Allianz Life is leading the industry into a new chapter of seamlessly integrating pensions into the plan with its latest Guaranteed Lifetime Income product.
Allianz Life Insurance Company of North America (alliance life) announced today that its newest guaranteed income product, Allianz Lifetime Income+ Annuity with Lifetime Income Benefit, is now available in defined contribution plans nationwide.
Lifetime Income+ leverages Allianz Life’s extensive retirement income expertise in a solution tailored for defined contribution plans. Allianz Lifetime Income+ is a fixed index annuity offering innovative design features including growth potential, protection against market downside and guaranteed lifetime income through the Lifetime Income Benefit. This benefit may increase annually throughout life to combat the effects of inflation.
The product is delivered with a seamless customer experience through coordination between records administrators, enrollers, managed account providers, middleware providers and other defined contribution plan partners.
Plans offering the product are already active within the LDI-MAP (dba iJoin) and IPX Retirement Network of Recordkeepers. Record keepers and advisor networks can offer Allianz Lifetime Income+ Annuity with Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other defined contribution plans.
“We designed this new guaranteed lifetime income product to work for real people and the reality of today’s retirement,” said Matt Gray, Head of Employer Markets, Allianz Life. “Allianz Lifetime Income+ Annuity marks a new way of designing annuities with flexible product design, streamlined connections with plan partners and increasing income potential.”
Allianz expands into the defined contribution market as Americans say they want guaranteed income options in their employer-funded plan. In a 2022 Allianz Life study*, a majority of respondents (60%) said they…
