Form 497VPU ALLIANZ LIFE INSURANCE
ALLIANZ Index Advantage Income ADV®
VARIABLE ANNUITY CONTRACT
Issued by Allianz Life Insurance Company of North America (Allianz Life, we, us, our)
Updating Summary Prospectus
The Statutory Prospectus for the individual flexible purchase payment index-linked and variable deferred annuity contract (Contract), contains more information about the Contract, including its features, benefits, and risks. You can find this Statutory Prospectus and other information about the Contract online at https://www.allianzlife.com/what-we-offer/annuities/prospectuses. You can also obtain this information at no cost by calling (800) 624-0197 or by sending an email request to [email protected].
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. An investment in this Contract is not a deposit of a bank or financial institution and is not federally insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal government agency. An investment in this Contract involves investment risk including the possible loss of principal.
Additional information about certain investment products, including index-linked and variable annuities, has been prepared by the SEC’s staff and is available at https://www.investor.gov.
Dated: May 1, 2025
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
1
Glossary
This prospectus is written in plain English. However, there are some technical words or terms that are capitalized and are used as defined terms throughout the prospectus. For your convenience, we included this glossary to define these terms.
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NOTE: Cross references in this Updating
Summary Prospectus are to the sections of the Statutory Prospectus
where you can find more detailed information.
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Accumulation Phase – the first phase of your
Contract before you request Annuity Payments. The Accumulation Phase begins on the Issue Date.
Annual Contribution Amount(s) – the total
amount that is subject to a MVA when you take a full or partial withdrawal, begin Annuity Payments, or we pay a death benefit during the MVA period. We
establish an Annual Contribution Amount on the Index Effective Date, and we establish additional Annual Contribution Amounts on each subsequent Index Anniversary if you make additional Purchase Payments. We do not reduce Annual Contribution Amounts for deductions we make for Contract fees, expenses, or investment advisory fees you authorize your Financial Professional’s firm to receive from the
Contract.
Annuity Payments – payments made by us to the
Payee pursuant to the chosen Annuity Option.
Annuity Phase – the phase the Contract is in
once Annuity Payments begin.
Buffer – for each Index Option with the Index
Dual Precision Strategy, Index Precision Strategy, and Index Performance Strategy, this is the negative Index Return that we absorb over the duration of a Term
(which can be either one, three, or six years) before applying a negative Performance Credit. We do not apply the Buffer annually on a 3-year or 6-year Term Index Option. The Index Precision Strategy Buffer is 10%, and Index Performance Strategy and Index Dual Precision Strategy Buffers are either 10%, 20%, or 30%. Buffers do not change. Restrictions on the availability of the Buffers are discussed in
Appendix A – Investment Options Available Under the Contract and in Appendix G – Material Contract Variations by State and Issue Date.
Business Day – each day on which the New York
Stock Exchange is open for trading. Allianz Life is open for business on each day that the New York Stock Exchange is open. Our Business Day ends when regular
trading on the New York Stock Exchange closes, which is usually at 4:00 p.m. Eastern Time.
Cap – for any Index Option with the Index
Protection Strategy with Cap, Index Performance Strategy, or Index Guard Strategy, this is the upper limit on positive Index performance after application of
any Participation Rate over the duration of a Term (which can be either one, three, or six years) and the maximum potential Performance Credit for an Index Option. We do not apply the Cap annually on a 3-year or 6-year Term Index Option. On each Term Start Date, we set a Cap for each Index Option with the Index Protection Strategy with Cap, Index Performance Strategy, and Index Guard Strategy. The Caps
applicable to your Contract are shown on the Index Options Statement.
Charge Base – the Contract Value on the
preceding Quarterly Contract Anniversary (or the initial Purchase Payment received on the Issue Date if this is before the first Quarterly Contract
Anniversary), increased by the dollar amount of subsequent Purchase Payments, and reduced proportionately for subsequent withdrawals you take (including any
MVA) and deductions we make for Contract fees, expenses, and investment advisory fees that you authorize your Financial Professional’s firm to receive from the Contract. All withdrawals you take reduce the Charge Base, even MVA-Free Withdrawals. We use the Charge Base to determine the next product and rider fees we deduct.
Contract – the individual flexible purchase
payment index-linked and variable deferred annuity contract described by this prospectus. The Contract may also be referred to as a registered index-linked
annuity, or “RILA”.
Contract Value – the current value of the
Purchase Payments you invest. On any Business Day, your Contract Value is the sum of your Index Option Value(s) and Variable Account Value. Variable Account
Value fluctuates each Business Day that money is held in the Variable Option. Index Option Value is increased or decreased on each Term End Date to
reflect Performance Credits, which can be negative with the Index Dual Precision Strategy, Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy. A negative Performance Credit means
that you can lose principal and previous earnings. The Index
Option Values also reflect the Daily Adjustment on every Business Day other than the Term Start Date or Term End Date. All withdrawals you take reduce Contract
Value dollar for dollar, even MVA-Free Withdrawals. Contract Value is also reduced dollar for dollar for deductions we make for Contract fees, expenses, and investment advisory fees that you authorize your Financial Professional’s firm to receive from the Contract. However,
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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Contract Value does not reflect future fees and expenses we would apply on surrender. The Cash Value reflects all Contract fees and expenses we
would apply on surrender (including any MVA).
Contract Year – any period of twelve months
beginning on the Issue Date or a subsequent Contract Anniversary.
Crediting Method – a method we use to calculate
Performance Credits for the Index Options.
Daily Adjustment – how we calculate Index
Option Values on days other than the Term Start Date or Term End Date as discussed in section 7, Expenses and Adjustments – Daily Adjustment; and Appendix C.
