Vision (ALIP), 485BPOS
Filed on April 27, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-4


File Nos. 333-182987; 811-05618
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
  
Pre-Effective Amendment No.
      
Post-Effective Amendment No. 27
  
[X]
and/or
 
  
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
  
Amendment No.  682
[X]
(Check appropriate box or boxes.)
ALLIANZ LIFE VARIABLE ACCOUNT B
(Exact Name of Registered Separate Account)
 
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
(Name of Insurance Company)
5701 Golden Hills Drive, Minneapolis, MN 55416-1297
(Address of Insurance Company’s Principal Executive Offices) (Zip Code)
 
(763) 582-6089
(Insurance Company’s Telephone Number, including Area Code)
 
Doug Hodgson, Senior Counsel, Associate General Counsel
Allianz Life Insurance Company of North America
5701 Golden Hills Drive
Minneapolis, MN 55416-1297
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: Continuously on and after the effective date of each Registration Statement.
 
 
 
It is proposed that this filing will become effective (check the appropriate box):
 
immediately upon filing pursuant to paragraph (b)
X
on May 1, 2026 pursuant to paragraph (b)
 
60 days after filing pursuant to paragraph (a)(1)
 
on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 (“Securities Act”).
 
If appropriate, check the following:
 
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
Check each box that appropriately characterizes the Registrant:
 
New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)
 
Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”))
 
If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial account standards provided pursuant to Section 7(a)(2)(B) of the Securities Act
X
Insurance Company relying on Rule 12h-7 under the Exchange Act
 
Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

PART A – PROSPECTUS
VisionTM VARIABLE ANNUITY CONTRACT issued on or after April 29, 2013
Issued by Allianz Life Variable Account B and Allianz Life Insurance Company of North America (Allianz Life, we, us, our)
 
THE CONTRACT IS NO LONGER OFFERED FOR SALE TO NEW INVESTORS.
We continue to administer the in force Contracts. In addition, for Contracts with Investment Protector, we no
longer accept additional Purchase Payments.
The variable annuity described in this prospectus is an individual flexible purchase payment variable deferred annuity contract (Contract). This prospectus describes the Contract between you, the Owner, and Allianz Life.
This prospectus describes the two different Contract classes that we offered: “Base Option,” and “Bonus Option.” If you did not elect the Bonus Option when you purchased the Contract, you have a Base Option Contract. The classes have different fees and expenses (including withdrawal charges and annual charges) and may have different features.
Owners of Bonus Option Contracts will receive a 6% bonus on the money they put into the Contract subject to a three-year vesting schedule. Bonus annuity contracts generally have higher charges than contracts without a bonus. The higher charges associated with a Bonus Option Contract may more than offset any bonus amounts.
The Contract is a complex investment and involves risks. You may lose money, including your principal investment and previous earnings.
The Contract allows you to allocate your Purchase Payments and any earnings among the Contract’s available Investment Options. We do not accept additional Purchase Payments if you have Investment Protector. We reserve the right to decline any or all Purchase Payments at any time on a nondiscriminatory basis.
The Investment Options are available for allocation of Purchase Payments and any earnings. Each Investment Option’s performance is based on its corresponding underlying Fund in which the Investment Option invests. Each Investment Option is a subaccount of our Allianz Life Variable Account B that invests exclusively in shares of a Fund. Allianz Life Variable Account B is our registered separate account, and it is referred to in this prospectus as the “Separate Account”. For additional information about each of the Contract’s Investment Options, see Appendix A – Investment Options Available Under the Contract.
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, taxes, and tax penalties.
If you have a financial adviser and choose to pay their financial adviser fees from this Contract, 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 are subject to withdrawal charges, will reduce and may even end the selected death benefit (either the standard Traditional Death Benefit, or optional Quarterly Value Death Benefit), and any other guaranteed benefits. Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract rather than from other assets you may have.
All obligations and guarantees under the Contract are the obligations of Allianz Life and are subject to our claims-paying ability and financial strength.
Please read this prospectus before investing and keep it for future reference. This prospectus describes all material rights and obligations of purchasers under the Contract. This prospectus contains important information about the Contract and Allianz Life that you ought to know before investing including material state variations. This prospectus is not an offer to sell the securities, and it is not soliciting an offer to buy the securities, in any state where offers or sales are not permitted. You should rely only on the information contained in this prospectus. We have not authorized anyone to give you different information.
The Securities & 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.
This prospectus is not intended to constitute a suitability recommendation or fiduciary advice.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Additional information about certain investment products, including variable annuities, has been prepared by the SEC’s staff and is available at https://www.investor.gov.
Dated: May 1, 2026
VisionTM Variable Annuity Prospectus – May 1, 2026
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TABLE OF CONTENTS
 
