Allianz Life Insurance Company of North America has introduced a new index variable annuity to enable clients increase their lifetime income and combat challenges related to retirement savings.

The new offering, called Allianz Index Advantage Income Variable Annuity, includes income withdrawal percentages that can increase each year a holder defers retirement income.

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The product also offers the ability to customise growth potential through crediting methods as well as a guaranteed life income option that can increase every year.

Allianz Life chief distribution officer Tom Burns said: “Clients who are closer to retirement and feel they should catch up on saving need additional opportunities for growth, but with a level of protection available.

“The Index Advantage Income Variable Annuity offers a unique combination of protection potential and guaranteed income that could increase.”

From 45 years, the insurer guarantees the lifetime income percentage to rise each year a holder defers income payments.

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Holders who have waited a year, or are at least aged 50 years and plan to retire can opt for either level payment option or increasing income payment option. The new product charges 1.25% as product fee.

“While they wait for retirement, clients have the opportunity to build their assets through a variety of our innovative index strategies. If their objectives change or markets fluctuate, they also have the ability to reallocate between five index strategies each year before they begin to receive income payments,” Burns added.