The Daily Adjustment approximates the Index Option Value that will be available on the Term End Date. It is the estimated present value of the future Performance Credit that we will apply on the Term End Date. The Daily Adjustment for the Index Protection Strategy with Trigger and Index Protection Strategy with Cap cannot be negative.
Early Reallocation – a feature that allows you
to move assets out of a locked Index Option on days other than an Index Anniversary or a Term End Date. Not available to Contracts issued before May 1, 2023, as
detailed in Appendix G.
Excess Withdrawal – while you are taking Income
Payments, this is the amount of any withdrawal you take during an Income Benefit Year that causes the total amount withdrawn in that year to exceed the annual
maximum Income Payment. However, we do not consider payments made under our minimum distribution program, or investment advisory fees you authorize your Financial Professional’s firm to receive from the Contract to be Excess Withdrawals. We treat any portion of a withdrawal you take during the Income Benefit Year that is not an Excess Withdrawal as an Income Payment. Excess Withdrawals
reduce your Contract Value, future Income Payments, Guaranteed Death Benefit Value, and may end your Contract. The Income Benefit is discussed in section 11.
Financial Professional – the person who advises
you regarding the Contract. A Financial Professional may be a registered representative of a broker-dealer and/or an investment adviser representative of a
registered investment adviser. However, we do not pay a commission to broker-dealers or their registered representatives in connection with sales of the
Contract. The Contract is intended to be used by purchasers who are working with a Financial Professional registered or affiliated with an investment adviser, offering advisory services for a fee.
Floor – for any Index Option with the Index
Guard Strategy, this is the maximum amount of negative Index Return you absorb as a negative Performance Credit. The Floors are -10% and do not change.
Fund – the AZL Government Money Market Fund,
the underlying fund in which the Variable Option invests.
Good Order – a request is in “Good Order” if it
contains all of the information we require to process the request. If we require information to be provided in writing, “Good Order” also includes providing
information on the correct form, with any required certifications, guarantees and/or signatures, and received at our Service Center after delivery to the
correct mailing, email, or website address, which are all listed at the back of this prospectus. If you have questions about the information we require, or whether you can submit certain information by fax, email or over the web, please contact our Service Center. If you send information by email or upload it to our website, we send you a confirmation number that includes the
date and time we received your information.
Guaranteed Death Benefit Value – the guaranteed
value that is available to your Beneficiary(ies) on the first death of any Determining Life during the Accumulation Phase. The Guaranteed Death Benefit Value is
either total Purchase Payments reduced proportionately for withdrawals you take (including any MVA) if you select the Traditional Death Benefit, or the Maximum Anniversary Value if you select the Maximum Anniversary Value Death Benefit. All withdrawals you take reduce the Guaranteed Death Benefit Value, even MVA-Free Withdrawals. However, we do not reduce the Guaranteed Death Benefit Value for
deductions we make for Contract fees, expenses, and investment advisory fees that you authorize your Financial Professional’s firm to receive from the Contract. These deductions
will, however, reduce the Contract Value we use to calculate the Maximum Anniversary Value.
Income Benefit – a benefit that is
automatically included in your Contract at issue which is described in section 11. The Income Benefit has an additional rider fee and is intended to provide a
payment stream for life in the form of partial withdrawals.
Income Benefit Supplement – the supplement that
must accompany this prospectus which contains the terms used to determine Income Payments for your Contract. The Income Benefit Supplement includes the Income
Payment waiting period and the table showing the Income Percentages and Income Percentage Increases. The supplement also includes the income multiplier factor and income multiplier benefit wait period for the Income Multiplier Benefit. We cannot change these terms for your Contract once they are established. We publish any changes to the Income Benefit Supplement at least
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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seven calendar days before they take effect on our website at https://www.allianzlife.com/RILAincomeadvrates. The Income
Benefit Supplement is also filed on EDGAR at https://www.sec.gov under Form N-4
File Numbers 333-264349 and 333-255394.
Income Payments – the guaranteed payments we
make to you under the Income Benefit for the lifetime(s) of the Covered Person(s) that are generally based on the Contract Value and Lifetime
Income Percentage for the payment type you select. Payment types include single or joint payments under either the Level Income or Increasing Income payment
options. However, if you choose the Level Income payment option and meet certain age requirements, your initial annual maximum Income Payment will not be less than the Level Income Guarantee Payment Percentage multiplied by your total Purchase Payments reduced proportionately for withdrawals you take (including any MVA). All withdrawals you take reduce your total Purchase
Payments, even MVA-Free Withdrawals. However, we do not reduce your total Purchase Payments for deductions we make for Contract fees, expenses, and
investment advisory fees that you authorize your Financial Professional’s firm to receive from the Contract. Income Payments are
discussed in section 11.
Income Period – the period your Contract is in
if you take Income Payments. The Income Period occurs during the Accumulation Phase and starts on the Income Benefit Date.
Index (Indexes) – one (or more) of the
nationally recognized third-party broad based equity securities price return Indexes or exchange-traded fund available to you under your Contract as described
in Appendix B.
Index Anniversary – a twelve-month anniversary
of the Index Effective Date or any subsequent Index Anniversary. It is the date we apply Income Percentage Increases.
