Form 497VPU ALLIANZ LIFE INSURANCE
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E-mailALLIANZ Index Advantage+ NF®
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+ NF® 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.
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 E – 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
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 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 or financial
adviser fees that you choose to have us pay from this Contract (including any withdrawal charge) and deductions we make for Contract fees and expenses. All withdrawals you take reduce the Charge Base, even Penalty-Free Withdrawals. We use the Charge Base to determine the next rider fee we deduct if you select the Maximum Anniversary Value Death Benefit.
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 Penalty-Free Withdrawals, and financial adviser fees that you choose to have us pay from this Contract. Contract Value is also reduced dollar for dollar for deductions we make for Contract fees and expenses. However, 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 withdrawal charge), as
well as any applicable Daily Adjustment.
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
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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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. However, the Daily Adjustment for the Index Protection Strategy with Trigger 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.
Financial Professional – the person who advises
you regarding the Contract.
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 withdrawal charge) 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 Penalty-Free Withdrawals, and any financial adviser fees that you
choose to have us pay from this Contract. However, we do not reduce the Guaranteed Death Benefit Value for deductions we make for Contract fees and expenses.
These deductions will, however, reduce the Contract Value we use to calculate the Maximum Anniversary Value.
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.
Index Dual Precision Strategy – one of the
Crediting Methods 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 E – Material Contract Variations by State and Issue Date.
Index Effective Date – the first day we
allocate assets to an Index Option. 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 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 and any financial adviser fees that you choose to have us pay from this Contract (including any
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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withdrawal charge), and deductions we make for Contract fees and expenses. 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 and any financial adviser fees that you choose to have us pay from this Contract (including any withdrawal charge), and previous deductions we made for Contract fees and expenses. 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.
Index Performance Strategy – one of the
Crediting Methods 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 E – Material Contract Variations by State and Issue Date.
Index Precision Strategy – one of the Crediting
Methods 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 Trigger – one of
the Crediting Methods 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.
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.
Maximum Anniversary Value Death Benefit – an
optional benefit described in section 11 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 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.
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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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
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 a Performance Lock on Index Protection Strategy with Trigger Index Options if the Daily Adjustment is zero.
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. We may also issue an Inherited IRA and Inherited Roth IRA to make any required minimum distribution payments to a beneficiary of a previously held tax-qualified arrangement.
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 11.
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.
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+ NF® 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+ NF® 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 is subject to charges for early withdrawals that differ depending on when
you purchased the Contract.
●If you purchase the Contract on or after May 1, 2024, and you withdraw money from
the Contract within six years of your last Purchase
Payment, you will be assessed a
withdrawal charge of up to 8% of the Purchase Payment withdrawn, declining to 0%
over that time period.
●If you purchased the Contract on or before April 30, 2024, and you withdraw money
from the Contract within six years of your last Purchase
Payment, you will be
assessed a withdrawal charge of up to 8.5% of the Purchase Payment withdrawn,
declining to 0% over that time period.
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For example, for Contracts issued on or after May 1, 2024, if you invest $100,000 in the
Contract and make an early withdrawal, you could pay a withdrawal charge of up to $8,000
(or $8,500 for Contracts issued on or before April 30, 2024). 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
(including financial adviser fees that you
choose to have us pay from this Contract) from an Index Option on a date other than the
withdrawal. The Daily Adjustment also applies if before the Term
End Date you execute a
Performance
Lock, you annuitize the Contract, we pay a death benefit, or we deduct
Contract fees and expenses. The Daily Adjustment may 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 have to pay a
withdrawal charge, taxes, and tax penalties.
Method 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 withdrawal charges 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+ NF® Variable Annuity Prospectus – May 1, 2025
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FEES AND
EXPENSES
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Prospectus
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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 financial adviser 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
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 –
Financial Adviser
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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0.01%
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0.01%
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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)
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
withdrawal charge and a negative Daily Adjustment that substantially increase costs.
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Lowest Annual Cost:
$637
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Highest Annual Cost:
$825
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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
●No additional Purchase Payments,
transfers, or withdrawals
●No financial adviser 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
Benefit with a 0.20% rider fee
●No additional Purchase Payments,
transfers, or withdrawals
●No financial adviser fees
●No Daily Adjustment
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Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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RISKS
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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
-10% with the Floor; and 0% with the Index Protection Strategy with Trigger.
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. However, 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.
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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 and long-term income, 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 six years after we receive a Purchase Payment, you take a full or partial
withdrawal (including financial adviser fees that you
choose to have us pay from this
Value or the amount of money that you actually receive. Withdrawals may reduce or end
Contract guarantees.
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 (including financial adviser fees that
you choose to have us pay from this Contract), you execute a Performance Lock, you
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.
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Principal Risks of
Investing In the
6. Valuing Your
7. Expenses and
Adjustments
Appendix C –
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Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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RISKS
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Prospectus
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• 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
securities. This will reduce the Index Return and may cause the Index to underperform a
direct investment in the securities composing the Index.
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What are the
Risks Related
to the
Insurance
Company?
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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.
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Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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RESTRICTIONS
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• 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) without our prior approval.
• We do not accept additional Purchase
Payments during 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%.
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Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
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RESTRICTIONS
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Yes, there are restrictions on Contract benefits.
• We do not allow Performance Locks to occur on Term End Dates. We will not execute
Options if the Daily Adjustment is zero. This may limit 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.
• The deduction of financial adviser fees is in addition to this Contract's fees and expenses,
and the deduction is treated the same as any other
withdrawal under the Contract. As
such, withdrawals to pay financial adviser fees may be
subject to a Daily Adjustment (that
could be negative), are subject to withdrawal charges,
will reduce the Contract Value
dollar for dollar and Guaranteed Death Benefit Value
proportionately (perhaps
significantly and by more than the amount withdrawn).
• The death benefits are only available during the Accumulation Phase. Upon annuitization,
these benefits will end.
• The Traditional Death Benefit may not be modified, but it will terminate if you take
withdrawals 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 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
|
|
||
|
• 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.
|
12. Taxes
|
|||
|
|
CONFLICTS OF
INTEREST
|
|
||
|
How are
Investment
Professionals
Compensated?
|
Your Financial Professional may receive compensation for selling this Contract to you, in
the form of commissions, additional cash benefits (e.g.,
cash bonuses), and non-cash
compensation. 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 for which the Financial Professional is
not compensated or compensated less.
|
7. Expenses and
Adjustments –
Commissions
Paid to Dealers
|
||
|
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.
|
13. Other
Information –
Distribution
|
|||
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
13
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/RILAratesnf.
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, 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 is unique in that the Daily Adjustment cannot be negative.
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
|
|||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with step-up
|
100% downside
protection
|
0.10% 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
|
||||
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
14
|
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)
|
|
• 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
|
0.10% 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
|
1% 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
|
3% minimum Trigger Rate
|
|
|
Russell 2000® Index(1)
|
U.S. small-cap equities
|
||||
|
S&P 500® Index(1)
|
U.S. large-cap equities
|
1-year Term
|
Point-to-point
with step-up
|
10% Buffer
|
0.10% 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
|
0.10% 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
|
0.10% 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
|
||||
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
15
|
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
|
3-year Term
|
Point-to-point
with Cap and
enhanced
upside
|
||
|
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 Cap and
enhanced
upside
|
||
|
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. 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.: C000241317/C000261698
Allianz Index Advantage+ NF® Variable Annuity Prospectus – May 1, 2025
16
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