Form 497VPU ALLIANZ LIFE INSURANCE

April 22, 2026 3:59 PM EDT


Index Advantage+ New York® ANNUITY CONTRACT
Issued by Allianz Life Insurance Company of New York (Allianz Life of New York, we, us, our)
 
Updating Summary Prospectus
This Summary Prospectus summarizes key features of an individual flexible purchase payment index-linked and variable deferred annuity contract (Contract). The Contract is a complex investment and involves risks. You may lose money, including your principal investment and previously credited earnings.
The Statutory Prospectus for the 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/new-york/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].
Each available Index Option offers a certain level of protection against Index losses used in the calculation of Performance Credits through a Buffer.
● 
We currently offer Index Options with Buffers ranging from 10% to 30%. If there is poor Index performance, you could lose up to 70% to 90% of your investment in an Index Option after taking into account the Buffer protection. Cumulative losses over the life of the Contract could be greater.
● 
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 such, the limits on Index loss offered under the Contract may change from one Term to the next if we add an Index Option.
● 
If we offer a new Index Option with a Buffer in the future, the Buffer will be no lower than 5%.
Each available Index Option also has an upside feature, either a Trigger Rate, Cap, and/or Participation Rate, used in the calculation of Performance Credits.
● 
We may limit the amount you can earn on an Index Option based on the Trigger Rate, Cap, or Participation Rate, as applicable.
● 
The lowest Trigger Rate, Cap, and Participation Rate that we may establish if we add a new Index Option to the Contract are 3%, 3%, and 100%, respectively.
With notice we may make certain Index Options temporarily unavailable if we are unable to support the minimum Trigger Rate or Cap due to yield on investments or the availability or cost of hedging. A list of currently available Index Options, including information on which can be made temporarily unavailable and when they may be made temporarily unavailable, can be found in the Overview of the Contract section of this prospectus.
This Contract is not a short-term investment and is not appropriate if you need ready access to cash. Withdrawals could result in withdrawal charges, negative Daily Adjustments, taxes, and tax penalties. The maximum potential loss from a negative Daily Adjustment is -99%.
All obligations and guarantees under the Contract, including Performance Credits, are the obligations of Allianz Life of New York and are subject to our claims-paying ability and financial strength.
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, 2026
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
 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. 
NOTE: Cross references in this Updating Summary Prospectus are to the sections of the Statutory Prospectus
where you can find more detailed information.
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, 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 Dual Precision Strategy and Index Precision Strategy Buffers are 10%, and Index Performance Strategy Buffers are either 10%, 20%, or 30%. Buffers do not change.
Business Day – each day on which the New York Stock Exchange is open for trading. Allianz Life of New York 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, 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 available Index Option. The Caps applicable to your Contract are shown on the Index Options Statement.
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 Anniversary – a twelve-month anniversary of the Issue Date or any subsequent Contract Anniversary.
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. 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. 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.
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.
Early Reallocation – a feature that allows you to move assets out of the Variable Option on days other than an Index Anniversary, and/or from locked Index Options on days other than a Term End Date. The Index Performance Strategy 6-year Term Index Options are not available as a destination for Early Reallocation, but they can be a source.
Financial Professional – the person who advises you regarding the Contract.
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
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
 3 
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 total Purchase Payments reduced proportionately for withdrawals you take (including any withdrawal charge). All withdrawals you take reduce the Guaranteed Death Benefit Value, even Penalty-Free Withdrawals. However, we do not reduce the Guaranteed Death Benefit Value for deductions we make for Contract fees and expenses.
Index (Indexes) – one (or more) of the nationally recognized third-party broad based equity securities price return Indexes 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. The Index Dual Precision Strategy calculates Performance Credits based on Index Returns subject to a Trigger Rate and 10% Buffer. This Crediting Method provides a positive Performance Credit for negative market movements when the loss is less than or equal to the 10% 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% Buffer for the Index Dual Precision Strategy can result in substantial loss of principal and previous earnings.
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 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 a Buffer 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 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 (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.
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 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 Year – a twelve-month period beginning on the Index Effective Date or a subsequent Index Anniversary.
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
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Investment Options – the Index Options and Variable Option available under the Contract. In your Contract, Investment Options are called "Allocation Options".
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.
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.
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 the Buffer. Performance Credits can be negative. 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.
Purchase Payment – the money you put into the Contract.
Qualified Contract – a Contract that qualifies for special tax treatment under sections of the Internal Revenue Code (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 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”. 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.
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
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On each Term Start Date, we set a Trigger Rate for each Index Option with the 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.
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
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Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the Statutory Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract.
As of May 20, 2025, the limit on Early Reallocation requests increased from two each Index Year to twelve each Index Year and each request can involve multiple locked Index Options.
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
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Important Information You Should Consider About the Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Prospectus
Location
Are There
Charges or
Adjustments
for Early
Withdrawals?
Yes, your Contract is subject to charges for early withdrawals. If 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. For example, if you invest $100,000 in the Contract and make an early
withdrawal, you could pay a withdrawal charge of up to $8,000. This loss will be greater if
there is a negative Daily Adjustment, income taxes, or tax penalties.
 
