Allianz Life Insurance Company of North America (Allianz Life) has unveiled its latest product, Allianz Accumulation Advantage+. 

The new offering is a fixed index annuity (FIA) designed to bolster retirement savings by combining the potential for accumulation with a premium bonus and flexible options.  

It is a solution for those seeking to grow their retirement funds while managing investment risks. 

A recent study by Allianz Life highlighted that two-thirds of Americans feel the need to save more for retirement but are hesitant to invest further due to market volatility.  

Despite the desire to increase retirement funds, 61% of Americans prefer to keep their money in cash rather than face market fluctuations. 

Allianz Accumulation Advantage+ includes features such as the index lock, allowing clients to secure an index value once per crediting period.  

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It also offers multi-year, point-to-point crediting with participation rates intended to be initially higher than those for one-year allocations, having the potential to increase annually.  

After ten years, contract owners can access the full accumulation value of their Allianz Accumulation Advantage+ contracts. 

The product’s design provides for 10% free withdrawals annually, available after any contract year in which a premium payment is made.  

Additionally, any unused free withdrawal percentage can be carried over to the next contract year, with a cap of 20%.  

In related news, Allianz Life recently expanded its FIA product portfolio with the Allianz Accumulation Advantage 7 Annuity, featuring a shorter seven-year withdrawal charge period. 

Allianz Life head of field marking organisations distribution Heidi Vanderkloot said: “We are expanding our options to help more people accumulate money for retirement. Many people are looking for ways to grow their retirement assets while mitigating potential risks. Our new FIAs offer protection of principal and growth potential to help people move toward their ideal retirement.” 

Earlier this month, Allianz closed its acquisition of Tua Assicurazioni from Assicurazioni Generali in a €280m ($303.51m) deal.