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TABLE OF CONTENTS
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VisionTM Variable Annuity Prospectus – May 1, 2026
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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.
Accumulation Phase – the initial phase of your Contract before you apply your total Contract Value to Annuity Payments. The Accumulation Phase begins on the Issue Date.
Additional Required Benefit – an additional optional benefit you may have been required to elect if you elected the Quarterly Value Death Benefit. Additional Required Benefits include Income Focus, Investment Protector, or Income Protector.
Annual Increase – an amount used to determine the Benefit Base under Income Protector before Lifetime Plus Payments begin. If selected at issue, it was initially equal to total Purchase Payments adjusted for withdrawals plus a quarterly simple interest increase. If selected after issue, it was initially equal to Contract Value determined on the Rider Effective Date excluding any Daily Transactions adjusted for subsequent withdrawals and Purchase Payments plus a quarterly simple interest increase. On Quarterly Anniversaries this value is reset to equal the current Contract Value if greater, and we apply future quarterly simple interest to this reset value.
Annual Increase Percentage – the simple interest increase we apply quarterly to the Annual Increase under Income Protector. This prospectus includes historical Annual Increase Percentage rates for all versions of Income Protector.
Annuitant – the individual upon whose life we base the Annuity Payments. Subject to our approval, you designate the Annuitant and can add a joint Annuitant for the Annuity Phase. There are restrictions on who can become an Annuitant.
Annuity Date – the date we process your request to begin making Annuity Payments to the Payee from the Contract. The earliest available Annuity Date is two years after the Issue Date, and the latest possible Income Date can occur as late as age 100.
Annuity Options – the annuity income options available to you under the Contract.
Annuity Payments – payments made by us to the Payee pursuant to the chosen Annuity Option.
Annuity Phase – the phase the Contract is in once Annuity Payments begin.
Base Option – if you did not elect the Bonus Option when you purchased the Contract, you have a Base Option Contract.
Beneficiary – unless otherwise required by the Contract, the person(s) or entity the Owner designates to receive any death benefit.
Benefit Anniversary – a twelve-month anniversary of the Benefit Date, or any subsequent twelve-month Benefit Anniversary under Income Protector or Income Focus.
Benefit Base – the amount we use to determine the initial annual maximum Lifetime Plus Payment under Income Protector.
Benefit Date – the date you begin receiving Lifetime Plus Payments under Income Protector, or Income Focus Payments under Income Focus.
Benefit Year – any period of twelve months beginning on the Benefit Date, or on a subsequent Benefit Anniversary under Income Protector, or under Income Focus.
Bonus Option – a Contract class that provides a 6% bonus on Purchase Payments we receive before the older Owner reaches age 81 subject to a three-year vesting schedule. A Bonus Option Contract has a higher mortality and expense risk (M&E) charge and a higher and longer withdrawal charge schedule compared to other Contract classes. The higher charges associated with a Bonus Option Contract may more than offset any bonus amounts.
Bonus Value – if you have the Bonus Option, the total Contract Value plus any unvested bonus amounts.
Business Day – each day on which the New York Stock Exchange is open for trading, except when an Investment Option does not value its shares. Allianz Life is open for business on each day that the New York Stock Exchange is open. Our Business Day closes when regular trading on the New York Stock Exchange closes, which is usually at 4:00 p.m. Eastern Time.
Charge Lock Date – this is the date after which your Income Protector or Income Focus rider charge does not change.
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Charge Lock Option – a rider that may be available to you if you have Income Protector or Income Focus and we increase your benefit’s rider charge. The Charge Lock Option rider allows you to keep your benefit at the current rider charge, but with reduced guaranteed values and payments, and no opportunity for future payment increases.
Contract – the individual flexible purchase payment variable deferred annuity contract described by this prospectus.
Contract Anniversary – a twelve-month anniversary of the Issue Date or any subsequent twelve-month Contract Anniversary.
Contract Value – on any Business Day, the sum of the values in your selected Investment Options. The Contract Value reflects the deduction of any contract maintenance charge, transfer fee, M&E charge, and rider charge, but does not reflect the deduction of any withdrawal charge. If you have the Bonus Option, Contract Value includes only vested bonus amounts; it does not include unvested bonus amounts.
Contract Year – any period of twelve months beginning on the Issue Date or a subsequent Contract Anniversary.
Covered Person(s) – the person(s) upon whose age and lifetime(s) we base Lifetime Plus Payments under Income Protector or Income Focus Payments under Income Focus. There are restrictions on who can become a Covered Person.
Daily Transactions – On a Business Day, any additional Purchase Payments received, any withdrawals taken, or transfer fees deducted. Withdrawals include Lifetime Plus Payments, Income Focus Payments and Excess Withdrawals.
Determining Life (Lives) – the person(s) designated at Contract issue and named in the Contract on whose life we base the guaranteed Traditional Death Benefit or Quarterly Value Death Benefit.
Earliest Anniversary – the earliest available initial Target Value Date that you can select under Investment Protector. In the Contract the Earliest Anniversary is called the Earliest Target Value Anniversary. This prospectus also includes historical Earliest Anniversary rates for all versions of Investment Protector.
Excess Withdrawal – if you have Income Protector or Income Focus, the amount of any withdrawal you take while you are receiving Lifetime Plus Payments or Income Focus Payments that, when added to other withdrawals taken during the Benefit Year and your annual actual payment, is greater than your annual maximum permitted payment. Excess Withdrawals reduce your Contract Value and any guaranteed values, and may end your Contract.
Financial Professional – the person who advises you regarding the Contract.
Fund(s) – the underlying fund in which an Investment Option invests.
Future Anniversary – the number of Rider Anniversaries that occur between the initial Target Value Date and each subsequent Target Value Date under Investment Protector. This prospectus includes historical Future Anniversary rates for all versions of Investment Protector.
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.
Guarantee Percentage – a percentage we use to calculate the Target Value under Investment Protector. This prospectus includes historical Guarantee Percentage rates for all versions of Investment Protector.
Guarantee Years – the maximum number of years that you can receive simple interest increases under the Annual Increase for Income Protector. This prospectus includes historical Guarantee Years for all versions of Income Protector.
Income Focus – an optional benefit that has an additional rider charge and is intended to provide a payment stream for life in the form of partial withdrawals. Income Focus provides no payment until the younger Covered Person is at least age 60.
Income Focus Payment – the guaranteed lifetime income payment we make to you under Income Focus. The annual maximum Income Focus Payment is equal to the sum of all Income Values multiplied by their associated Income Value Percentages.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Income Protector – an optional benefit that has an additional rider charge and is intended to provide a payment stream for life in the form of partial withdrawals. Income Protector provides no payment until the younger Covered Person is at least age 60.
Income Value(s) – if you have Income Focus, we establish an Income Value for all Purchase Payments received in a specific time period that have the same associated Income Value Percentage. We adjust each Income Value for subsequent withdrawals. A single Contract may have multiple Income Values. We use Income Value(s) to calculate the annual maximum Income Focus Payment.
Income Value Percentage(s) – a percentage we apply to each Income Value to determine the annual maximum Income Focus Payment under Income Focus. We establish a separate Income Value Percentage for each Income Value. Each Income Value Percentage can potentially increase by 1% each year if your Contract Value increases.
