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Investment Protector


  • pg 1
									                         Allianz Life Insurance Company of North America


                         Get protection with
                         growth potential.

                                          Allianz Vision

                                          Variable Annuity


          Page 1 of 12
  Build it.
   Use it.
Pass it on.

  This brochure is designed to provide you with an             Guarantees are backed by the financial strength and
  overview of the optional Investment Protector                claims-paying ability of Allianz Life Insurance Company
  rider (05.10) available with Allianz Vision deferred         of North America (Allianz) and do not apply to the
  variable annuity.                                            performance of the variable subaccounts, which will
  This material must be preceded or accompanied by             fluctuate with market conditions.
  the client product overview and a current prospectus         Products are issued by Allianz Life Insurance Company of
  for Allianz VisionSM Variable Annuity.                       North America and distributed by its affiliate, Allianz Life
                                                               Financial Services, LLC, member FINRA.
  Call your financial professional or Allianz Life Financial
                                                               Not FDIC insured • May lose value • No bank or credit union
  Services, LLC, member FINRA, at 800.624.0197 to obtain       guarantee • Not a deposit • Not insured by any federal
  a prospectus about Allianz variable investment               government agency or NCUA/NCUSIF
  options. The prospectuses contain details on                 Product and feature availability may vary by state and
  investment objectives, risks, fees, and expenses, as         broker/dealer.
  well as other information about the variable annuity
  and variable investment options, which you should
  carefully consider. Please read the prospectuses
  thoroughly before sending money.

                                             Page 2 of 12
              Are you ready for life’s financial
              turning points?
              Retirement has changed – and so has your role in            So as you move through life’s financial turning points –
              preparing for it. The erosion of traditional sources of     from building assets, to using them to fund a long-term
  Build it.   retirement income – pensions and Social Security –          retirement, to passing on a legacy to your loved ones
              coupled with a longer life expectancy (and potentially      – meeting your financial goals requires more planning
   Use it.    more years in retirement) places a greater responsibility   and commitment than ever before.
              on you to provide the funding for the lifestyle you want.
Pass it on.
              And with this new responsibility comes new concerns:
              the effects of a volatile market on your accumulated
              assets and the potential impact of inflation on your
              future purchasing power.


                                                     Page 3 of 12
                            Investment Protector

                            Investment Protector rider at a glance
                            The Investment Protector rider is an accumulation benefit that provides a level of protection for the principal you
                            invest – while locking in your highest annual contract value for a specific date 10 or more years in the future.

                              Issue age                 May be selected up to the older owner’s attained age 80, with the latest initial Target Value Date
                                                        to age 90.1

                              Annual rider              Current charge at issue is 0.90%.
                              charge                    The charge is a percentage of the Target Value (deducted quarterly) and is subject to change
                                                        on each quarterly anniversary. It will never be less than the minimum of 0.35%, or greater than
                                                        the maximum of 2.50%. The rider charge cannot increase or decrease more than 0.35% in any
                                                        12-month period.

                              Purchase                  Allowed during the first three years (including with Automatic Investment Plan)
                              payments                  Additional purchase payments after the first quarter are subject to an annual contribution limit.

                            Selecting a Target Value Date                                     Rider Anniversary Value
                            You select an Initial Target Value Date at the time you           On each rider anniversary, your contract value is locked
       Build it.            add the Investment Protector to your contract. The                in if it is higher than the previously locked-in value.
                            earliest date you can select is 10 years after you add            Your contract value may be higher between rider
    Accumulate enough
     assets to retire the   the rider. The latest date you can select is the rider            anniversary dates, but will not be locked in. Once the
         way you want.      anniversary that occurs before the older owner’s 91st             Rider Anniversary Value is established, it can never
                            birthday. Additional Target Value Dates will occur every          decrease, unless you take a withdrawal. Withdrawals
                            fifth rider anniversary after the initial Target Value Date.      include any applicable withdrawal charge and partial
                            Establishing your Target Value
                            On the last business day before your Target Value Date,           Resetting the initial Target Value Date
                            your contract value is guaranteed to be equal to or               You can request a reset within 30 days following
                            greater than your Target Value.                                   any rider anniversary prior to age 81, and before
                                                                                              the initial Target Value Date, as long as the contract
                            If the Investment Protector is selected at issue,                 value is at least equal to the current Target Value.
                            your Target Value is the greater of:                              You can choose any initial Target Value Date as long
                            • 100% of your total purchase payments (adjusted                  as it’s a rider anniversary that’s at least 10 years from
                               for withdrawals)                                               the reset anniversary, and no later than the rider
                            • 100% of your Rider Anniversary Value (highest                   anniversary before the older owner’s 91st birthday.
                               locked-in annual contract value)                               Your allocation rules will also reset to align with your
                                                                                              new initial Target Value Date.


