Goldstein Scorecard: B (dated October 4, 2026). See how it is graded.
Allianz Benefit Control+ Annuity Review: PIV Bonus, Bonus Control Options and Current Rates
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Allianz Life's Benefit Control+ rates pages, rate guides, product page and brochure on October 4, 2026 · Updated
Allianz Benefit Control+ is a 10-year fixed index annuity from Allianz Life Insurance Company of North America built for lifetime withdrawals that can start as early as age 50. On current rates as of 9/1/2026 it credits a 35% premium bonus to the Protected Income Value only (28% on rates declared for 10/6/2026), with a 4.00% S&P 500 annual cap and 2.50% fixed rate, and no charge for its income riders.
Correction (October 4, 2026): an earlier version of this page described Benefit Control as three "levers" for growth, bonus and income, with a 10% to 25% bonus, a 3% to 7% roll-up, a 1.05% to 1.30% income rider fee and a 9.5% first-year surrender charge. Allianz's own documents show something different: a single PIV premium bonus (35% current, 28% declared for 10/6/2026), two PIV interest bonus options you pick each anniversary, no additional charge for the PIV or Income Multiplier riders, and the withdrawal charge schedule below. Unverified Weiss, Fitch, COMDEX, "renewal rate integrity" and service grades, estimated rate ranges and unverified competitor figures are removed.
Allianz sells this product as Allianz Benefit Control+ in every state except Oregon, and as Allianz Benefit Control in Oregon. Everything below comes from Allianz Life's rates pages, rate guide, product page and consumer brochure, checked October 4, 2026.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Contract basics (verified)
| Feature | Allianz Benefit Control+ |
|---|---|
| Product type | Fixed index annuity with built-in Protected Income Value (PIV) and Allianz Income Multiplier (AIM) riders |
| Where sold | All states except Oregon (Oregon: Allianz Benefit Control). Virginia has its own rate guide because the 6/16/2026 withdrawal percentage age-band update is not approved there. |
| PIV premium bonus | 35% (current 9/1/2026); 28% (declared 10/6/2026). Credited to the PIV only. |
| Bonus Control options | Accelerated: 250% PIV interest bonus, 50% accumulation value interest factor. Balanced: 150% PIV interest bonus, 100% accumulation value interest factor. Choose each anniversary; Balanced is fixed once lifetime withdrawals start. |
| Rider charges | None for the PIV or AIM riders, per Allianz's brochure |
| Allocation charge | 5-year MY point-to-point: 0% current, 2.5% maximum |
| Withdrawal charge (by contract year) | Yr 1: 9.30% · Yr 2: 9.30% · Yr 3: 8.30% · Yr 4: 7.30% · Yr 5: 6.25% · Yr 6: 5.25% · Yr 7: 4.20% · Yr 8: 3.15% · Yr 9: 2.10% · Yr 10: 1.05% |
| Market value adjustment (MVA) | Yes, on full withdrawals or withdrawals above the free amount before the 10th contract anniversary. MVA reference rate 5.81% as of 10/2/2026. |
| Free withdrawals | Up to 10% of paid premium or beginning-of-year accumulation value; unused percentage carries over, up to 20% |
| Minimum premium | $20,000; up to $2,000,000 without prior approval |
| Maximum issue age | 80 |
| Lifetime withdrawals | Immediately or on any monthly anniversary after age 50; can rise after each crediting period that earns interest |
| Allianz Income Multiplier | After at least five contract years and while taking lifetime withdrawals: up to double the lifetime withdrawal amount if unable to perform 2 of 6 ADLs or confined to a qualified facility for 90 days in a 120-day period |
| Death benefit | Lump sum: greater of accumulation value, guaranteed minimum value or cumulative withdrawal amount. Or the PIV as annuity payments over at least five years, limited to 250% of the accumulation value (state limits vary). |
| Minimum fixed interest | 0.10%; other minimums are in the Statement of Understanding |
Current crediting rates (S&P 500 and selected allocations)
| Allocation | Current 9/1/2026 | Declared 10/6/2026 |
|---|---|---|
| Fixed interest | 2.50% | 2.50% |
| S&P 500 monthly sum cap | 1.50% | 1.50% |
| S&P 500 annual point-to-point cap | 4.00% | 4.00% |
| S&P 500 1-year performance trigger | 3.15% | 3.15% |
| Bloomberg US Dynamic Balance III ER, annual point-to-point participation | 75% | 75% |
| PIMCO Tactical Balanced ER, annual point-to-point participation | 70% | 70% |
| Bloomberg US Dynamic Balance III ER, 5-year MY (year 5) | 220% | 220% |
Lifetime withdrawal percentages
| Age when withdrawals start | Single life | Joint life |
|---|---|---|