Increase Base – an amount we use to determine the Annual Increase under Income Protector. If selected at issue, it was initially equal to total Purchase Payments adjusted for withdrawals. If selected after issue, it was initially equal to Contract Value determined on the Rider Effective Date excluding any Daily Transactions adjusted for subsequent withdrawals and Purchase Payments plus a quarterly simple interest increase. On Quarterly Anniversaries, if we reset the Annual Increase to equal the current Contract Value, we also reset the Increase Base to equal the current Contract Value.
Investment Options – the subaccounts of the Separate Account and the variable investment options available under the Contract. Each Investment Option invests exclusively in the shares of its corresponding underlying Fund.
Investment Protector – an optional benefit that has an additional rider charge and is intended to provide a level of protection for your principal and any annual investment gains on a specific date in the future.
Issue Date – the date shown on the Contract that starts the first Contract Year. Contract Anniversaries and Contract Years are measured from the Issue Date.
Joint Owners – two Owners who own a Contract.
Last Increase Date – if you have Income Protector and select the Charge Lock Option rider, this is the date after which you no longer receive automatic increases to your guaranteed values and payments.
Last Performance Increase Date – if you have Income Focus and select the Charge Lock Option rider, this is the date after which your Income Value Percentages no longer receive Performance Increases.
Lifetime Plus Payment – the guaranteed lifetime income payment we make to you based on the Benefit Base under Income Protector.
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.
Payee – the person or entity who receives Annuity Payments during the Annuity Phase.
Payment Percentages – a percentage we use to calculate the annual maximum Lifetime Plus Payment under Income Protector. This prospectus also includes historical Payment Percentages tables for all versions of Income Protector.
Performance Increase – a 1% annual increase to each Income Value Percentage under Income Focus if your annual Contract Value increases. A Performance Increase occurs for an Income Value Percentage only if it is associated with an Income Value we have had for at least one full Rider Year.
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).
Quarterly Anniversary – the day that occurs three calendar months after the Issue Date or any subsequent Quarterly Anniversary.
Quarterly Anniversary Value – the highest Contract Value on any Quarterly Anniversary before age 91, adjusted for subsequent Purchase Payments and withdrawals, used to determine Income Protector’s Benefit Base, and the Quarterly Value Death Benefit.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Quarterly Value Death Benefit – an optional benefit that has an additional M&E charge and was intended to provide an increased death benefit. Quarterly Value Death Benefit required selection of an Additional Required Benefit.
Rider Anniversary – a period of twelve months beginning on the Rider Effective Date or any subsequent Rider Anniversary if you have Income Protector, Income Focus or Investment Protector.
Rider Anniversary Value – the highest Contract Value on any Rider Anniversary, adjusted for subsequent Purchase Payments and withdrawals, used to determine Investment Protector’s Target Value.
Rider Effective Date – the date shown on the Contract that starts the first Rider Year if you have Income Protector, Income Focus or Investment Protector. Rider Anniversaries and Rider Years are measured from the Rider Effective Date.
Rider Year – any period of twelve months beginning on the Rider Effective Date or a subsequent Rider Anniversary if you have Income Protector, Income Focus or Investment Protector.
Separate Account – Allianz Life Variable Account B is a separate investment account of Allianz Life. The variable investment portion of the Contract was issued through the Separate Account. The Separate Account is divided into subaccounts, each of which is a variable investment option under one or more variable annuity contracts that we issue through the Separate Account. The subaccounts available under this Contract are the Investment Options, each of which invests exclusively in shares of its corresponding underlying Fund. The Separate Account is registered with the SEC as a unit investment trust, and may be referred to as the Registered Separate Account.
Service Center – the area of our company that provides Contract maintenance and routine customer service. Our Service Center address and telephone number are listed at the back of this prospectus. The address for mailing checks for Purchase Payments may be different and is also listed at the back of this prospectus.
Target Value – the amount we guarantee will be available to you on each Target Value Date under Investment Protector. If you selected Investment Protector at issue, the Target Value is equal to the greater of the Rider Anniversary Value multiplied by the Guarantee Percentage, or the total Purchase Payments adjusted for withdrawals. If you selected Investment Protector after issue, it is equal to the greater of the Rider Anniversary Value multiplied by the Guarantee Percentage, or the Contract Value determined on the Rider Effective Date excluding any Daily Transactions adjusted for subsequent withdrawals and Purchase Payments.
Target Value Date – the date on which we guarantee your Contract Value cannot be less than the Target Value under Investment Protector.
Total Income Value – the sum of all your individual Income Value(s) under Income Focus. We use the Total Income Value to determine your Income Focus rider charge.
Traditional Death Benefit – the standard death benefit provided by the Contract that is equal to the greater of Contract Value or the Traditional Death Benefit Value.
Traditional Death Benefit Value – total Purchase Payments adjusted for withdrawals.
Valid Claim – the documents we require to be received in Good Order at our Service Center before we pay any death claim. This includes the death benefit payment option, due proof of death, and any required governmental forms. Due proof of death includes a certified copy of the death certificate, a decree of court of competent jurisdiction as to the finding of death, or any other proof satisfactory to us.
Withdrawal Charge Basis – the total amount under your Contract that is subject to a withdrawal charge.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Overview of the Contract
What Is the Purpose of the Contract?
The Contract is designed for retirement planning purposes. Under the Contract, you make one or more Purchase Payments to us, and the money is invested in the Investment Options available through the Contract. Depending on market conditions, your Contract can gain or lose value based on your selected Investment Options’ performance. When you are ready to receive a guaranteed stream of income under your Contract, you can annuitize your accumulated assets and begin receiving payments (Annuity Payments) from us based on the payout option you select (Annuity Options). The Contract includes a death benefit (either the standard Traditional Death Benefit, or the optional Quarterly Value Death Benefit for an additional M&E charge) that helps financially protect your beneficiaries, and offered living benefits that may help you achieve your financial goals.
This Contract may be appropriate for you if you have a long investment time horizon and your financial goals are consistent with the terms and conditions of the Contract. It is not designed for people who intend to make early or frequent withdrawals due to their liquidity needs, or for people who intend to frequently trade in the Contract’s Investment Options.
What Are the Phases of the Contract?
The Contract has two phases: (1) an Accumulation Phase, and (2) an Annuity Phase.
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Accumulation Phase. The Accumulation Phase is the first phase of your Contract, and it begins on the Issue Date (the date we issue the Contract). During the Accumulation Phase, your money is invested in the Investment Options you select on a tax-deferred basis. Tax deferral may not be available for certain non-individually owned contracts. Tax deferral means you are not taxed on any earnings or appreciation on the assets in your Contract until you take money out of your Contract.
Each Investment Option invests in an underlying fund, which has its own investment objective, strategies, and risks. Amounts allocated to the Investment Options are subject to Fund fees and expenses, and Fund performance (which can be negative). Please see Appendix A for more information about each Investment Option available under the Contract.
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Annuity Phase. If you request Annuity Payments, your Contract enters the Annuity Phase. During the Annuity Phase, we make regular periodic payments (Annuity Payments) based on the life of a person you choose (the Annuitant). We send Annuity Payments to you (the Payee). You can choose when Annuity Payments begin (the Annuity Date), subject to certain restrictions. We base Annuity Payments on the Contract Value less the final rider charge (if applicable) and the payout rates for the Annuity Option you select. Your Annuity Payments do not change unless an Annuitant dies.  The Annuity Phase ends when we make the last Annuity Payment under your selected Annuity Option.