Index Dual Precision Strategy – one of the
Crediting Methods available before the Income Period described in section 4, Index Options. This Crediting Method offers 1-year, 3-year, and 6-year Terms. The
Index Dual Precision Strategy calculates Performance Credits based on Index Returns subject to a Trigger Rate and a 10%, 20%, or 30% Buffer. This Crediting Method provides a positive Performance Credit for negative market movements when the loss is less than or equal to the applicable 10%, 20%, or 30% Buffer. However, you can still receive negative Performance Credits under this Crediting Method
when the Index Return is negative and extends beyond the Buffer, which means you can lose principal and previous earnings. Significant losses beyond the 10%,
20%, or 30% Buffer for the Index Dual Precision Strategy can result in substantial loss of principal and previous earnings. Restrictions on the availability of
the Index Dual Precision Strategy Index Options are discussed in Appendix A – Investment Options Available Under the Contract and in Appendix G – Material Contract Variations by State and Issue Date.
Index Effective Date – the first day we
allocate assets to an Index Option and we establish Income Percentage Increases for each Eligible Person. The Index Effective Date is stated on the Index
Options Statement and starts the first Index Year. When you purchase this Contract you select the Index Effective Date as discussed in section 3, Purchasing the
Contract – Allocation of Purchase Payments and Contract Value Transfers.
Index Guard Strategy – one of the Crediting
Methods available before the Income Period described in section 4, Index Options. The Index Guard Strategy calculates Performance Credits based on Index Returns
subject to a Cap and -10% Floor. You can receive negative Performance Credits under this Crediting Method, which means you can lose principal and previous earnings.
Index Option(s) – the index-linked investments
available to you under the Contract. Each Index Option is the combination of an Index, a Crediting Method, a Term length, and any applicable Buffer or Floor
amount.
Index Option Base – an amount we use to
calculate Performance Credits and the Daily Adjustment. The Index Option Base is initially equal to the amounts you allocate to an Index Option. We reduce the
Index Option Base proportionately for withdrawals you take (including any MVA), and deductions we make for Contract fees, expenses, and investment advisory fees that you authorize your Financial Professional’s firm to receive from the Contract. We increase/decrease it by the dollar amount of additional Purchase Payments allocated to the Index Option, transfers into or out of the Index Option, and any
Performance Credits.
Index Option Value – on any Business Day, it is
equal to the portion of your Contract Value in a particular Index Option. We establish an Index Option Value for each Index Option you select. Each Index Option
Value includes any Performance Credits from previous Term End Dates and reflects proportional reductions for previous partial withdrawals you take (including any MVA), and previous deductions we made for Contract fees, expenses, and investment advisory fees that you authorize your Financial Professional’s firm to receive from the Contract. On each Business Day, other than the Term Start Date or Term End Date, the Index Option
Values also include an increase/decrease from the Daily Adjustment.
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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Index Performance Strategy –
one of the Crediting Methods available before the Income Period described in section 4, Index Options. This Crediting Method offers 1-year, 3-year, and 6-year
Terms. The Index Performance Strategy calculates Performance Credits based on Index Returns subject to any applicable Participation Rate, Cap, and a 10%, 20%, or
30% Buffer. You can receive negative Performance Credits under this Crediting Method, which means you can lose principal and previous earnings. Restrictions on the availability of the Index Performance Strategy Index Options are discussed in Appendix A – Investment Options Available Under the Contract and in Appendix G – Material Contract Variations by State and Issue Date.
Index Precision Strategy – one of the Crediting
Methods available before the Income Period described in section 4, Index Options. The Index Precision Strategy calculates Performance Credits based on Index
Values and Index Returns subject to the Trigger Rate and 10% Buffer. You can receive negative Performance Credits under this Crediting Method, which means you can lose principal and previous earnings.
Index Protection Strategy with Cap – one of the
Crediting Methods available during the entire Accumulation Phase, including the Income Period, described in section 4, Index Options. The Index Protection
Strategy with Cap provides a Performance Credit based on Index Returns subject to a Cap, but does not allow negative Performance Credits.
Index Protection Strategy with Trigger – one of
the Crediting Methods available during the entire Accumulation Phase, including the Income Period, described in section 4, Index Options. The Index Protection
Strategy with Trigger provides Performance Credits equal to the Trigger Rate on the Term End Date if the current Index Value is equal to or greater than the Index Value on the Term Start Date. The Index Protection Strategy with Trigger does not allow negative Performance Credits. For Contracts issued before May 1, 2023, the Index Protection Strategy with Trigger is called the Index Protection Strategy
with Declared Protection Strategy Credit (DPSC) as detailed in Appendix G.
Index Return – the percentage change in Index
Value from the Term Start Date to the Term End Date, which we use to determine the Performance Credits. The Index Return is the Index Value on the Term End
Date, minus the Index Value on the Term Start Date, divided by the Index Value on the Term Start Date. This method of calculation is also referred to as “point-to-point”.
Index Value – an Index’s closing market price
at the end of the Business Day on the Term Start Date and Term End Date as provided by Bloomberg or another market source if Bloomberg is not available.
Index Year – a twelve-month period beginning on
the Index Effective Date or a subsequent Index Anniversary.
Investment Options – the Index Options and Variable Option available
under the Contract.
Issue Date – the date we issue the Contract.
The Issue Date is stated in your Contract and starts your first Contract Year. Contract Anniversaries and Contract Years are measured from the Issue Date.
Market Value Adjustment (MVA) – an increase or
decrease to Contract Value based on changes in interest rates if within seven Index Years of the establishment of an Annual Contribution Amount you take a full
or partial withdrawal, begin Annuity Payments, or we pay a death benefit. We do not apply a MVA to MVA-Free Withdrawals, or to deductions we make for Contract fees, expenses, or investment advisory fees you authorize your Financial Professional’s firm to receive from the Contract.