| 50 to 54 | 3.80% | 3.30% |
| 55 to 59 | 4.10% | 3.60% |
| 60 to 64 | 4.30% | 3.80% |
| 65 to 69 | 4.80% | 4.30% |
| 70 to 74 | 5.10% | 4.60% |
| 75 to 79 | 5.30% | 4.80% |
| 80 and over | 5.60% | 5.10% |
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Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior), affirmed with a stable outlook March 27, 2026; S&P AA affirmed March 2026. |
| Rate or cap competitiveness | C | S&P 500 annual cap 4.00% and fixed 2.50% (9/1/2026), well below the 5.50% to 6.05% A-rated 5-year MYGA range of October 14, 2026. The design spends on the PIV, not on cash growth. |
| Guaranteed floor | Incomplete | Minimum caps and participation rates are in the Statement of Understanding and not publicly disclosed; the public minimum fixed rate is 0.10%. |
| Liquidity | C | 10-year withdrawal charge from 9.30% to 1.05% plus MVA; free withdrawals of 10% with carryover to 20%. |
| Costs | A- | No charge for the PIV or AIM riders; 5-year MY allocation charge is 0% now with a 2.5% maximum. |
| Transparency | B+ | Current and declared rates, withdrawal percentages and withdrawal charges are public and dated; contract minimum caps are not. |
| Complexity | C | Two values, two bonus options that can change each year, an MVA, an Income Flex feature and more than a dozen allocations. |
| Guaranteed minimum cap | Not publicly disclosed (Benefit Control+) | Benefit Control+ floors are in the Statement of Understanding. The Oregon-only Benefit Control (C64237) publishes 0.25% on the S&P 500 annual cap and 0.50% on the monthly sum cap (Allianz Benefit Control rates page, checked October 4, 2026). |
| Minimum participation rate | 5% (Oregon Benefit Control) | Allianz Benefit Control rates page. Not publicly disclosed for Benefit Control+. |
| Overall | B | A no-fee income design from an A+ carrier for a buyer who will take lifetime withdrawals, possibly as early as 50. Weak for anyone who wants growth they can take as a lump sum. |
How these contract minimums compare across products: guaranteed minimum caps across FIAs (October 2026).
Hypothetical: how the two values move
Hypothetical, for illustration only, not an Allianz illustration. A single buyer places $100,000. At the 35% bonus the PIV starts at $135,000; at the 28% bonus declared for 10/6/2026 it would start at $128,000. The accumulation value starts at $100,000 either way. Suppose the allocations earn 4% in year one. Under Accelerated, the PIV gets 10% (4% × 250%) and the accumulation value gets 2% (4% × 50%). Under Balanced, the PIV gets 6% and the accumulation value 4%. If that buyer starts lifetime withdrawals at 65, the single-life percentage is 4.80% of the PIV. The cash available as a lump sum is always the accumulation value, less any withdrawal charge and MVA.
Pros and cons
| Pros | Cons |
|---|---|
| No charge for the PIV or Income Multiplier riders, per Allianz. | The PIV bonus and interest bonus never reach the cash value. |
| Lifetime withdrawals can start right away from age 50. | Accumulation rates are low: 4.00% S&P cap and 2.50% fixed (9/1/2026). |
| Withdrawal percentage table is fixed at issue for life. | PIV premium bonus drops from 35% to 28% on declared rates for 10/6/2026. |
| Income Multiplier can double withdrawals for qualifying ADL or confinement needs. | 10-year withdrawal charge starting at 9.30%, plus MVA. |
Who it's for, and when to look elsewhere
Fits: a buyer who wants lifetime withdrawals that can rise over time, may start them soon (from age 50), and will keep other savings for lump-sum needs.
Look elsewhere if:
- You want the money to grow for a lump sum. Only the accumulation value is available, and its crediting is modest.
- You want income to start 10 or more years out with the largest PIV credit. Compare the Allianz 222+, which has its own PIV bonus and a 10-year wait for withdrawals.
- You mainly want a known rate. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.35% to 4.50% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: DepositAccounts, September 24, 2026). Current rates: MYGA rates.
Run the numbers: annuity surrender charge calculator, annuity calculator and lifetime income rider vs annuitization. Related: Allianz product hub, Allianz Essential Income 7 review and income rider comparison.
Get an independent quote on this product
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Hans will pull side-by-side quotes from comparable alternatives, walk you through the surrender schedule and MVA in plain English, and answer the renewal-rate-integrity question for the carrier you're considering.