If the Annuity Date occurs after guaranteed lifetime payments begin under a guaranteed lifetime income benefit (Lifetime Plus Payments under Income Protector, or Income Focus Payments or Income Focus), and these lifetime payments are greater than the Annuity Payments as calculated for certain Annuity Options, you can elect to convert these payments to Annuity Payments.
During the Annuity Phase, you will receive a stream of regular income. Upon anuitization you will be unable to take withdrawals upon demand, the death benefit you selected ends, and no amounts will be payable upon death during the Annuity Phase unless your Annuity Option provides otherwise. If you have a living benefit it will also end upon anuitization.
What Are the Contract’s Primary Features?
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Contract Classes. We sold two different Contract classes: “Base Option” and “Bonus Option.” If you did not elect the Bonus Option when you purchased your Contract, you have a Base Option Contract. The classes have different fees and expenses (including withdrawal charges and annual charges) and may have different features.
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Accessing Your Money. During the Accumulation Phase, you can surrender (take a full withdrawal) the Contract or take partial withdrawals. Withdrawals are subject to any withdrawal charges, income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2.
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Additional Purchase Payments. Subject to the limitations described in this prospectus, we continue to accept additional Purchase Payments under the Contracts during the Accumulation Phase before lifetime payments begin if you have Income Protector or Income Focus. However, we do not accept additional Purchase Payments if you have Investment Protector. We may also terminate your ability to make additional Purchase Payments in the future.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Optional Living Benefits. We offered multiple optional living benefits under the Contracts, each for an additional charge, including guaranteed lifetime income benefits (Income Protector and Income Focus) and guaranteed accumulation benefits (Investment Protector). The optional living benefits are no longer offered.
If you elected the Quarterly Value Death Benefit, you were required to elect one of the Contract’s optional living benefits (an Additional Required Benefit). If you have the Quarterly Value Death Benefit and remove the Additional Required Benefit, you will forfeit future opportunities to lock-in quarterly investment gains and we no longer assess the additional M&E charge for the Quarterly Value Death Benefit. This may result in the Contract Value being greater than the guaranteed value provided by the Quarterly Value Death Benefit, and if it does, you will have paid for a benefit you never received. You should consult with a Financial Professional before deciding whether to remove an Additional Required Benefit from your Contract.
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Bonuses on Purchase Payments (Bonus Option Contracts Only). Under a Bonus Option Contract, there is a 6% bonus on Purchase Payments received before age 81, subject to a three-year vesting schedule. A Bonus Option Contract has a higher M&E charge and withdrawal charge compared to other Contract classes. The higher charges associated with a Bonus Option Contract may more than offset any bonus amounts, especially during periods of poor Fund performance for your selected Investment Options. Unvested bonuses are not included in Contract Value or in the calculation of the standard death benefit or any optional benefit. Vested bonuses are included in Contract Value and in the calculation of death and living benefits, except that bonus amounts (vested or unvested) are not included with Purchase Payments when calculating guaranteed benefit values such as the guaranteed death benefit value, Benefit Base, Income Values, or Target Value.
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Death Benefits. The Contract includes for no additional charge a standard death benefit (the Traditional Death Benefit). At the time of purchase, you could instead have selected the optional death benefit (the Quarterly Value Death Benefit) to replace the standard death benefit for an additional M&E charge. Either death benefit is the greater of Contract Value, or the guaranteed death benefit value. Unlike the Traditional Death Benefit, however, the Quarterly Value Death Benefit locks in any quarterly investment gains as part of the guaranteed death benefit value to potentially provide a death benefit greater than the Traditional Death Benefit (which is based on Purchase Payments). The Quarterly Value Death Benefit cannot be less than the Traditional Death Benefit, but they can be equal. We offered two different versions of both the Traditional Death Benefit and Quarterly Value Death Benefit as described in section 12, Death Benefit. Version 2 of these benefits pay the death benefit upon the first death of any Determining Life during the Accumulation Phase.
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Other Features and Services. Certain additional features and services related to the Contract are summarized below. There are no additional charges associated with these features or services unless otherwise indicated. Not all features and services may be available with your Contract.
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Automatic Investment Plan (AIP). Allows you to make automatic Purchase Payments during the Accumulation Phase on a monthly or quarterly basis by electronic money transfer from your savings, checking, or brokerage account. AIP is not available if you have Investment Protector, or a Qualified Contract purchased through a qualified plan.
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Flexible Rebalancing Program. Provides for automatic, periodic transfers among the Investment Options to help you maintain your selected allocation percentages among the Investment Options. This program is not available if you have Income Protector, Income Focus, or Investment Protector.
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Automatic Withdrawal Programs. The systematic withdrawal program allows you to make automatic withdrawals from your Contract. The minimum amount you can withdraw under this program is $100. During the withdrawal charge period, systematic withdrawals are subject to ordinary income taxes, may be subject to a 10% additional federal tax for amounts withdrawn before age 59  1∕2, and, for amounts in excess of the free withdrawal privilege, are subject to a withdrawal charge. The systematic withdrawal program is not available while you are receiving required minimum distribution (RMD) payments, Lifetime Plus Payments, or Income Focus Payments.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Withdrawal Charge Waivers. Under the free withdrawal privilege, you may withdraw up to 12% of your total Purchase Payments each Contract Year during the Accumulation Phase without incurring a withdrawal charge. The free withdrawal privilege is not available upon a full withdrawal or while you are receiving Lifetime Plus Payments or Income Focus Payments. We do not apply a withdrawal charge to deductions we make for Contract fees or expenses. In most states (see Appendix G), the waiver of withdrawal charge benefit allows you to take a withdrawal after the first Contract Year without incurring a withdrawal charge if you are confined to a skilled nursing facility or hospital for a period of at least 90 consecutive days. Also, if you own an IRA or Simplified Employee Pension (SEP) IRA, RMD payments you take under our minimum distribution program are not subject to a withdrawal charge. The minimum distribution program is not available while you are receiving systematic withdrawals, or if you have a Qualified Contract purchased through a qualified plan. Withdrawals under these waivers may still be subject to income taxes, may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2, and may reduce Contract benefits (perhaps significantly and by more than the amount withdrawn).
− 
Financial Adviser Fees. If you have a financial adviser and want to pay their financial adviser fees from this Contract, you can instruct us to withdraw the fee from your Contract and pay it to your Financial Professional or Financial Professional’s firm as instructed. 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 are subject to a withdrawal charge, income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. These withdrawals will reduce the Contract Value, guaranteed death benefit value, and any other guaranteed benefits (perhaps significantly and by more than the amount withdrawn). See section 1, The Variable Annuity Contract – Financial Adviser Fees for additional information. Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract rather than from other assets you may have.
VisionTM Variable Annuity Prospectus – May 1, 2026
 11 
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 withdrawal charges that differ depending on the Contract
class you have (Base Option or Bonus Option).
 