                                                                         Page 4 of 12
                        Money credited to your contract
                        On the last business day before each Target Value Date,                     If you decide not to fully withdraw your money,
      Use it.           if your contract value is lower than the Target Value that                  additional Target Value Dates will occur on every fifth
                        was locked in on a prior rider anniversary, we will add                     rider anniversary while the Investment Protector is in
Retire with choices
                        money to your contract to equal the locked-in value.                        effect, and you will have the opportunity to lock in new
and use your assets
 for a specific goal.                                                                               Target Values. This will not change your most recent
                        Choices on your Target Value Date                                           investment allocation rules, which are covered in the
                        Once money has been added to your contract, you                             next section.
                        can keep the Investment Protector working, create
                        a retirement income stream, or access the entire
                        amount. Please keep in mind that your contract value
                        will be subject to market fluctuations on and after the
                        Target Value Date.

                        Taking withdrawals reduces the Target Value, the contract value, and the value of any death benefits. Withdrawals
                        are taxed as ordinary income and, if taken prior to age 59 ½, a 10% federal tax penalty may apply. Withdrawals,
                        for tax purposes, are deemed to come first from any gains.
                            In Massachusetts, the Investment Protector must be selected on the day you purchase your Allianz VisionSM contract.


                                                                          Page 5 of 12
                         Investment Protector provides protection and access
                         • Level of principal protection: Guaranteed return of purchase payments after a minimum of 10 years.
                         • Lock-in of your Rider Anniversary Value: On the rider anniversary, if your contract value is higher than the previous locked-in value, the higher value is locked in.
                         • Money credited to your contract: On the last business day before the Target Value Date, money will be added to your contract value to equal the Target Value.
                         • Access to your contract value: Once money has been added to your contract value, you can access the entire amount.
                                                                                                                                                                                                                      Investment Protector

                          Example: Gains locked in automatically and money credited to your contract
                          These hypothetical examples are provided to show how your Rider Anniversary Value is locked in and then how money is credited on the last business day before your Target
                          Value Date. These examples do not predict or project the actual performance of Allianz VisionSM Variable Annuity or its investment options. These examples assume you select the
                          Investment Protector at issue and take no withdrawals before the initial Target Value Date.

                                       Build it. Principal protection combined with the
                                       opportunity to lock in the Rider Anniversary Value can help
                                       you add a level of certainty to your retirement goals.

Page 6 of 12
                                                                                                                                                                                            Rider Anniversary Value
                                                                                                                                                                                            after 8 anniversary

                   Protect your
                                                                                                                                                                                            Rider Anniversary Value
               payments while                                                                                                                                                                      th
                                                                                                                                                                                            after 4 anniversary
               locking in gains.
                                                                                                                                                                                            Rider Anniversary Value
                                                                                                                                                                                            after 1 anniversary

                                                                                                                                                                                            Original Target Value
                                      $100,000                                                                                                                                              ($100,000)

                                      Years       0             1            2            3             4            5             6            7            8             9           10 Initial Target Value Date
                                                                                          Money added to the contract value to equal the Target Value,
                                    Use it. You have the flexibility to
                                                                                          which is the greater of 100% of the locked-in Rider Anniversary
                                    retire with choices and use your assets
                                                                                          Value or the purchase payments adjusted for withdrawals.
                                    for a specific goal.

                                                                                                                                                    Target Value
                Money credited
                                                                                                                                                                              Investment Protector

               to your contract.

                                                                                                                                                    Contract value


Page 7 of 12

                                   Years      0           1            2      3   4   5        6            7           8           9          10 Initial Target Value Date

                                                                                          You will have the following options once money has been
                                                                                          added to your contract value:
                                                                                          • Keep the Investment Protector working
                                                                                          • Create a retirement income stream
                                                                                          • Access your money

    Investment Protector

    Initial allocation rules are based on your initial
    Target Value Date.
    The percentages of your contract value allowed or required in your three investment option groups are
    based on the number of years until your initial Target Value Date.