Maximum Anniversary Value Death Benefit – an optional benefit described in section 12 that has an additional rider fee and is
intended to potentially provide a death benefit greater than the Traditional Death Benefit. The Maximum
Anniversary Value Death Benefit can only be added to a Contract at issue.
Non-Qualified Contract – a Contract that is not
a Qualified Contract.
Owner – “you,” “your” and “yours.” The
person(s) or entity designated at Contract issue and named in the Contract who may exercise all rights granted by the Contract.
Participation Rate – a percentage that is
multiplied by any positive Index Return over the course of a Term in calculating the Performance Credit on the Term End Date. Participation Rates are used with
the Index Performance Strategy and there is one Participation Rate per Index Option. The Participation Rate is only available on the Index Performance Strategy
3-year and 6-year Terms. The Participation Rate is not available on Index Performance Strategy 1-year Terms. Index Options with a Participation Rate may allow you to receive more than the Index Return if the Index Return is positive, but the Participation Rate cannot boost Index Returns beyond any declared Cap. We do not apply the Participation Rate if the
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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Index Return is zero or negative. We do not apply the Participation Rate annually. This method of calculation is also referred to as “enhanced upside”. We set Participation Rates on each Term Start Date. The Participation Rates applicable to your Contract are shown on the Index Options Statement.
Performance Credit – the return you receive on
a Term End Date from the Index Option(s). We base Performance Credits on Index Values and Index Returns after application of any Participation Rate up to the
Cap, any Trigger Rate, or any Buffer or Floor. Performance Credits cannot be negative with the Index Protection Strategy with Trigger or Index Protection Strategy with Cap Index Options. However, Performance Credits can
be negative with the Index Dual Precision Strategy, Index Precision Strategy, Index Guard Strategy, and Index Performance Strategy Index Options. If Performance Credits are negative, you can lose principal and previous earnings.
Performance Lock – a feature that allows you to
capture the current Index Option Value during the Term. A Performance Lock applies to the total Index Option Value in an Index Option, and not just a portion of
that Index Option Value. After the Lock Date, Daily Adjustments do not apply to a locked Index Option for the remainder of the Term and the locked Index Option Value will not receive a Performance Credit on the Term End Date. We will not execute your request for a Performance Lock on the Index Protection Strategy with Trigger or Index Protection Strategy with Cap Index Options if the Daily
Adjustment is zero. However, we continue to allow Performance Locks if the Daily Adjustment is zero for Contracts issued before May 1, 2023, as detailed in
Appendix G.
Purchase Payment – the money you put into the
Contract.
Qualified Contract – a Contract that qualifies
for special tax treatment under sections of the Code. Currently, we issue Qualified Contracts that may include, but are not limited to Roth IRAs, traditional
IRAs and Simplified Employee Pension (SEP) IRAs.
Quarterly Contract Anniversary – the day that
occurs three calendar months after the Issue Date or any subsequent Quarterly Contract Anniversary.
Term – the period of time, from the Term Start Date to the Term End Date, in which we measure Index Return to determine Performance Credits.
Term End Date – the day on which a Term ends and we apply Performance Credits. A Term End Date may only occur on an Index Anniversary. If a Term End Date does not occur on a Business Day, we consider it to occur on the next Business Day.
Term Start Date – the day on which a Term begins, and we set the Trigger Rates, Caps, and Participation Rates for an Index Option. A Term Start Date may only occur on the Index Effective Date or an Index Anniversary. However, if you execute an Early
Reallocation, the Term Start Date will be the Business Day we receive your Early Reallocation request in Good Order. If a Term Start Date does not occur on a
Business Day, we consider it to occur on the next Business Day.
Traditional Death Benefit – the guaranteed
death benefit automatically provided by the Contract for no additional fee described in section 12.
Trigger Rate – this is the positive Performance
Credit you receive on a Term End Date for any Index Option with the Index Protection Strategy with Trigger, Index Dual Precision Strategy, or Index Precision
Strategy. You receive the Trigger Rate on the Term End Date if the current Index Value is equal to or greater than the Index Value on the Term Start Date. For the Index Dual Precision Strategy, you also receive the Trigger Rate if the Index Return is negative and the loss is less than or equal to the Buffer. This method of calculation is also referred to as “step-up”. For the Index Protection Strategy with Trigger, you will not receive a negative Performance Credit if the Index Value decreases from the Term Start Date to the Term End Date. For the Index Dual Precision Strategy and the Index Precision Strategy, you will receive a negative Performance Credit if the Index Value decreases from the Term Start Date to the Term End Date and the negative Index Return
extends beyond the Buffer. We do not
apply the Trigger Rate annually on 3-year and 6-year Term Index Options. On each Term Start Date, we set a Trigger Rate for each Index Option with the Index
Protection Strategy with Trigger, Index Dual Precision Strategy, and Index Precision Strategy. The Trigger Rates provide predefined upside potential. The Trigger Rates applicable to your Contract are shown on the Index Options Statement. For Contracts issued before May 1, 2023, the Trigger Rate is called the DPSC when used with the Index Protection Strategy, or the Precision Rate when used
with the Index Precision Strategy as detailed in Appendix G.
Variable Option – a subaccount of the Separate
Account, and the only variable investment option under the Contract. The Variable Option invests exclusively in the shares of the AZL Government Money Market
Fund. You cannot allocate Purchase Payments or other amounts in your Contract (e.g., earnings) to the Variable Option.
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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Updated Information About Your Contract
As of May 20, 2025, the limit on Early Reallocation requests increases from two each Index Year to twelve each Index Year and each request can involve multiple locked Index Options.
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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Important Information You Should Consider About the Contract
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FEES AND
EXPENSES
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Prospectus
Location
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Are There
Charges or
Adjustments
for Early
Withdrawals?