• Base Option. If you withdraw money from the Contract within 7 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.
• Bonus Option. If you withdraw money from the Contract within 9 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.
 
For example, if you invest $100,000 in the Contract and make an early withdrawal, you
could pay a withdrawal charge of up to $8,500 if you have a Base Option or Bonus Option
Contract. The potential for loss on an early withdrawal could be greater due to taxes or
tax penalties.
Fee Tables
 
6. Expenses –
Withdrawal
Charge
Are There
Transaction
Charges?
Yes, in addition to withdrawal charges you may also be charged for other Contract
transactions. We will charge you a fee of $25 per transfer after you exceed 12 transfers
between Investment Options (the variable investments available to you) in a Contract Year.
Fee Tables
 
6. Expenses –
Transfer Fee
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. These ongoing fees and expenses do
not reflect any adviser fees paid to an investment adviser from your Contract Value or other
assets of the Owner. If such charges were reflected, these ongoing fees and expenses
would be higher.
 
Fee Tables
 
6. Expenses
 
Appendix A –
Investment
Options Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract(1)
(varies by Contract class)
1.42%
1.72%
Investment Options(2)
(Fund fees and expenses)
0.50%
3.38%
 
Optional Benefits Available for an Additional
Charge
(for a single optional benefit, if elected)
0.30%(3)
2.75%(4)
 
 
(1)
As a percentage of each Investment Option’s average net assets, plus an amount attributable to the contract
maintenance charge.
 
 
(2)
As a percentage of a Fund’s average daily net assets.
 
 
(3)
As a percentage of each Investment Option’s average net assets. This is the lowest current charge for an
optional benefit (the Quarterly Value Death Benefit).
 

(4)
As a percentage of the Benefit Base. This is the highest current charge for an optional benefit (Income
Protector – joint payments).

VisionTM Variable Annuity Prospectus – May 1, 2026
 12 
 
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 withdrawal
charges that substantially increase costs.
 
 
Lowest Annual Cost
$1,748
Highest Annual Cost
$6,721
 
 
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination of Contract
classes and Fund fees and expenses
●No optional benefits
●No bonuses
●No additional Purchase Payments,
transfers, or withdrawals
●No adviser fees
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of Contract
classes, optional benefits, and Fund fees
and expenses
●No bonuses
●No additional Purchase Payments,
transfers, or withdrawals
●No adviser fees
 
 
RISKS
 
Is There a Risk
of Loss from
Poor
Performance?
Yes, you can lose money by investing in the Contract, including loss of principal.
Principal Risks of
Investing In the
Contract
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.
• If you take a full or partial withdrawal within seven years after we receive a Purchase
Payment if you have the Base Option Contract, or within nine years for a Bonus Option
Contract, withdrawal charges will apply. A withdrawal charge will reduce your Contract
Value or the amount of money that you actually receive. Withdrawals under any Contract
may reduce or end Contract guarantees.
• 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.
• Considering the benefits of tax deferral, long-term income, and living benefit guarantees
the Contract is generally more beneficial to investors with a long investment time horizon.
Principal Risks of
Investing In the
Contract
 
5. Valuing Your
Contract
 
6. Expenses
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 Investment Options available under the
Contract.
• Each Investment Option has its own unique risks.
• You should review each Fund’s prospectus and disclosures, including risk factors, before
making an investment decision.
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 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.
Principal Risks of
Investing In the
Contract
VisionTM Variable Annuity Prospectus – May 1, 2026
 13 
 
RESTRICTIONS
Prospectus
Location
Are There
Restrictions on
the Investment
Options?
Yes, there are limits on the Investment Options.
• Certain Investment Options may not be available under your Contract.
• We currently allow you to invest in no more than 15 Investment Options at any one time.
We may change this maximum in the future, but it will not be less than 5 Investment
Options.
• The first 12 transfers between Investment Options every Contract Year are free. After
that, we deduct a $25 transfer fee for each additional transfer. Your transfers between the
Investment Options are also subject to policies designed to deter excessively frequent
transfers and market timing. These transfer restrictions do not apply to the Contract's
automatic transfer programs.
• We reserve the right to remove or substitute the Fund in which an Investment Option
invests.
• We may terminate your ability to make additional Purchase Payments during the
Accumulation Phase because we reserve the right to decline any or all Purchase
Payments at any time on a nondiscriminatory basis.
• We do not accept additional Purchase Payments:
– if you have Investment Protector,
– on or after the Benefit Date if you have Income Protector or Income Focus, or
– on or after the Annuity Date.
• We also restrict additional Purchase Payments during the Accumulation Phase if you
have Income Protector or Income Focus. Each Rider 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) without our prior approval.
Overview of the
Contract
 
