Allianz Life Insurance Co. of North America has launched Allianz Index Advantage, an indexed variable annuity (IVA) that combines Allianz Life’s fixed-index annuities presence with traditional variable options. Less than a month ago, Allianz Life also expanded its fixed index annuity lineup.

Allianz says this new product may fit consumers who are willing to trade some potential gains from market growth in exchange for a level of protection from down markets. The Index Advantage product provides opportunity for benefits to be protected every year. Compared to fixed index annuities (FIAs), the IVA increases the amount of return potential by having much higher limits (or caps) on the interest credit coming from the growth of an equity index in exchange for less protection.

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