ALLIANZ LIFE INSURANCE CO OF NORTH AMERICA - FORM S-1 - EX-99.4JI - S40897-IADV MAX ANNIV DEATH BENEFIT RIDER - April 20, 2021

Attached files

file filename
S-1 - INDEX ADVANTAGE INCOME ADV S-1 4-20-21 - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAiaiadvs1apr202021.htm
EX-99.B - APPENDIX B EXHIBIT - DAILY ADJUSTMENT CALCULATION - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex99b.htm
EX-99.24C - POWERS OF ATTORNEY - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex24c.htm
EX-99.4KII - S40906 INCOME MULT BENEFIT RIDER SCHED - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4kii.htm
EX-99.4KI - S40905 INCOME MULT BENEFIT RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4ki.htm
EX-99.4JII - S40898-IADV MAX ANNIV DEATH BENEFIT RIDER SCHED - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4jii.htm
EX-99.4II - S40880-IADV TRADITIONAL DEATH BENEFIT RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4ii.htm
EX-99.4HII - S40902-01-IADV INCOME BENEFIT RIDER SCHEDULE - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4hii.htm
EX-99.4HI - S40901-02-IADV INCOME BENEFIT RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4hi.htm
EX-99.4G - S40891-01-IADV INDEX PRECISION STRATEGY CREDITING RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4g.htm
EX-99.4F - S40889-02-IADV INDEX GUARD STRATEGY CREDITING RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4f.htm
EX-99.4EII - S40899-01-IADV INDEX PROTECTON STATEGY WITH CAP RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4eii.htm
EX-99.4EI - S40879-01-IADV INDEX PROTECTION STRATEGY CREDITING RIDER - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4ei.htm
EX-99.4DII - S40904-IADV INDEX PERF STRATEGY RIDER III - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4dii.htm
EX-99.4DI - S40903 INDEX PERF STRATEGY RIDER II - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4di.htm
EX-99.4C - ICC21-IAI-APP-ADV APPLICATION - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4c.htm
EX-99.4BII - S40877 INDEX OPTIONS SCHEDULE - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4bii.htm
EX-99.4BI - S40875 BASE CONTRACT SCHEDULE - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4bi.htm
EX-99.4A - L40538 ANNUITY CONTRACT - ALLIANZ LIFE INSURANCE CO OF NORTH AMERICAex4a.htm


Maximum Anniversary Value Death Benefit Rider

This rider forms a part of the Base Contract to which it is attached and is effective on the Issue Date shown on the Maximum Anniversary Value Death Benefit Contract Schedule.  Defined terms and contractual provisions are set forth in the Base Contract or are added in this rider.  This is a first-to-die rider that terminates as indicated under the Termination of this Rider section. 

Definitions

Base Contract
The contract to which this rider is attached. 

Daily Transactions
On each Business Day, any Additional Purchase Payments received, Partial Withdrawals taken, including any corresponding Partial MVAs, credits applied, and Contract Charges, if any, deducted.

End Date
The End Date occurs on the earlier of:
•
the Business Day we receive the first Valid Claim from any one Beneficiary; or
•
the older Determining Life’s Maximum Anniversary Value Death Benefit Maximum Birthday shown on the Maximum Anniversary Value Death Benefit Contract Schedule.

Determining Life (Lives)
The person(s) on whose life (lives) we base the Maximum Anniversary Value Death Benefit.  We determine the Determining Life (Lives) on the Issue Date. 

On the Issue Date:
•
If the Base Contract is solely owned, the Determining Life is the Owner.
•
If the Base Contract is owned by a non-individual, the Determining Life is the Annuitant.
•
If the Base Contract is jointly owned, the Determining Lives are the joint Owners.

After the Issue Date, if a Determining Life (Lives) is no longer a Spouse of the Owner or Joint Owner, we will remove that person from this rider. If you add or change a Joint Owner, that person will become a Determining Life if they are the current Spouse of an existing Owner.

For jointly owned non-qualified contracts, if you establish a trust and change ownership to the trust, the prior Owner who is not the Annuitant no longer qualifies as a Determining Life and we remove him or her as such from this rider.

Maximum Anniversary Value
A calculation we use in determining the Maximum Anniversary Value Death Benefit. 

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Death Benefit

The following is replacing the “Death Benefit” provision under the “Death Benefit” section of the Base Contract. If this rider terminates, we revert back to the “Death Benefit” provision in the Base Contract.

Maximum Anniversary Value Death Benefit
The Maximum Anniversary Value on the Issue Date is equal to the Purchase Payment received on the Issue Date.

At the end of each Business Day we: 
•
increase the Maximum Anniversary Value by the amount of any Additional Purchase Payments received that day, and 
•
reduce the Maximum Anniversary Value proportionately by the percentage of Contract Value withdrawn that day as a Partial Withdrawal, including any corresponding Partial MVAs.

Before the End Date, on the Index Effective Date and each Index Anniversary thereafter, or on the next Business Day if the Index Anniversary is not on a Business Day, the Maximum Anniversary Value is equal to the greater of:
(a)
 its current value after processing any Additional Purchase Payments or Partial Withdrawals; or
(b)
 the Contract Value after processing any Daily Transactions. 