Principal Risks of
Investing In the
Contract
 
3. Purchase
Payments –
Purchase
Payment
Requirements
 
4. The Investment
Options’
Underlying Funds
 
5. Valuing Your
Contract
 
Appendix A –
Investment
Options Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes, there are restrictions on Contract benefits.
• Optional benefits may further limit or restrict the Investment Options that you may select
under the Contract. We may change these restrictions in the future.
• Optional benefits may be modified or terminated under certain circumstances.
• Withdrawals that exceed limits specified by the terms of an optional benefit may affect the
availability of the benefit by reducing the benefit by an amount greater than the value
withdrawn and could end the benefit. Withdrawals that reduce both the Contract Value
and the guaranteed value (either the Traditional Death Benefit Value if you have the
Traditional Death Benefit, or Quarterly Anniversary Value if you have the Quarterly Value
Death Benefit) to zero will end your selected death benefit.
• For Bonus Option Contracts, unvested bonuses are not included in Contract Value or in
the calculation of the standard death benefit (Traditional Death Benefit) or any optional
benefit. Vested bonuses are included in Contract Value and in the calculation of death
and living benefits, except that bonus amounts (vested or unvested) are not considered
part of Purchase Payments when calculating benefits.
• 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 are subject to withdrawal charges, will
reduce the Contract Value on a dollar for dollar basis, and reduce all of the guaranteed
values proportionately by the percentage of Contract Value withdrawn (perhaps
significantly and by more than the amount withdrawn).
9. Benefits
Available Under
the Contract
 
12. Death Benefit
 
Appendix B –
Investment
Restrictions for
Optional Benefits
VisionTM Variable Annuity Prospectus – May 1, 2026
 14 
 
TAXES
Prospectus
Location
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 through a tax-qualified plan, 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.
13. 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.
6. Expenses –
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.
14. Other
Information –
Distribution
VisionTM Variable Annuity Prospectus – May 1, 2026
 15 
Fee Tables
The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Option or from the Contract. 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 tables do not reflect any financial adviser fees that you pay from your other assets, or that you choose to have us pay from this Contract. If financial adviser fees were reflected, fees and expenses would be higher.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. State premium taxes may also be deducted.
Transaction Expenses
Withdrawal Charge During Your Contract’s First Phase, the Accumulation Phase(1)
(as a percentage of each Purchase Payment withdrawn)(2) 
Number of Complete
Years Since
Purchase Payment
Withdrawal Charge Amount
Base Option
Bonus Option
0
8.5%
8.5%
1
8.5%
8.5%
2
7.5%
8.5%
3
6.5%
8%
4
5%
7%
5
4%
6%
6
3%
5%
7
0%
4%
8
0%
3%
9 years or more
0%
0%
 
Transfer Fee(3)
$25
(for each transfer after twelve in a Contract Year)
 
(1)
The Contract provides a free withdrawal privilege that allows you to withdraw 12% of your total Purchase Payments annually without incurring a withdrawal charge as discussed in section 7, Access to Your Money – Free Withdrawal Privilege.
(2)
The Withdrawal Charge Basis is the amount subject to a withdrawal charge as discussed in section 6, Expenses – Withdrawal Charge.
(3)
We count all transfers made in the same Business Day as one transfer, as discussed in section 6, Expenses – Transfer Fee. Transfers are subject to the policies discussed in section 4, The Investment Options’ Underlying Funds – Excessive Trading and Market Timing.
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses). If you purchased an optional benefit, you pay additional charges, as shown below.
VisionTM Variable Annuity Prospectus – May 1, 2026
 16 
Annual Contract Expenses 
Administrative Expenses (or contract maintenance charge)(1)
(per year)
$50
Base Contract Expenses (or M&E charge)
(as a percentage of each Investment Option’s average net assets)(2)
 
Base Option
1.40%
Bonus Option
1.70%
Optional Benefit Expenses
 
Optional Death Benefit
 
Quarterly Value Death Benefit
(as a percentage of each Investment Option’s average net assets)(2)
0.30%
Optional Living Benefits
 
Income Protector(3)
(as a percentage of the Benefit Base)
single payments – 2.50%
joint payments – 2.75%
Income Focus(3)
(as a percentage of the Total Income Value)
single payments – 2.75%
joint payments – 2.95%
Investment Protector(3)
(as a percentage of the Target Value)
2.50%
(1)
Referred to as the “contract maintenance charge” in the Contract and elsewhere in this prospectus. Waived if the Contract Value is at least $100,000. During the Annuity Phase, we deduct the contract maintenance charge proportionately from each Annuity Payment. See section 6, Expenses – Contract Maintenance Charge.
(2)
Referred to as “a percentage of each Investment Option’s net asset value” in the Contract.
(3)
This table shows the maximum charge for the optional living benefit. The current charge is lower than the maximum charge as described later in this prospectus.
The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. More information about the Funds, including their annual expenses, may be found in Appendix A – Investment Options Available Under the Contract.
Annual Fund Expenses 
 
Minimum
Maximum
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1)
fees, and other expenses)
0.50%
3.38%
Example
This Example is intended to help you compare the cost of investing in the Investment Options with the cost of investing in other annuity contracts that offer investment options. These costs include transaction expenses, annual Contract expenses, and annual Fund expenses.
The Example assumes all Contract Value is allocated to the Investment Options. The Example does not reflect any financial adviser fees that you pay from your other assets, or that you choose to have us pay from this Contract. If financial adviser fees were reflected, costs would be higher.
The Example assumes that you invest $100,000 in the Investment Options for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual Fund expenses and that you elected both the Quarterly Value Death Benefit and Income Protector with joint payments for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
(1)
If you surrender your Contract (take a full withdrawal) at the end of the applicable time period. 
 