          Years until         Maximum % of contract            Maximum % of contract       Minimum % of contract
          your initial        value you are allowed to         value you are allowed to   value you are required to
       Target Value Date   allocate to Groups A, and B/X          allocate to Group A        allocate to Group Y

          17 or more                   95%                               30%                         5%
               16                      90%                               30%                        10%
               15                      85%                               25%                        15%
               14                      80%                               25%                        20%
               13                      75%                               20%                        25%
               12                      70%                               20%                        30%
               11                      65%                               15%                        35%
               10                      60%                               15%                        40%


                                                Page 8 of 12
Investment Protector

More conservative allocations as your initial Target
Value Date nears.
With each passing year, a minimum of 5% moves into the most conservative group. For more detailed information,
see the “Investment Option Allocation, Transfer, and Quarterly Rebalancing” section of the prospectus.

Example: Investment option allocations over time
This hypothetical illustration is provided to show how investment option allocations vary with respect to time. It does not
show how allocations vary with respect to changes in contract value. The initial Target Value Date selected is 10 years. The
initial investment option allocation selected is 15% in Group A, 45% in Groups B/X, and 40% in Group Y.

   10 years to                         8 years to                      4 years to
Target Value Date                  Target Value Date               Target Value Date                Target Value Date

                       A – 15%                         A – 10%                          A – 5%                           A – 5%
                       B/X – 45%                       B/X – 40%                        B/X – 25%                        B/X – 5%
                       Y – 40%                         Y – 50%                          Y – 70%                          Y – 90%

More conservative allocations if your contract
value decreases.
On each quarterly anniversary, your contract value is compared to the guaranteed Target Value. For each 6% by
which the contract value is lower than the Target Value, an additional 5% moves into the most conservative group
(Group Y). However, over any 12-month period, the amount required in Group Y will not increase by more than
15%, and is guaranteed never to be more than 90%. See the “Investment Option Allocation, Transfer, and Quarterly
Rebalancing” section of the prospectus for detailed information.

Once your allocation rules become more conservative, they will never become more aggressive unless you choose
to reset the initial Target Value Date.

Example: Investment option allocations with declining contract value
This hypothetical illustration, using the same initial investment option allocations above, reflects what would have
happened at the first contract anniversary if the contract value had remained the same or had decreased as compared
to the Target Value.

  9 years – even                   9 years – down 7%               9 years – down 13%               9 years – down 19%

                       A – 10%                         A – 10%                          A – 5%                           A – 5%
                       B/X – 45%                       B/X – 40%                        B/X – 40%                        B/X – 40%
                       Y – 45%                         Y – 50%                          Y – 55%                          Y – 55%


                                             Page 9 of 12
                        Investment Protector

                        Your investment options
                        When you select the optional Investment Protector, allocation rules apply to support the guarantees provided by this
                        rider. Allocation of your contract value to aggressive investment options will be limited. This may limit the downside
                        risk and the upside potential to your contract.

                            Group A investment options                                    Group B/X investment options
                              Fund of Funds                                                Fund of Funds
                              ■ AZL FusionSM Growth Fund                                   ■   AZL® Balanced Index Strategy Fund
                                                                                           ■   AZL FusionSM Balanced Fund
                              Equity                                                       ■   AZL FusionSM Conservative Fund
                              Small cap                                                    ■   AZL FusionSM Moderate Fund
                              ■ AZL® Allianz AGIC Opportunity Fund                         ■   AZL® Growth Index Strategy Fund
                              ■ AZL® Columbia Small Cap Value Fund                         ■   Fidelity VIP FundsManager 50% Portfolio
                              ■ AZL® Franklin Small Cap Value Fund                         ■   Fidelity VIP FundsManager 60% Portfolio
                              ■ AZL® Small Cap Stock Index Fund
                              ■ AZL® Turner Quantitative Small Cap Growth Fund
                                                                                           Mid Cap
                              Specialty                                                    ■ AZL® Columbia Mid Cap Value Fund
                              ■   AZL® Morgan Stanley Global Real Estate Fund              ■ AZL® Mid Cap Index Fund
                              ■   AZL® Schroder Emerging Markets Equity Fund               ■ AZL® Morgan Stanley Mid Cap Growth Fund
                              ■   Franklin Templeton VIP Founding Funds Allocation Fund    Large Growth
                              ■   PIMCO VIT Commodity RealReturn Strategy Portfolio        ■ AZL® BlackRock Capital Appreciation Fund
                                                                                           ■ AZL® Dreyfus Equity Growth Fund