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Yes, your Contract may be subject to charges for early withdrawals. If you withdraw money
within seven years after we establish an Annual Contribution Amount, a MVA based on
changes in interest rates will apply. A MVA may be positive, negative, or equal to zero. The
maximum negative MVA is -10% (as a percentage of Contract
Value for a full withdrawal, or
as a percentage of the amount withdrawn for a partial
withdrawal). For example, if you take
a $100,000 withdrawal during a MVA period, you could lose up to $10,000 due to a negative
MVA. This loss will be greater if there is a negative Daily Adjustment, taxes, or tax penalties.
In addition, if you take a full or partial withdrawal from
an Index Option on a date other than
benefit, or we deduct Contract fees, expenses, or investment advisory fees you authorize
be negative depending on the applicable Crediting Method. You will lose money if the Daily
Adjustment is negative.
may be positive, negative, or equal to zero. A negative Daily Adjustment will result in a
loss, and could result in a loss beyond the protection of
the 10%, 20%, or 30% Buffer;
and Index Performance Strategy; and -35% for the Index Guard
Strategy. For
later withdraw the entire amount before the Term has ended, you could lose up to
$99,000 of your investment. This loss will be greater if
you also are subject to a
negative MVA, taxes, and tax penalties.
Daily
Adjustments under these Crediting Methods may be positive or equal to
zero, but
cannot be negative.
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Are There
Transaction
Charges?
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No. Other than negative MVAs and Daily Adjustments that may apply to withdrawals
and
other transactions under the Contract, there are no other transaction charges.
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Not Applicable
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Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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FEES AND
EXPENSES
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Prospectus
Location
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Are There
Ongoing Fees
and
Expenses?
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Yes, there are ongoing fees and expenses. The table below describes the fees and
expenses that you may pay each year, depending on the options
you choose. Please refer
to your Contract specifications page for information about the specific fees you will pay
each year based on the options you have elected. These ongoing fees and expenses do
not reflect any investment advisory fees paid to a Financial Professional from your Contract
expenses would be higher.
There is an implicit ongoing fee on Index Options to the extent that your participation
in Index gains is limited by us through a
Cap or Trigger Rate. This means that your
gains, you will receive some protection from Index losses.
This implicit ongoing fee is not
reflected in the tables below. Additionally, if we add Index Options with a guaranteed
minimum Participation Rate less than 100%,
the Participation Rate would be an
implicit ongoing fee and limit Index
gains.
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Fee Tables
1. The Contract –
Investment
Advisory Fees
7. Expenses and
Adjustments
Appendix A –
Investment
Options Available
Under the
Contract
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Annual Fee
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Minimum
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Maximum
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Base Contract(1)
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0.95%
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0.95%
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(Fund fees and expenses)
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0.65%
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0.65%
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Optional Benefits Available for an Additional
Charge(3)
(for a single optional benefit, if elected)
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0.20%
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0.20%
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(1)
Base Contract fee is comprised of two charges referred to
as the “product fee” and the “rider fee for the
Income
Benefit” in the Contract and elsewhere in this prospectus. As a percentage of the Charge Base, plus
an amount attributable to the contract maintenance charge.
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(2)
As a percentage of the AZL Government Money Market Fund's
average daily net assets.
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(3)
As a percentage of the Charge Base. This is the current charge for the Maximum
Anniversary Value Death
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Because your Contract is customizable, the choices you make affect how much you will
pay. To help you understand the cost of owning your Contract, the following table shows the
lowest and highest cost you could pay each year, based on current charges.
This estimate
assumes that you do not take withdrawals from the Contract, which could add a negative
Daily Adjustment and/or negative MVA that could substantially increase costs.
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Lowest Annual Cost:
$1,497
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Highest Annual Cost:
$1,668
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Assumes:
●Investment of $100,000 in the Variable
Option (even though you cannot select
the Variable Option for investment)
●5% annual appreciation
●0.70% Income Benefit rider fee
●No additional Purchase Payments,
transfers, or withdrawals
●No investment advisory fees
●No Daily Adjustment
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Assumes:
●Investment of $100,000 in the Variable
Option (even though you cannot select
the Variable Option for investment)
●5% annual appreciation
●0.70% Income Benefit rider fee
Benefit with a 0.20% rider fee
●No additional Purchase Payments,
transfers, or withdrawals
●No investment advisory fees
●No Daily Adjustment
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Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
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RISKS
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Prospectus
Location
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Is There a Risk
of Loss from
Poor
Performance?
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Yes, you can lose money by investing in the Contract, including loss of principal and
previous earnings.
The maximum amount of loss that you could
experience from negative Index Return,
after taking into account the current
limits on Index loss provided under the
next if we add an Index Option or discontinue accepting new allocations into an
Floor no lower than -25%, or an Index Option that provides complete protection from
Index losses, will always be available for
renewal under the Contract.
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Is This a
Short-Term
Investment?
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• No, this Contract is not a short-term investment and is
not appropriate if you need ready
access to cash.
• Considering the benefits of tax deferral, long-term income, and living benefit guarantees,
the Contract is generally more beneficial to investors with a long investment time horizon.
• Withdrawals are subject to income taxes, and may also be subject to a 10% additional
federal tax for amounts withdrawn before age 59 1∕2.