1 Year
3 Years
5 Years
10 Years
Base Option
$16,429
$31,028
$44,344
$78,788
Bonus Option
$16,972
$33,641
$48,978
$83,536
VisionTM Variable Annuity Prospectus – May 1, 2026
 17 
(2)
If you fully annuitize your Contract at the end of the applicable time period. 
 
1 Year
3 Years
5 Years
10 Years
Base Option
N/A*
$23,528
$39,344
$78,788
Bonus Option
N/A*
$25,141
$41,978
$83,536
*
The earliest available Annuity Date is the second Contract Anniversary.
(3)
If you do not surrender your Contract. 
 
1 Year
3 Years
5 Years
10 Years
Base Option
$7,929
$23,528
$39,344
$78,788
Bonus Option
$8,472
$25,141
$41,978
$83,536
Principal Risks of Investing In the Contract
Investment Options Risk and Risk of Loss. Contract Value allocated to each Investment Option will vary based on the investment experience of its corresponding underlying Fund in which the Investment Option invests. The Investment Options are subject to the risk of poor investment performance and do not provide any protection against loss of principal. As such, you can lose principal and previous earnings. This includes the risk of losing the entire amount invested. 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.
Generally, if the Investment Options you select make money, your Contract Value goes up, and if they lose money, your Contract Value goes down. Each Investment Option has its own investment risks, and you are exposed to those investment risks when you select that Investment Option. You should read the prospectuses for the Investment Options’ underlying Funds for descriptions of those investment risks. The Company does not guarantee the performance of the Investment Options; you assume the risk of poor investment performance.
Short-Term Investment Risk. The Contract is not designed for short-term investing or for an investor who needs ready access to cash. Withdrawal charges may apply to withdrawals. Withdrawals are also subject to income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59  1∕2. Considering the benefits of tax deferral, long-term income, and living benefit guarantees, the Contract is generally more beneficial to investors with a long investment time horizon.
Early Withdrawal and Liquidity Risk. You should carefully consider the risks associated with withdrawals under the Contract (including a full withdrawal). Withdrawals are subject to significant withdrawal charges. 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. A full withdrawal will end the Contract and all of its benefits. Partial withdrawals may significantly reduce the value of the standard death benefit. In addition, a partial withdrawal may significantly reduce the value of an optional living benefit or optional death benefit that you have elected, including by an amount greater than the amount withdrawn, and could result in termination of the benefit. If you take automatic withdrawals under your Contract, you may be repeatedly exposed to the risks associated with partial withdrawals. You cannot make withdrawals from the Contract after annuitization.
Investment Restrictions Risk. If you have an optional living benefit, you are subject to investment restrictions that limit or restrict the Investment Options that you may select under the Contract. We put these restrictions in place to support the optional living benefits’ guarantees. To the extent these restrictions limit your investment flexibility, they may limit the upside potential to your Investment Option returns, which may limit your Contract Value and your guaranteed benefits. You should consult with your Financial Professional to determine whether an optional benefit’s investment restrictions are consistent with your financial goals.
Managed Volatility Investment Option Risk. As described in more detail in the Investment Options’ underlying Funds’ prospectuses, certain Investment Options (including certain Investment Options that are affiliated with us) employ a managed volatility strategy that is intended to reduce the Investment Option’s overall volatility and downside risk. An Investment Option’s managed volatility strategy can negatively impact the value of your Contract and its benefits. During rising markets, the hedging strategies employed to manage volatility could result in your Contract Value rising less than would have been the case if you had been invested in an Investment Option without a managed volatility strategy. In addition, the cost of these hedging strategies may negatively impact performance. Investment Options that employ a managed volatility strategy are identified in Appendix A – Investment Options Available Under the Contract.
VisionTM Variable Annuity Prospectus – May 1, 2026
 18 
Benefit Selection Risk. The optional benefits under the Contract were designed for different financial goals and to protect against different financial risks. There is a risk that you did not elect the benefit or benefits (if any) that are best suited for you based on your present or future needs and circumstances, and any optional benefits that are more suited to you are unavailable under the Contract. You may not be able to remove an optional benefit that you elected without fully surrendering or annuitizing the Contract. In addition, if you elected an optional benefit and do not use it, or if the contingencies upon which the benefit depends never occur, you will have paid for a benefit that did not provide a financial return. There is also a risk that the financial return of an optional benefit, if any, will be less than the amount you paid for the benefit. Lastly, for Contracts with Income Protector, Income Focus, or a Lifetime Benefit, Excess Withdrawals may significantly reduce or end the benefit.
Additional Required Benefit Risk. If you elected the Quarterly Value Death Benefit, you were required to elect an Additional Required Benefit with the Quarterly Value Death Benefit. If you remove the Additional Required Benefit, you keep any prior lock-ins under the Quarterly Value Death Benefit, but you will not receive any future lock-ins and we no longer assess the additional M&E charge for the Quarterly Value Death Benefit.
The Additional Required Benefits provide either guaranteed lifetime income (Income Protector and Income Focus) or an accumulation guarantee (Investment Protector), but these benefits also have an additional charge and restrict Investment Option selection. Removing an Additional Required Benefit will reduce your overall expenses and give you access to more Investment Options which may help increase your investment returns, but you will be giving up the benefit’s guaranteed income or accumulation features. Removing an Additional Required Benefit is an irrevocable decision. Please consult with a Financial Professional before deciding to remove an Additional Required Benefit from your Contract.
Purchase Payment Restriction Risk. There is no guarantee that you will always be permitted to make Purchase Payments under your Contract. We do not accept additional Purchase Payments if you have Investment Protector. If you have Income Protector or Income Focus, additional Purchase Payments may be restricted or prohibited by the terms of your benefit. In all cases, the maximum total Purchase Payments we accept without our prior approval is $1 million. To the extent that you are prohibited from making additional Purchase Payments, you will lose the ability to increase the value of your Contract and your guaranteed benefits (including the Traditional Death Benefit Value under the standard death benefit) through Purchase Payments.
