|
Vice President, Controller
|
Ronald M. Clark
|
Director
|
Lorraine Lods
|
Director
|
Kevin E. Walker
|
Director
|
Board Chair and Chief Executive Officer
|
a.
|
Allianz Life Financial Services, LLC (previously USAllianz Investor Services, LLC) is the principal underwriter for the Contracts. It also is the principal underwriter
for:
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Allianz Life Variable Account A
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Allianz Life Variable Account B
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Allianz Funds
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b.
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The following are the officers (managers) and directors (Board of Governors) of Allianz Life Financial Services, LLC. All officers and directors have the following
principal business address:
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5701 Golden Hills Drive
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Name
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Positions and Offices with Underwriter
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Corey Walther
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Governor and President
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Eric J. Thomes
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Governor, Chief Executive Officer, and Chief Manager
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William E. Gaumond
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Governor
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Brent M. Hipsher
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Chief Financial Officer and Treasurer
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Matthew C. Dian
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Vice President, Chief Compliance Officer
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Heather L. Kelly
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Executive Vice President, Head of Advisory & Strategic Accounts
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Kristine M. Lord-Krahn
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Chief Legal Officer and Secretary
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Nicole D. Van Walbeek
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Assistant Secretary
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c.
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For the period 1-1-2021 to 12-31-2021
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Name of Principal Underwriter
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Net Underwriting Discounts and Commissions
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Compensation on Redemption
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Brokerage Commissions
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Compensation
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Allianz Life Financial Services, LLC
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$46,891,700.63
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$0
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$0
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$0
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The $31,063,685.59 that Allianz Life Financial Services, LLC received from Allianz Life of New York as commissions on the sale of Contracts issued under Allianz Life of NY
Variable Account C was subsequently paid entirely to the third party broker/dealers that perform the retail distribution of the Contracts and, therefore, no commission or compensation was retained by Allianz Life Financial Services, LLC.
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1. |
Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in each registration statement, including the prospectus, used in connection with the offer
of the contract;
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2. |
Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in any sales literature used in connection with the offer of the contract;
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3. |
Instruct sales representatives who solicit participants to purchase the contract specifically to bring the redemption restrictions imposed by Section 403(b)(11) to the attention of the
potential participants;
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4. |
Obtain from each plan participant who purchases a Section 403(b) annuity contract, prior to or at the time of such purchase, a signed statement acknowledging the participant's understanding
of (1) the restrictions on redemption imposed by Section 403(b)(11), and (2) other investment alternatives available under the employer's Section 403(b) arrangement to which the participant may elect to transfer his contract value.
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Signature
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Title
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Director, Board Chair and Chief Executive Officer
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William E. Gaumond(1)
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Director, Chief Financial Officer and Treasurer
(Principal Accounting Officer)
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Lorraine Lods(1)
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Director
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Steven J. Thiel(1)
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Director, Vice President and Appointed Actuary
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Eric Thomes(1)
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Director and President
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Gary A. Smith(1)
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Director
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Martha Clark Goss(1)
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Director
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Ronald M. Clark(1)
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Director
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Kevin Walker(1)
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Director
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(1) |
By Power of Attorney filed as Exhibit 27(p) to this Registration Statement.
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27(k)
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27(l)
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27(p)
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This ‘485BPOS’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/1/29 | ||||
Effective on: | 4/29/22 | 485BPOS | ||
Filed on: | 4/27/22 | 485BPOS | ||
4/26/22 | ||||
4/15/22 | 485BPOS | |||
3/10/22 | N-CEN | |||
12/31/21 | 24F-2NT, N-CEN, N-VPFS | |||
2/28/21 | ||||
12/31/20 | 24F-2NT, N-CEN | |||
9/8/20 | ||||
9/7/20 | ||||
4/7/20 | ||||
4/6/20 | ||||
1/1/20 | ||||
12/20/19 | ||||
12/1/19 | ||||
9/4/19 | ||||
9/3/19 | ||||
7/2/19 | ||||
7/1/19 | ||||
5/7/19 | ||||
5/6/19 | ||||
11/6/18 | ||||
11/5/18 | ||||
8/7/18 | ||||
8/6/18 | ||||
3/6/18 | ||||
3/5/18 | ||||
12/6/17 | ||||
12/5/17 | ||||
12/4/17 | ||||
10/16/17 | ||||
10/13/17 | ||||
3/7/17 | ||||
3/6/17 | ||||
1/3/17 | ||||
1/2/17 | ||||
12/6/16 | ||||
12/5/16 | ||||
12/1/16 | ||||
10/16/16 | ||||
9/6/16 | 497 | |||
9/5/16 | ||||
8/15/16 | N-4 | |||
7/5/16 | ||||
7/4/16 | ||||
5/3/16 | ||||
5/2/16 | ||||
11/9/15 | ||||
10/15/15 | ||||
4/27/15 | 485BPOS, 497 | |||
4/24/15 | ||||
4/15/15 | ||||
4/13/15 | 485BPOS | |||
3/5/15 | 485BXT | |||
5/1/14 | ||||
4/28/14 | 485BPOS, AW | |||
1/16/14 | ||||
4/29/13 | 485BPOS | |||
4/26/13 | 497J | |||
4/24/13 | 485BPOS | |||
2/4/13 | 485APOS | |||
10/15/12 | ||||
10/12/12 | ||||
9/17/12 | 485BPOS | |||
8/21/12 | 485BPOS | |||
8/1/12 | N-4 | |||
7/27/12 | N-4/A | |||
7/23/12 | 497 | |||
7/20/12 | ||||
7/16/12 | ||||
7/1/12 | ||||
6/7/12 | 485APOS | |||
4/30/12 | 485BPOS | |||
4/27/12 | ||||
4/6/12 | 485BPOS | |||
4/1/12 | ||||
1/23/12 | ||||
1/20/12 | ||||
10/18/11 | 485APOS | |||
5/2/11 | 497 | |||
4/29/11 | CORRESP | |||
3/9/11 | ||||
12/22/10 | 485BPOS | |||
10/21/10 | 485APOS | |||
9/24/10 | ||||
9/20/10 | 485BPOS | |||
8/26/10 | 485BPOS | |||
6/23/10 | ||||
6/17/10 | ||||
6/1/10 | 497 | |||
5/3/10 | EFFECT | |||
4/30/10 | EFFECT | |||
4/23/10 | 485APOS | |||
3/7/10 | ||||
12/1/09 | ||||
9/1/09 | ||||
7/22/09 | 497, EFFECT | |||
6/1/09 | ||||
4/24/09 | 485BXT, AW | |||
4/3/09 | 485BPOS | |||
4/1/09 | ||||
3/31/09 | 24F-2NT | |||
1/26/09 | ||||
1/23/09 | 497 | |||
8/7/08 | 485BPOS, 497 | |||
5/1/08 | 485BPOS | |||
4/24/08 | 485BPOS | |||
10/1/07 | ||||
8/17/07 | N-4/A | |||
4/23/07 | 485BPOS | |||
11/20/06 | N-4/A | |||
8/1/06 | ||||
5/19/06 | ||||
4/27/05 | 485BPOS, 497J | |||
1/1/03 | ||||
9/11/01 | ||||
4/28/00 | 485BPOS | |||
12/1/99 | ||||
5/12/97 | N-4 EL/A | |||
1/13/97 | N-4 EL | |||
List all Filings |