If your Index Effective Date is the same day as your Issue Date, the Maximum Anniversary Value on the Index Effective Date is equal to the Initial Purchase Payment received on the Issue Date.

We no longer make this comparison on or after the End Date.

During the Accumulation Phase, if you (the Owner, or Annuitant if the Owner is a non-individual) are a Determining Life  and you die, or if you die within 120 hours of a Determining Life (Lives), the Maximum Anniversary Value Death Benefit is equal to the greater of (a), (b) or (c).
(a)
The Contract Value.
(b)
The Cash Value.
(c)
The Maximum Anniversary Value.
•
For a sole Beneficiary, we determine the Contract Value, Cash Value and Maximum Anniversary Value at the end of the Business Day we receive a Valid Claim from the Beneficiary.
•
For multiple Beneficiaries, we determine the Maximum Anniversary Value for each surviving Beneficiary’s portion of the Maximum  Anniversary Value Death Benefit at the end of the Business Day we receive the first Valid Claim from any one Beneficiary.  We determine the Contract Value or the Cash Value for each surviving Beneficiary’s portion of the Maximum Anniversary Value Death Benefit as of the end of the Business Day we receive his or her Valid Claim.

However, if you (the Owner, or Annuitant if the Owner is a non-individual) and the Determining Life (Lives) are different individuals:
•
If the Determining Life dies before you, we compare the Contract Value, Cash Value and Maximum Anniversary Value determined at the end of the Business Day we receive due proof of a Determining Life’s death. If your Contract Value is less than the Cash Value or Maximum Anniversary Value, we increase your Contract Value to equal the Maximum Anniversary Value. The difference between the Contract Value and the Maximum Anniversary Value will be placed in the Interim Fund(s). On the next Index Anniversary, we then allocate the Cash Value in the Interim Fund(s) among your selected Allocation Options according to your most recent allocation instructions.
•
If you die before a Determining Life, the Maximum Anniversary Value Death Benefit is unavailable and instead your Beneficiary(s) will receive the Death Benefit described in the Base Contract.

Any part of the Death Benefit that is in the subaccounts, if any, remains there until distributed.

The following replaces the last paragraph of “Continuation of Contract by the Surviving Spouse” provision.

If at the end of the Business Day that the contract continues, the Cash Value or the Maximum Anniversary Value is greater than the Contract Value  the difference between the greater of the Cash Value or the Maximum Anniversary Value and the Contract Value values will be placed in the Interim Fund(s).  On the next Index Anniversary, we then allocate the Cash Value in the Interim Fund(s) among your selected Allocation Options according to your most recent allocation instructions. 
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Ownership

The following is added to the “Assignment of this Contract” and “Change of Ownership” provisions under the “Ownership” section of the Base Contract.

Assignment of this Contract
An assignment does not change any Determining Life, except as described under the definition of “Determining Life (Lives)”.

Change of Ownership
A change of ownership does not change any Determining Life, except as described under the definition of “Determining Life (Lives)”.

General Provisions 

The following is added to the “Misstatement of Age or Gender” provision under the “General Provisions” section of the Base Contract.

Misstatement of Age or Gender
Before Annuity Payments begin, if there is a misstatement of the Age of any Owner or Annuitant and this rider was issued after the Rider Maximum Issue Age, we will void this rider and issue any riders that would have been issued had this rider not been selected.  The Rider Maximum Issue Age is shown on the Maximum Anniversary Value Death Benefit Contract Schedule.

Contract Charges 

The following is added to the “Product Fee” provision under the “Contract Charges” section of the Base Contract.

The Rider Fee for this rider is shown on the Maximum Anniversary Value Death Benefit Contract Schedule. The Rider Fee is assessed and deducted in the same manner as the Product Fee described in the Base Contract.

We will no longer charge the Rider Fee for this rider on the earlier of the Business Day:
•
this rider terminates; or
•
we receive the first Valid Claim from any one Beneficiary.

Termination of this Rider

This rider terminates on the earliest of the following. 
•
The Business Day that the Maximum Anniversary Value and the Contract Value are both zero.
•
The Business Day before the Annuity Date.
•
Upon the death of a Determining Life, the end of the Business Day we receive a Valid Claim from all Beneficiaries, if the Determining Life is the Owner (or Annuitant if the Owner is a non-individual) or if the Determining Life dies simultaneously with the Owner.
•
Upon the death of a Determining Life, the end of the Business Day we receive due proof of a Determining Life’s death, if the Determining Life is no longer an Owner (or Annuitant if the Owner is a non-individual).
•
Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we receive the first Valid Claim from any one Beneficiary, if the Owner is no longer a Determining Life.
The Business Day that the Base Contract terminates.
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•



In all other respects the provisions, conditions, exceptions and limitations contained in the Entire Contract remain unchanged. 

Signed for the Company at its home office. 

                                       Allianz Life Insurance Company of North America
[      ]
[Gretchen Cepek]                                           [Walter R. White
                                                       Secretary                          President and CEO

To obtain information, make an inquiry, or for assistance with a complaint,
please call our toll-free number at [1-800-624-0197].

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