Send your details. Within one business day, you'll get a written independent comparison, two competing quotes at the same term, and a 15-minute call if you want one.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Questions to ask your agent
- What are the guaranteed minimum caps, participation rates and fixed rate in my Statement of Understanding? In writing, please.
- Which PIV premium bonus applies to my application date (35% or 28%), and does my 60-day rate lock give me the higher one?
- Show me the full withdrawal charge schedule by year, how the MVA works at today's reference rate, and my free withdrawal amount.
- On the illustration, what is my accumulation value (not PIV) at years 5 and 10 in the guaranteed column, under Accelerated and under Balanced?
- How are you paid on this product? Commission comes from Allianz and is built into the product's pricing, not deducted from my premium. What percentage is it, and would a longer surrender term pay you more? (Background: how annuity commissions work.)
From my desk
With Benefit Control+, the first thing I check is the start age for withdrawals the buyer actually plans, then the withdrawal percentage for that age from Allianz's table. A 35% PIV bonus means little if the plan is to take a lump sum later.
The number buyers misread most often is the PIV. It is a calculation base for lifetime withdrawals, not money you can take out. The second is the Accelerated option: it grows the PIV faster by crediting only half of your interest to the accumulation value.
For a MYGA comparison I ask which job the money has. If it is a known amount at a known date, a MYGA at its declared rate is the cleaner tool. If it is income for life starting soon, I compare the Benefit Control+ withdrawal against other income designs and a plain lifetime annuity.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. No carrier paid for this review.
Frequently asked questions
What is the Allianz Benefit Control+ PIV bonus right now?
On Allianz's current rates as of 9/1/2026 the Protected Income Value premium bonus is 35%. Allianz's declared rates for 10/6/2026 show 28%. Allianz says the PIV premium bonus is set at issue based on the date it receives the application, and new and pending applications get a 60-day rate lock at the higher of the rates available during that period.
Is the PIV bonus added to my cash value?
No. Allianz credits the premium bonus and interest bonus only to the Protected Income Value. The PIV is not available as a lump sum, and the bonuses are lost if the contract is fully withdrawn or traditional annuity payments are taken. Partial withdrawals reduce the PIV proportionally.
What is the Bonus Control benefit?
Each contract anniversary you choose between two PIV interest bonus options. Accelerated: 250% of interest to the PIV and a 50% accumulation value interest factor. Balanced: 150% to the PIV and 100% to the accumulation value. Once lifetime withdrawals begin, the contract defaults to Balanced and cannot be changed.
Does Benefit Control+ charge a rider fee?
Allianz's brochure says there is no additional charge for the PIV or Allianz Income Multiplier riders. The 5-year MY point-to-point option carries an allocation charge that is 0% now and can never exceed 2.5%.
When can lifetime withdrawals start, and how much are they?
Immediately, or on any monthly anniversary after age 50. Allianz's rate guide (9/1/2026 and 10/6/2026) lists single-life withdrawal percentages from 3.80% at 50 to 54 up to 5.60% at 80 and over, and joint-life percentages from 3.30% to 5.10%, applied to the PIV.
What are the withdrawal charges?
Per Allianz's product page, checked October 4, 2026: 9.30%, 9.30%, 8.30%, 7.30%, 6.25%, 5.25%, 4.20%, 3.15%, 2.10% and 1.05% in contract years 1 to 10. An MVA also applies to full or excess withdrawals before the 10th contract anniversary.
Sources (checked October 4, 2026)
- Allianz Life, Allianz Benefit Control+ rates: current rates as of 09/01/2026 and declared rates as of 10/06/2026; Benefit Control (Oregon) rates.
- Allianz Life, Guide to current rates M-8888 (9/1/2026, R-9/2026) and guide to declared rates (10/6/2026, R-10/2026): PIV bonus, interest bonus options, crediting rates, withdrawal percentages.
- Allianz Life, Allianz Benefit Control+ product page: withdrawal charge schedule, MVA reference rate as of 10/2/2026, start of lifetime withdrawals.
- Allianz Life, Allianz Benefit Control+ consumer brochure ABCPL-001 (R-6/16/2026): premium limits, issue age, Bonus Control benefit, no rider charge, Income Multiplier, death benefit.
- Allianz Life, Financial ratings: AM Best A+ (Superior) and S&P AA affirmed March 2026; Moody's Aa3 most recently affirmed September 2025. AM Best, press release affirming Allianz Life of North America, March 27, 2026.
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors and crediting methods change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). This review is not an endorsement, and no carrier paid for it. Always read the actual contract before purchasing any annuity. Past index performance does not predict future credited interest. Annuities are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change.