Allianz Index Advantage+ Income review

Yes, for the right buyer. This is a good annuity for someone working with a commission-based agent who wants both RILA-style growth potential and a built-in lifetime income guarantee. It is less appealing for someone who has access to the advisory-channel ADV version (which has the same income engine at a much lower product fee), or for someone who needs full principal protection.

The main reason to buy Index Advantage+ Income is to access the Allianz Income Benefit on a RILA platform when you are working with a commission-channel agent rather than a fee-based advisor. The secondary reason is the structured-protection crediting menu — this contract gives you both 1-year and multi-year term options, multiple buffer levels, a Guard floor, and two Protection strategies, which is a wider strategy menu than many commission RILAs.

I think this annuity is best for a buyer working with a commission-based representative who wants future protected income and is comfortable with RILA-style downside (buffers and floors limit but do not eliminate loss). It is less attractive for buyers who can access the ADV version (better cost), buyers who need principal protection (use an FIA), or buyers who do not need an income rider — the 0.70% fee is built in.

You are buying a registered index-linked annuity with a guaranteed lifetime-income engine layered on top. The accumulation side gives you structured upside through caps, participation rates, or trigger rates with defined buffers (typically 10%, with a 20% buffer option on certain multi-year terms) or a 10% floor. The income side gives you a Lifetime Income Percentage that automatically grows each year you wait between age 45 and election.

The Income Benefit is automatically included at issue. Beginning at age 45, your Lifetime Income Percentage increases each contract year you wait to elect income. Once you elect (after a minimum waiting period of three Index Years and at age 60 or older), the percentage applies to your contract value to determine your annual maximum income. Like ADV, the contract typically offers Level Income (consistent for life) or Increasing Income (lower base, can step up with each positive index credit, locks in higher).

The Income Multiplier Benefit is also built in — it doubles your annual maximum if you cannot perform two of the six Activities of Daily Living or are confined to a qualified hospital, nursing facility, or assisted living facility for at least 90 days in a 120-day period.

The most meaningful secondary feature is the **breadth of crediting strategies**. Index Advantage+ Income offers Performance Strategy (1-year, 3-year, and 6-year terms with 10% buffers, plus a 3-year 20% buffer multi-year option), Precision Strategy (predetermined credit if index is flat or up), Dual Precision Strategy (different credits depending on direction), Guard Strategy (10% floor), and two Protection Strategies (cap or trigger) with no possible loss from index movement. Indexes available include the S&P 500, Russell 2000, Nasdaq-100, EURO STOXX 50, and iShares MSCI Emerging Markets ETF.

This is where the cost picture sharpens. Each purchase payment starts its **own** 6-year withdrawal-charge schedule (8/8/7/6/5/4/0). That means subsequent purchase payments lock you in for a fresh six years from the date they are received. The free-withdrawal privilege is 10% of total purchase payments annually, with no carryover. RMD-program withdrawals and waivers are available to soften that.

The fee picture is the main reason this product earns a more measured rating. **1.25% annual product fee** plus **0.70% annual Income Benefit rider fee** equals close to 2% in annual drag, accrued daily and deducted quarterly from accumulation value. The optional Maximum Anniversary Value death benefit rider adds another 0.20% if you elect it. There is also a $50 contract maintenance charge, waived for contract values of $100,000 or more.

The structural tradeoffs are familiar RILA tradeoffs. Buffers absorb the first 10% (or 20% on the wider multi-year option) of negative index performance, but losses beyond that buffer pass through to contract value. The Daily Adjustment can be negative on most strategies between term start and term end, which means mid-term withdrawals can recognize more loss than the term-end formula would imply.

| Feature | Details |

| --- | --- |

| Product type | Registered index-linked annuity (RILA / IVA) |

| Channel | Commission |

| Surrender period | 6 years per purchase payment |

| Issue ages | 0-80 |

| Minimum initial premium | $5,000 |

| Maximum premium | $1,000,000 |

| Subsequent premium | $50 minimum |

| Contract maintenance charge | $50 annually, waived for contract values $100K+ |

| Product fee | 1.25% annual |

| Income Benefit rider fee | 0.70% annual, built-in |

| MAV death benefit rider | Optional 0.20% annual |

| Withdrawal charge schedule | 8 / 8 / 7 / 6 / 5 / 4 / 0 per purchase payment |

| Free withdrawals | 10% of total purchase payments annually, no carryover |

| Income election age | 60+, after a minimum 3-year waiting period |

| Income percentage growth | Begins age 45, automatic annual increase while waiting |

| Income payout options | Level or Increasing Income |

| Income Multiplier Benefit | Doubles annual maximum if 2-of-6 ADL trigger met |

| Crediting strategies | Performance (1yr/3yr/6yr with 10% buffer or 3yr 20% buffer), Precision, Dual Precision, Guard (10% floor), Protection with cap, Protection with trigger |

| Indexes | S&P 500, Russell 2000, Nasdaq-100, EURO STOXX 50, iShares MSCI Emerging Markets ETF |

| Annuity payout options | Life, Joint and survivor, Life with guaranteed period, Guaranteed period, Joint and 2/3 survivor |

Index Advantage+ Income is issued by Allianz Life Insurance Company of North America and distributed by Allianz Life Financial Services, LLC, member FINRA. Allianz Life is one of the largest annuity carriers in the U.S. with a deep RILA product line. Carrier strength is exceptional and not the limiting factor here.