In addition, if you take a full or partial withdrawal from an Index Option on a date other than
the Term End Date, a Daily Adjustment will apply to the Index Option Value available for
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 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, as applicable. The maximum potential loss from
a negative Daily Adjustment is -99%. For example, if you allocate $100,000 to a 1-year
Term Index Option with 10% Buffer and 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, income taxes, and tax penalties.
Fee Tables
 
7. Expenses and
Adjustments
 
Appendix C –
Daily
Adjustment
Are There
Transaction
Charges?
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.
Not Applicable
Are There
Ongoing Fees
and
Expenses?
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.
 
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
returns may be lower than the Index’s returns. In return for accepting this limit on Index
gains, you will receive some protection from Index losses. This implicit ongoing fee is not
reflected in the tables below.
 
Fee Tables
 
7. Expenses and
Adjustments
 
Appendix A –
Investment
Options Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract(1)
1.26%
1.26%
Investment Options (2)
(Fund fees and expenses)
0.66%
0.66%
 
Optional benefits available for an additional
charge
(for a single optional benefit, if elected)
Not Applicable
Not Applicable
 
 
(1)
As a percentage of the Variable Option’s average net assets, plus an amount attributable to the contract
maintenance charge based on expected Contract sales.
 
 
(2)
As a percentage of the AZL Government Money Market Fund's average daily net assets.
 
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
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FEES, EXPENSES, AND ADJUSTMENTS
Prospectus
Location
 
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.
 
 
Lowest Annual Cost:
$1,761
Highest Annual Cost:
$1,761
 
 
Assumes:
●Investment of $100,000 in the Variable
Option
●5% annual appreciation
●No additional Purchase Payments,
transfers, or withdrawals
●No Daily Adjustment
Assumes:
●Investment of $100,000 in the Variable
Option
●5% annual appreciation
●No additional Purchase Payments,
transfers, or withdrawals
●No Daily Adjustment
 
 
RISKS
 
Is There a Risk
of Loss from
Poor
Performance?
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
Contract, is: -90% with a 10% Buffer; -80% with a 20% Buffer; and -70% with a 30%
Buffer.
 
The limits on Index loss offered under the Contract may change from one Term to the
next if we add an Index Option.
Principal Risks of
Investing In the
Contract 
4. Index Options
 
6. Valuing Your
Contract –
Calculating
Performance
Credits
Is This a
Short-Term
Investment?
• 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, withdrawal charges will apply. A withdrawal charge will reduce your Contract
Value or the amount of money that you actually receive. Withdrawals may reduce or end
Contract guarantees.
• Amounts invested in an Index Option must be held in the Index Option for the full Term
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 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. You will lose 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
Option Base will result in lower Index Option Values for the remainder of the Term and
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
Term will be subject to the applicable renewal Trigger Rate, Cap, and/or Participation
Rate.
Principal Risks of
Investing In the
Contract
 
4. Index Options
 
6. Valuing Your
Contract
 
7. Expenses and
Adjustments
 
Appendix C –
Daily Adjustment
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
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RISKS
Prospectus
Location
What are the
Risks
Associated
with the
Investment
Options?
• 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.
• Caps and Trigger Rates will limit positive Performance Credits (e.g., limited upside). This
may result in earning less than the Index Return.
– For example, if at the end of a 1-year Term, the Index Return is 25% and the Cap is
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
Term, the Index Return is 6% and the Trigger Rate is 10%, we apply a Performance
Credit of 10%, meaning your Contract Value allocated to that Index Option will
increase by 10% since the Term Start Date.
• The Buffer will limit negative Performance Credits (e.g., limited protection in the case of
Index decline). However, you bear the risk for all Index losses that exceed the
Buffer.
– For example, if at the end of a Term, the Index Return is -25% and the Buffer is 10%,
we apply a Performance Credit of -15%, meaning your Contract Value allocated to that
Index Option will decrease by 15% since the Term Start Date.
• The Indexes are price return indexes, not total return indexes. This means that the Index
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.
Principal Risks of
Investing In the
Contract
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 of New York and are subject to our claims-paying ability and
financial strength. More information about Allianz Life of New York, including our financial
strength ratings, is available upon request by visiting
https://www.allianzlife.com/new-york/about/why-allianz-life-of-ny, or contacting us at (800)
624-0197.
Principal Risks of
Investing In the
Contract
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
 10 
 