                            Group Y investment options                                     International Equity
                                                                                           ■ AZL® International Index Fund
                              Fixed Income                                                 ■ AZL® Invesco International Equity Fund
                                                                                           ■ AZL® JPMorgan International Opportunities Fund
                              High Yield Bond                                              ■ PIMCO EqS Pathfinder Portfolio
                              ■ PIMCO VIT High Yield Portfolio                             ■ Templeton Growth Securities Fund
                              Intermediate Term Bond                                       Large Blend
                              ■ Franklin U.S. Government Fund                              ■ AZL® JPMorgan U.S. Equity Fund
                              ■ PIMCO VIT Global Advantage Strategy Bond Portfolio         ■ AZL® MFS Investors Trust Fund
                              ■ PIMCO VIT Real Return Portfolio                            ■ AZL® S&P 500 Index Fund
                              ■ PIMCO VIT Total Return Portfolio
                                                                                           Large Value
                              ■ Templeton Global Bond Securities Fund
                                                                                           ■ AZL® Davis NY Venture Fund
                              Cash Equivalent                                              ■ AZL® Eaton Vance Large Cap Value Fund
                              ■ AZL® Money Market Fund                                     ■ AZL® Invesco Growth and Income Fund
                                                                                           ■ Mutual Shares Securities Fund
                              ■ PIMCO VIT Unconstrained Bond Portfolio                     Specialty
                                                                                           ■   AZL® Franklin Templeton Founding Strategy Plus Fund
                                                                                           ■   AZL® Gateway Fund
                                                                                           ■   AZL® Invesco Equity and Income Fund
                                                                                           ■   BlackRock Global Allocation V.I. Fund
                                                                                           ■   Franklin Income Securities Fund
                                                                                           ■   PIMCO VIT All Asset Portfolio
                                                                                           ■   PIMCO VIT Global Multi-Asset Portfolio

Allianz Life Insurance Company of North America, Allianz Life Financial Services, LLC, Allianz Investment Management, LLC, Allianz Global
Investors, and PIMCO are affiliated companies.


                                                                    Page 10 of 12
                                                                                           Build it, use it,
                                                                                           pass it on:
                                                                                           Investment Protector
                                                                                           helps make it possible.

Every quarter, Allianz will automatically rebalance your assets to maintain your investment allocations, based on your most recent choices
for future purchase payments and any changes to the allowed maximum and required minimum group allocations. You can choose to
have your contract value rebalanced quarterly even if you don’t select the Investment Protector. See the Allianz VisionSM Variable Annuity
prospectus for more details.
Please note: We may add or remove investment options from your contract in the future. If we do, we will provide written notice
regarding additions or deletions to the investment option group. See the prospectus for the most current list of investment options
available in each group.

                                                              Page 11 of 12
            True to our promises …
            so you can be true to yours.                                                                                ®

            A leading provider of annuities and life insurance, Allianz Life Insurance Company
            of North America (Allianz) bases each decision on a philosophy of being true:
            True to our strength as an important part of a leading global financial organization.
            True to our passion for making wise investment decisions. And true to the people
            we serve, each and every day.

            Through a line of innovative products and a network of trusted financial
            professionals, and with over 2.2 million contracts issued, Allianz helps millions
            of people as they seek to achieve their financial and retirement goals. Founded
            in 1896, Allianz is proud to play a vital role in the success of our global parent,
            Allianz SE, one of the world’s largest financial services companies.

            While we pride ourselves on our financial strength, we’re made of much more
            than our balance sheet. We believe in making a difference with our clients by being
            true to our commitments and keeping our promises. People rely on Allianz today
            and count on us for tomorrow – when they need us most.

Guarantees are backed solely by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America and do
not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
Allianz VisionSM Variable Annuity                              Allianz Vision Variable Annuity
is issued by:                                                  is distributed by:
Allianz Life Insurance Company                                 Allianz Life Financial Services, LLC
of North America                                               5701 Golden Hills Drive
5701 Golden Hills Drive                                        Minneapolis, MN 55416-1297
Minneapolis, MN 55416-1297                                     800.624.0197                                                  L40529, L40530
800.624.0197                                                   Member FINRA                                                      (R-5/2011)

                                                               Page 12 of 12

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