Allianz Index Advantage+ Select Income review

Yes, for the right buyer. This is a good annuity for someone working with a commission-based agent who wants RILA-style growth combined with built-in lifetime income from a top-rated carrier. It is less appealing for someone who can access the advisory-channel ADV version (lower product fee, no surrender) or for someone who needs full principal protection.

The main reason to buy Select Income is to access Allianz's current-generation income RILA in the commission channel — refreshed pricing, a broader 1-year strategy menu, and the same automatic income-percentage growth that defines the Income Benefit. The secondary reason is the choice between Level Income (consistent for life) and Increasing Income (lower base, can step up with each positive index credit).

I think this annuity is best for a buyer working with a commission-based agent in their mid-50s to mid-60s, who wants future protected income, can tolerate buffer/floor downside, and prefers a current-generation contract over the slightly older Index Advantage+ Income. It is less attractive for buyers who can access ADV (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, in a current-generation contract that reflects more recent rate environments and a broader 1-year strategy menu than the prior version. 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 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 — the longer you defer, the higher the percentage. 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.

You select between **Level Income** and **Increasing Income** at issue. Level Income provides the same withdrawal percentage for life — predictable but flat. Increasing Income starts at a lower base but can step up with each positive index credit, even after income payments begin. 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 for at least 90 continuous days, 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 **broader 1-year strategy menu** compared with prior generations. Select Income's 1-year terms include Index Performance, Precision, Dual Precision, Guard, Protection with cap, AND Protection with trigger — that last one is the meaningful add. The trigger version of Protection credits a predetermined rate if the index is flat or up over the term, which can be a useful complement to cap-based strategies in low-volatility environments. Once income begins, only 1-year terms are available, so the strategy depth here matters.

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. The Waiver of Withdrawal Charge Benefit is included as a standard feature. RMDs from qualified contracts are accommodated through the required-minimum-distribution program.

There is one nuance worth flagging: in any Index Year before income payments begin, you cannot add more than your initial amount of premium without prior approval. The "initial amount" is total purchase payments received before the first quarterly contract anniversary of contract year one. This caps how aggressively you can fund the contract over time.

The fee picture is unchanged from the prior generation. **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%. The $50 contract maintenance charge applies, 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. The indexes here are price-return indexes, not total-return — index options do not receive the dividends paid on the underlying securities.

| 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 |

| Subsequent purchase payment limit | Cannot exceed initial amount in any Index Year before income begins (without prior approval) |

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

| Crediting strategies during income | 1-year terms only |

| 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+ Select 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. and a leader in the RILA category. Carrier strength is exceptional and not the limiting factor here.