• If, within seven years after we establish an Annual Contribution Amount, you take a full or
partial withdrawal or begin Annuity Payments, or we pay a death benefit, a MVA will
apply. A MVA is an adjustment based on changes in interest rates and may be positive,
negative, or equal to zero. A MVA will be negative if the corporate bond yield on the date
of deduction is higher than the corporate bond yield on
the date that the Annual
Contribution
Amount was established. If you take a full withdrawal or begin Annuity
amount withdrawn.
before they can receive a Performance Credit. We apply a Daily Adjustment if, before the
Term
End Date, you take a full or partial withdrawal, you take Income Payments, you
execute a Performance Lock, you annuitize the Contract, we pay a death benefit, or we
deduct Contract fees, expenses, or investment advisory fees that you authorize your
Financial
Professional’s firm to receive from the Contract.
money if the Daily Adjustment is negative.
• Withdrawals and other deductions from an Index Option prior to a Term End Date will
result in a proportionate reduction to your Index Option Base. The proportionate reduction
could be greater than the amount withdrawn or deducted.
Reductions to your Index
lower gains (if any) on the Term End Date.
• On the Term End Date, you can transfer assets invested in an Index Option by changing
your allocation instructions. If you do not change your
allocation instructions, you will
continue to be invested in the same Index Option with a new Term Start Date. The new
Rate.
|
Principal Risks of
Investing In the
6. Valuing Your
7. Expenses and
Adjustments
Appendix C –
|
||
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
11
|
|
RISKS
|
Prospectus
Location
|
||
|
• An investment in the Contract is subject to the risk of poor investment performance and
can vary depending on the performance of the Variable Option and the Index Options
available under the Contract.
• The Variable Option and each Index Option have their own unique risks.
• You should review the Fund’s prospectus and disclosures, including risk factors, before
making an investment decision.
may result in earning less than the Index Return.
15%, we apply a Performance Credit of 15%, meaning your Contract
Value allocated
to that Index Option will increase by 15% since the Term
Start Date. If at the end of the
by 3% since the Term Start Date.
we apply a Performance Credit of -15%, meaning your Contract
Value allocated to that
-25% and the Floor is -10%, we apply a Performance
Credit of -10%, meaning your
Options do not receive any dividends payable on these securities. The Index Options also
do not directly participate in the returns of the Indexes
or the Indexes’ component
securities. This will reduce the Index Return and may cause the Index to underperform a
direct investment in the securities composing the Index.
|
||||
|
What are the
Risks Related
to the
Insurance
Company?
|
An investment in the Contract is subject to the risks related to us. All obligations,
guarantees or benefits of the Contract, including those relating to the Index
Options, are the
obligations of Allianz Life and are subject to our
claims-paying ability and financial strength.
More information about Allianz Life, including our
financial strength ratings, is available
upon request by visiting https://www.allianzlife.com/about/financial-ratings, or
contacting us
at (800) 624-0197.
|
|||
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
12
|
|
RESTRICTIONS
|
Prospectus
Location
|
||
|
Yes, there are limits on the Investment Options.
• Certain Index Options may not be available under your Contract.
• We can add new Index Options to your Contract in the future.
• You cannot allocate Purchase
Payments to the Variable Option. The sole purpose of the
Variable
Option is to hold Purchase Payments until they are transferred to your selected
Year before the Income Period, you cannot add more than your initial amount (i.e., the
total of all Purchase Payments received before the first Quarterly
Contract Anniversary of
the first Contract Year) without our prior approval.
• We do not accept additional Purchase
Payments during the Income Period (which is part
of the Accumulation Phase) or the Annuity Phase.
• We typically only allow assets to move into the Index Options on the Index Effective Date
and on subsequent Index Anniversaries as discussed in section 3, Purchasing the
Contract – Allocation of Purchase Payments and Contract Value Transfers. However, if
you execute an Early Reallocation, we will move assets into an Index
Option on the
• You can typically transfer Index
Option Value only on Term End Dates. However, you can
transfer assets out of an Index Option before the Term End Date by first executing a
Performance
Lock and then either requesting an Early Reallocation with new allocation
instructions or changing your allocation instructions
before the next Index Anniversary.
For more information, see section 6, Valuing Your Contract
– Performance Locks and
• We do not allow assets to move into an established Index Option until the Term End Date.
If you request to allocate a Purchase Payment into an established Index Option on an
Index
Anniversary that is not a Term End Date, we will allocate those assets to
the same
Index
Option with a new Term Start Date.
• We reserve the right to substitute the Fund in which the Variable Option invests. We also
reserve the right to close Index Options to new Purchase Payments and transfers, and to
substitute Indexes either on a Term Start Date or during a Term.
• We also reserve the right to decline any or all Purchase Payments at any time on a
nondiscriminatory basis.
subject to their contractual minimum guarantees.
is -25%.
|
||||
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
13
|
|
RESTRICTIONS
|
Prospectus
Location
|
||
|
Are There Any
Restrictions on
Contract
Benefits?
|
Yes, there are restrictions on Contract benefits.
• We do not allow Performance Locks to occur on Term End Dates. We will not execute
your ability to take advantage of the benefits of the Early Reallocation feature. We do not
accept Early Reallocation requests within 14 calendar days before an Index Anniversary.
Currently you are limited to two Early Reallocation requests each Index Year. However, as
of May 20, 2025, this limit increases to twelve Early Reallocation requests each Index
Year.
• We reserve the right to discontinue or modify the Minimum Distribution Program and
Financial Adviser Fees program.
• Deductions we make for investment advisory fees reduce your Contract Value (and
therefore Cash Value) by the amount withdrawn on a dollar
for dollar basis. This Contract
Value reduction also decreases your initial annual maximum
Income Payment which is
based on Contract Value. As Contract Value is one of the
components we use to calculate
RMD payments, these deductions may also reduce your RMD
payments. These
deductions also reduce the following proportionately by
the percentage of Contract Value
withdrawn: Charge Base, Index Option Base, Index Option
Value, and Variable Account
Value.