RESTRICTIONS
Prospectus
Location
Are There
Restrictions on
the Investment
Options?
Yes, there are limits on the Investment Options.
• We can add new Index Options to your Contract in the future.
• We restrict additional Purchase Payments during the Accumulation Phase. Each Index
Year, 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).
• 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
Business Day we receive your Early Reallocation request in Good Order. The Index
Performance Strategy 6-year Term Index Options are not available as a destination for
Early Reallocation, but they can be a source.
• 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 “Performance Locks” and “Early Reallocation” in section 6,
Valuing Your Contract.
• 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.
• With notice, we may make certain Index Options temporarily unavailable for a year or
more if we are unable to support the minimum Trigger Rate or Cap on that Index Option.
– We cannot make Group A Index Options temporarily unavailable on the Index
Effective Date or an Index Anniversary.
– We can make Group B Index Options temporarily unavailable on the Index Effective
Date or an Index Anniversary.
– We can make Group C Index Options temporarily unavailable on an Index Anniversary
occurring on or after the sixth Index Anniversary.
(For more information on an Index Option’s temporary unavailability group, please see
Overview of the Contract – What are the Phases of the Contract?) Once we make an
Index Option temporarily unavailable, it may continue to be unavailable so long as we
are unable to support its minimum Trigger Rate or Cap due to yield on investments or
the availability or cost of hedging. We cannot make an Index Option temporarily
unavailable for any reason other than being unable to support its minimum Trigger
Rate or Cap. We also cannot make an Index Option permanently unavailable, remove
it from the Contract after issue, or make an Index Option to which you are currently
allocated temporarily unavailable during its Term. A temporarily unavailable Index
Option will become available once we can support its minimum Trigger Rate or Cap.
Although we cannot eliminate an Index Option from your Contract, we reserve the right
to substitute Indexes either on a Term Start Date or during a Term.
– We can make all Index Options temporarily unavailable for Early Reallocation at any
time, which means there may be times when Early Reallocation is unavailable to you.
• We reserve the right to substitute the Fund in which the Variable Option invests.
• We can also decline a Purchase Payment if it does not meet the requirements set out in
section 3, Purchasing the Contract – Purchase Requirements.
• Caps, Trigger Rates, and Participation Rates will change from one Term to the next
subject to their contractual minimum guarantees.
• The 10%, 20%, and 30% Buffers for the currently available Index Options do not change.
However, if we add a new Index Option to your Contract after the Issue Date, we
establish the Buffer for it on the date we add the Index Option to your Contract. For a new
Index Option, the minimum Buffer is 5%.
Overview of the
Contract
 
Principal Risks of
Investing In the
Contract
 
3. Purchasing the
Contract –
Allocation of
Purchase
Payments and
Contract Value
Transfers
 
4. Index Options
 
5. The Variable
Option's
Underlying Fund
 
6. Valuing Your
Contract
 
Appendix A –
Investment
Options Available
Under the
Contract
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
 11 
 
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 do not accept Early Reallocation requests before the Index Effective Date, or within
14 calendar days before an Index Anniversary. You are limited to twelve Early
Reallocation requests each Index Year. Index Performance Strategy 6-year Term Index
Options and the Variable Option are not available as a destination for Early Reallocation,
but they can be a source.
• We reserve the right to discontinue or modify the Minimum Distribution Program.
• The Traditional Death Benefit is only available during the Accumulation Phase. Upon
annuitization, this benefit 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.
6. Valuing Your
Contract -
Performance
Locks
 
6. Valuing Your
Contract – Early
Rellocation
 
10. Benefits
Available Under
the Contract
 
11. Death Benefit
 
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
Contract.
• 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
Should I
Exchange my
Contract?
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
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
 12 
Appendix A – Investment Options Available Under the Contract
Variable Option
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, 2025)
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
0.65%
3.70%
2.62%
1.57%
(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.
Index Options
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) and offer new Index Options. 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/RILANYRates.
Note: If amounts are removed from an Index Option before the Term End Date, we will apply a Daily Adjustment. 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.
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
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)
Index Dual Precision Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with step-up
10% Buffer
5% 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
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
Appendix A
 13 
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)
Index Precision Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with step-up
10% Buffer
5% 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
Index Performance Strategy
S&P 500® Index(1)
U.S. large-cap equities
1-year Term
Point-to-point
with Cap
• 10% Buffer
• 20% Buffer
• 30% Buffer
• 3% minimum Cap(2) for 30%
Buffer
• 4% minimum Cap(2) for 20%
Buffer
• 5% minimum Cap(2) for 10%
Buffer
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
S&P 500® Index(1)
U.S. large-cap equities
3-year Term
Point-to-point
with Cap and
enhanced
upside
• 10% Buffer
• 20% Buffer
• 30% Buffer
• 9% minimum Cap(2) for 30%
Buffer
• 12% minimum Cap(2) for
20% Buffer
• 15% minimum Cap(2) for
10% Buffer
• 100% minimum Participation
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 Cap and
enhanced
upside
• 10% Buffer
• 20% Buffer
• 30% Buffer
• 18% minimum Cap(2) for
30% Buffer
• 24% minimum Cap(2) for
20% Buffer
• 30% minimum Cap(2) for
10% Buffer
• 100% minimum Participation
Rate
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)
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 such, the limits on Index loss offered under the Contract may change from one Term to the next if we add an Index Option.
If we offer a new Index Option with a Buffer in the future, the Buffer will be no lower than 5%. The lowest Trigger Rate, Cap, and Participation Rate that we may establish if we add a new Index Option to the Contract are 3%, 3%, and 100%, respectively.
EDGAR Contract ID No.: C000248320/C000261696
INYP-003-USP
Index Advantage+ New York® Annuity Prospectus – May 1, 2026
Appendix A
 14 








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