Allianz Life’s latest guaranteed lifetime income product—Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit—is now available in defined contribution plans nationwide, according to an announcement by the firm.
Allianz Lifetime Income+ is a fixed index annuity that offers innovative design features including growth potential, protection from market loss, and guaranteed lifetime income through the Lifetime Income Benefit, the firm notes. The benefit also has the potential to increase annually for life to help address the effects of inflation.
The product is delivered through coordination among recordkeepers, enrollers, managed account providers, middleware providers and other DC plan partners. Plans offering the product are already live within the LDI-MAP (d.b.a. iJoin) and IPX Retirement network of recordkeepers. Recordkeepers and advisor networks can offer the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other DC plans.
“We designed this new guaranteed lifetime income product to work for real people and the reality of retirement today,” says Matt Gray, head of employer markets at Allianz Life. “The Allianz Lifetime Income+ Annuity marks a new way to design in-plan annuities with a flexible product design, streamlined connections with plan partners, and increasing income potential.”
Allianz is expanding into the DC market as Americans say they want guaranteed income options in their employer-sponsored plan. In a 2022 Allianz Life study, a majority of respondents (60%) said they would consider adding an annuity to their employer-sponsored plan if it was available, the firm notes. In addition, nearly three in four respondents (74%) said having an option that allowed them to build a protected foundation for lifetime income would increase their loyalty to their employer.