• The death benefits and Income
Benefit are only available during the Accumulation Phase.
Upon annuitization, these benefits will end.
• The Income Benefit terms stated in the Income Benefit Supplement may be modified
before issue. A minimum waiting period applies before Income Payments may be taken
under the Income Benefit. In addition, even if the waiting period has expired, Income
with the Index Protection Strategy with Trigger and Index Protection Strategy with Cap are
available to you. Withdrawals will reduce the initial
annual maximum Income Payment.
Withdrawals that exceed limits specified by the terms of
the Income Benefit (Excess
Withdrawals) will reduce your future annual maximum Income Payment. These reductions
may be greater than the value withdrawn and could end the
benefit. After the Issue Date
the Income Benefit may terminate under certain circumstances as stated in section 11,
• The Traditional Death Benefit may not be modified, but it will terminate if you take
withdrawals (including Income Payments) that reduce both the Contract
Value and
Guaranteed
Death Benefit Value to zero. Withdrawals may reduce the Traditional Death
Benefit’s Guaranteed Death Benefit Value by more than the value withdrawn and could
end the Traditional Death Benefit.
• The optional Maximum Anniversary
Value Death Benefit may not be modified.
Withdrawals (including Income Payments) may reduce the Maximum
Anniversary Value
Death
Benefit’s Guaranteed Death Benefit Value by more than the
value withdrawn and
will end the Maximum Anniversary Value Death Benefit if the withdrawals reduce both the
Contract
Value and Guaranteed Death Benefit Value to zero.
|
|||
|
|
TAXES
|
|
||
|
What are the
Contract’s Tax
Implications?
|
• Consult with a tax professional to determine the tax implications of an investment in and
withdrawals from or payments received under the Contract.
• If you purchased the Contract as an individual retirement annuity or through a custodial
individual retirement account, you do not get any
additional tax benefit under the
• Generally, earnings under a Non-Qualified
Contract are taxed at ordinary income rates
when withdrawn, and may also be subject to a 10%
additional federal tax for amounts
withdrawn before age 59 1∕2.
• Generally, distributions from Qualified
Contracts are taxed at ordinary income tax rates
when withdrawn, and may also be subject to a 10%
additional federal tax for amounts
withdrawn before age 59 1∕2.
|
13. Taxes
|
||
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
14
|
|
CONFLICTS OF
INTEREST
|
Prospectus
Location
|
||
|
How are
Investment
Professionals
Compensated?
|
We do not pay sales commissions in connection with sales of
the Contracts. Rather, you
pay an investment advisory fee to your Financial Professional. We do not set your
investment advisory fee or receive any part of it. However,
Financial Professionals and their
managers may be eligible for benefits from us or our
wholly-owned subsidiary distributor,
such as production incentive bonuses, insurance benefits,
and non-cash compensation
items. We and/or our wholly owned subsidiary distributor
may also make marketing support
payments to certain selling firms for marketing services
and costs associated with Contract
sales. This conflict of interest may influence your Financial Professional to recommend this
Contract over another investment.
|
|||
|
Whether to exchange your existing Contract for a new contract is a decision that each
investor should make based on their personal circumstances
and financial objectives.
However, in making this decision you should be aware that
some Financial Professionals
may have a financial incentive to offer you a new contract
in place of one you already own.
You should only exchange your Contract if you determine, after comparing the features,
risks, and fees of both contracts, including any fees or
penalties to terminate your existing
Contract, that it is better for you to purchase the new contract rather than continue to own
your existing Contract.
|
14. Other
Information –
Distribution
|
|||
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
15
Appendix A – Investment Options Available Under the Contract
The following includes information about the Fund available under the Contract. More information
about the Fund is available in the Fund’s prospectus, which may be amended from time to time and can be found online at https://www.allianzlife.com/variableoptions. You can also request this information at no cost by calling (800) 624-0197, or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges
were included. The Fund’s past performance is not necessarily an indication of future performance.
|
Investment Objective
|
Fund and
Adviser/Subadviser
|
Current
Expenses
|
Average Annual Total Returns
(as of December 31, 2024)
|
||
|
1 Year
|
5 Years
|
10 Years
|
|||
|
Current income consistent with
stability of principal
|
AZL®
Government Money
Market Fund(1)
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Advisors, LLC
|
0.64%
|
4.42%
|
1.92%
|
1.20%
|
(1)
The AZL® Government Money Market Fund’s annual expenses reflect a temporary fee reduction. Please
see the AZL® Government Money
Market Fund’s prospectus for information regarding the expense reimbursement or fee waiver arrangement.
The following is a list of Index Options currently available under the Contract. We may change certain features of the Index Options listed below
(including the Index
and the current limits on Index gains), offer new Index Options, and close Index Options to new Purchase Payments and transfers. We will provide you with written notice before making any changes other than
changes to current limits on Index gains. Information about current limits on Index gains is available at https://www.allianzlife.com/RILAincomeadvrates. During the Income Phase of the Income
Benefit, you may not be able to invest in certain Index Options, as noted below.
Note: If amounts are removed from an Index Option before the Term End Date, we will apply a Daily Adjustment. Except for Index Options under the Index Protection Strategy with
Trigger and Index Protection Strategy with Cap, this may result in a significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if such amounts were not removed from the Index Option until the Term End Date. The Index Protection Strategy with Trigger and Index Protection Strategy with Cap are unique in that the Daily Adjustment for them cannot be negative.
