Allianz Index Advantage+ NF review

Yes, for the right buyer. This is a good annuity for someone seeking RILA-style accumulation potential with structured downside protection, who does not need or want a built-in lifetime income guarantee. It is less appealing for buyers who need full principal protection (use a fixed indexed annuity) or for buyers who want guaranteed lifetime income (use Index Advantage+ Income, Index Advantage Income ADV, or one of Allianz's income FIAs).

The main reason to buy Index Advantage+ NF is to get tax-deferred indexed accumulation with the higher growth potential that buffer/floor RILA designs offer compared with traditional FIAs — without paying a product fee or rider fee for features you do not plan to use. The secondary reason is the wide crediting menu, which lets you blend strategies across protection levels and time horizons.

I think this annuity is best for an accumulation-focused buyer in their 50s to mid-70s who has long-term retirement money, wants more growth than a traditional FIA can structurally offer, and is comfortable accepting buffer-style downside (typically the first 10% of loss is absorbed, the rest passes through). It is less attractive for buyers who need guaranteed principal protection or guaranteed lifetime income.

You are buying tax-deferred accumulation in a registered index-linked annuity wrapper. The contract translates index movement into credited interest 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 on the Index Guard Strategy. There is no income engine here — the contract is purpose-built for accumulation, and the no-fee structure reflects that.

You allocate purchase payments across one or more index strategies. Each strategy combines a crediting method, an index, a term length, and a buffer or floor. **Index Performance** is the most upside-oriented strategy: a cap or participation rate on positive index movement, with a buffer on negative. **Index Precision** credits a predetermined rate if the index is flat or up. **Index Dual Precision** can credit different amounts depending on direction. **Index Guard** caps loss at 10% (you absorb the first 10%, no more). **Index Protection** eliminates loss entirely but offers the lowest growth potential.

Multi-year terms (3 and 6 years) typically offer better participation rates than 1-year terms, in exchange for less frequent transfer flexibility. Indexes available include the S&P 500, Russell 2000, Nasdaq-100, EURO STOXX 50, and iShares MSCI Emerging Markets ETF.

The most meaningful secondary feature here is what is **not** in the contract. There is no built-in income rider, which means there is no 0.70% rider fee — the savings stay in the contract and compound on top of the indexed credit. For an accumulation-focused buyer, that fee absence is genuinely valuable. The Maximum Anniversary Value death benefit is available as an optional 0.20% rider for buyers who want the legacy upgrade.

Each purchase payment starts its own 6-year withdrawal-charge schedule (8/8/7/6/5/4/0). The free withdrawal privilege is 10% of total purchase payments annually, with no carryover. There is also a Waiver of Withdrawal Charge benefit included at no additional cost — terms vary by state. RMDs from qualified contracts are accommodated through the standard required-minimum-distribution program.

This is where Index Advantage+ NF differs meaningfully from its income-flavored sibling. There is **no annual product fee** and **no income rider fee** — the only ongoing recurring cost is the optional 0.20% MAV death benefit rider if elected, plus the $50 annual contract maintenance charge (waived at $100K+).

The structural tradeoff is the RILA risk profile. The Daily Adjustment between term start and term end can be negative on most strategies (Performance, Precision, Dual Precision, Guard), which means mid-term withdrawals can recognize more loss than the term-end formula would imply. 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. There is no MGSV — this is not an FIA-style principal-protected contract.

| Feature | Details |

| --- | --- |

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

| Channel | Commission |

| Surrender period | 6 years per purchase payment |

| Issue ages | 0-85 |

| Minimum initial premium | $10,000 |

| Maximum premium | $1,000,000 |

| Subsequent premium | $50 minimum |

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

| Product fee | None |

| Income rider | Not offered |

| 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 |

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

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

| Tax-free transfers | Allowed between index options on every Term End Date |

| Standard features | Required minimum distribution program, Waiver of withdrawal charge benefit |

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

Index Advantage+ NF 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. and a leader in the RILA category by both product depth and market share.