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
16
For more information about the Index Options’ features, see section 4, Index Options, and section 6,
Valuing Your Contract.
For more information about Daily Adjustment, see section 7, Expenses and Adjustments – Daily Adjustment.
|
Index Type
|
|||||
|
• During the Income Period, this is one of the two Crediting Methods available to you.
|
|||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with step-up
|
100% downside
protection
|
0.50% minimum Trigger Rate
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
Nasdaq-100® Index(1)
|
U.S. & international
non-financial large-cap
equities
|
||||
|
EURO STOXX 50®(1)
|
Eurozone large-cap equities
|
||||
|
iShares® MSCI Emerging
Markets ETF(2)
|
International emerging
markets equities
|
||||
|
• During the Income Period, this is one of the two Crediting Methods available to you.
|
|||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with Cap
|
100% downside
protection
|
0.50% minimum Cap
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
Nasdaq-100® Index(1)
|
U.S. & international
non-financial large-cap
equities
|
||||
|
EURO STOXX 50®(1)
|
Eurozone large-cap equities
|
||||
|
iShares® MSCI Emerging
Markets ETF(2)
|
International emerging
markets equities
|
||||
|
• For Contracts issued before November 14, 2023, the Index Dual Precision Strategy is not available.
• For Contracts issued from November 14, 2023, to April 30, 2024, only the 1-year Term with 10% Buffer is available.
• For Contracts issued from May 1, 2024, to November 4, 2024, only the 1-year Term with 10%, 20%, and 30% Buffers are available.
• For Contracts issued since November 5, 2024, all 1-year, 3-year, and 6-year Term Index Options listed below are available.
|
|||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with step-up
|
3% minimum Trigger Rate
|
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
Nasdaq-100® Index(1)
|
U.S. & international
non-financial large-cap
equities
|
||||
|
EURO STOXX 50®(1)
|
Eurozone large-cap equities
|
||||
|
iShares® MSCI Emerging
Markets ETF(2)
|
International emerging
markets equities
|
||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
3-year Term
|
Point-to-point
with step-up
|
4% minimum Trigger Rate
|
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
6-year Term
|
Point-to-point
with step-up
|
8% minimum Trigger Rate
|
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
17
|
Index
|
Index Type
|
Crediting
Period
(Term
Length)
|
Index
Crediting
Methodology
|
Current Limit on
Index Loss
(if held until
Term End Date)
|
Minimum Limit on Index Gain
(for the life of the Index
Option)
|
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with step-up
|
10% Buffer
|
3% minimum Trigger Rate
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
Nasdaq-100® Index(1)
|
U.S. & international
non-financial large-cap
equities
|
||||
|
EURO STOXX 50®(1)
|
Eurozone large-cap equities
|
||||
|
iShares® MSCI Emerging
Markets ETF(2)
|
International emerging
markets equities
|
||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with Cap
|
-10% Floor
|
3% minimum Cap
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
Nasdaq-100® Index(1)
|
U.S. & international
non-financial large-cap
equities
|
||||
|
EURO STOXX 50®(1)
|
Eurozone large-cap equities
|
||||
|
iShares® MSCI Emerging
Markets ETF(2)
|
International emerging
markets equities
|
||||
|
• For Contracts issued before November 14, 2023, only the 1-year Term with 10% Buffer, 3-year Term with 10% and 20% Buffers, and 6-year
Term with 10%
Buffer are available.
• For Contracts issued since November 14, 2023, all 1-year, 3-year, and 6-year Index Options listed below are available.
|
|||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with Cap
|
3% minimum Cap(3)
|
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
Nasdaq-100® Index(1)
|
U.S. & international
non-financial large-cap
equities
|
||||
|
EURO STOXX 50®(1)
|
Eurozone large-cap equities
|
||||
|
iShares® MSCI Emerging
Markets ETF(2)
|
International emerging
markets equities
|
||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
3-year Term
|
|||
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
6-year Term
|
|||
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
(1)
This Index is a “price return index,” not a “total return index,” and therefore does not
reflect the dividends paid on the securities composing the Index, which will reduce the Index Return and may cause the Index to underperform a direct investment in the securities composing the Index. For the
EURO STOXX 50®, this Index is a euro “price return
index” and Index Returns are determined without any exchange rate adjustment.
(2)
This Index is an ETF. Index Values are based on the ETF’s closing share price. Index performance is
calculated on a “price return” basis, not a “total return” basis, and therefore does not reflect the dividends paid on the securities in which the ETF invests.
In addition, an ETF deducts fees and costs, which reduce Index performance. These factors will reduce the Index Return and may cause the
Index to underperform
a direct investment in the ETF or the securities in which the ETF invests.
(3)
May be uncapped for a Term.
The current limit on Index loss for an Index Option will not change for the life of that Index
Option. However, we reserve the right to
add new Index Options, as well as close Index Options to new Purchase Payments and transfers.
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
18
As such, the limits on Index loss offered under the Contract may change from one Term to the next if we add an Index Option or discontinue accepting new allocations into an Index Option.
If we offer a new Index Option with a Buffer or Floor in the future, the Buffer or Floor will be no lower than 5% or -25%, respectively. The lowest Trigger Rate, Cap, and Participation Rate that we may establish if we add a new Index
Option to the Contract are 0.05%, 0.05%, and 5.00%, respectively.
At least one Index Option with a Buffer no lower than 5% or Floor no lower than -25%, or an Index Option that provides complete protection from Index losses, will always be available for renewal under the Contract.
EDGAR Contract ID No.: C000228689/C000256811
Allianz Index Advantage Income ADV® Variable Annuity Prospectus – May 1, 2025
19
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