Bonus Option Risk. Under a Bonus Option Contract, bonuses are subject to a three-year vesting schedule. Bonus amounts are available under your Contract Value only as they vest. In the first three years after we receive a Purchase Payment if you take a withdrawal (including Lifetime Plus Payments, Income Focus Payments, and Excess Withdrawals) or annuitize the Contract, or if a death benefit is payable, you lose all or some of your bonus. With respect to death and living benefit guarantees, we include the bonus in any part of a guaranteed value based on Contract Value, but only as it vests. We do not include the bonus in any part of a guaranteed value based on Purchase Payments. No bonuses apply to Purchase Payments made after age 81. Bonus Option Contracts carry a higher M&E charge and are subject to a higher and longer withdrawal charge schedule than other Contract classes. These higher charges may more than offset any bonuses on Purchase Payments.
Financial Adviser Fee Risk. If you have a financial adviser and want to pay their financial adviser fees from this Contract, you can instruct us to withdraw the fee from your Contract and pay it to your Financial Professional or Financial Professional’s firm as instructed. Once authorized by you, the Financial Professional or Financial Professional’s firm requests each fee payment by submitting a letter of instruction that includes the fee amount. 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 are subject to withdrawal charges, income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. These withdrawals will reduce Contract benefits (perhaps significantly and by more than the amount withdrawn). Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract rather than from other assets you may have.
Transfer Risk. The Contract includes restrictions that may limit your ability to transfer Contract Value between Investment Options. Transfer restrictions may hinder your ability to readily change how your Contract Value is invested in response to changing market conditions or changes in your personal circumstances.
Investment Option Removal or Substitution Risk. We reserve the right to add or remove Investment Options or to substitute the Funds in which the Investment Options invest, for any reason in our sole discretion, subject to applicable law. For additional information regarding substitutions, see the discussion in section 4, The Investment Options’ Underlying Funds – Substitution and Limitation on Further Investments.
VisionTM Variable Annuity Prospectus – May 1, 2026
 19 
Financial Strength and Claims-Paying Ability Risk. All payments and financial guarantees under the Contract are subject to our financial strength and claims-paying ability. We use our general account assets to support our financial guarantees under the Contract other than those funded by the Separate Account (Allianz Life Variable Account B). All guaranteed death and living benefits that are greater than your Contract Value, all bonuses under Bonus Option Contracts, and all Annuity Payments are supported by our general account. Our general account assets are subject to claims by our creditors. If we experience financial distress, we may not be able to meet our obligations to you.
Business Disruption and Cybersecurity Risks. Our business relies on technology systems and networks, including systems and networks managed by third parties to process, transmit and store information; perform transactions related to the Contract; and conduct other business activities. Maintaining the integrity of our systems is critical to our business operations and to the protection of our clients’ personal information. Any cybersecurity breaches or interference that may in the future occur could have a material adverse impact on our business operations and our financial condition.
Publicly-reported cybersecurity threats and incidents have dramatically increased in recent years, and financial services companies and their third-party service providers are increasingly the targets of cyberattacks. We have implemented and maintain security measures designed to protect against breaches of security and other interference with systems and networks, and require third party vendors to meet certain information security standards; however, we cannot ensure that our systems and networks will not be subject to breaches or interference, or that we will always be able to readily detect a cybersecurity incident. Any such event may result in operational disruptions as well as unauthorized access to or the disclosure or loss of our proprietary information or our clients’ personal information. Any such event may interfere with, impede or cause delays in our calculation of values, processing of transactions and making of payments under the Contract. Although we maintain cybersecurity insurance coverage against costs resulting from cybersecurity incidents, it is possible losses will exceed the amount available under our coverage. We cannot be certain that advances in criminal capabilities, discovery of new vulnerabilities, attempts to exploit vulnerabilities in our systems, data thefts, physical system or network break-ins or inappropriate access, or other developments will not compromise or breach the technology or other security measures protecting our networks and systems used in connection with our products and services.
Natural or Man-made Disasters. The occurrence of natural or man-made disasters (e.g., extreme weather events, acts of terrorism, public health crises, industrial accidents, blackouts, military actions) could adversely affect our business operations, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. Such disasters may damage our facilities, preventing our employees from performing their roles, otherwise disturbing our ordinary business operations, and impacting claims processing. We rely on certain third-parties to provide certain services important to our business operations. While we monitor the business continuity planning of such third-parties, successful implementation and execution of their business continuity plans are largely outside of our control. Weaknesses or failures within a vendor’s business continuity plan in light of a natural or man-made disaster could materially disrupt our business operations.
The Insurance Company, Separate Account, and General Account
The Insurance Company – Allianz Life
Allianz Life is a stock life insurance company organized under the laws of the state of Minnesota in 1896. Our address is 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. We are a wholly owned subsidiary of Allianz of America, Inc. (AZOA), a financial holding company. AZOA is a wholly owned subsidiary of Allianz Europe, B.V., which in turn is a wholly owned subsidiary of Allianz SE, which is registered in Munich, Germany. We currently offer fixed index annuities, individual life insurance, and registered index-linked annuities. We are licensed to do direct business in 49 states and the District of Columbia. We are obligated to pay all amounts promised to investors under the Contracts, subject to our financial strength and claims-paying ability.
The Registered Separate Account
We established Allianz Life Variable Account B (the Separate Account) as a separate account under Minnesota insurance law on May 31, 1985. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940. The SEC does not supervise our management of the Separate Account.
The Separate Account holds the Funds’ shares that have been purchased with Contract assets. We keep the Separate Account assets separate from the assets of our general account and other separate accounts. The Separate Account is divided into subaccounts, each of which is a variable investment option under one or more variable annuity contracts that
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we issue through the Separate Account. The subaccounts currently available under this Contract are the Investment Options, each of which invests exclusively in shares of its corresponding underlying Fund.
We own the assets of the Separate Account. Income, gains, and losses credited to, or charged against the Separate Account reflect the Separate Account’s own investment experience and not the investment experience of our other assets. The assets of the Separate Account may not be used to pay any liabilities of Allianz Life other than those arising from the variable investment portion of the Contracts and other variable annuity contracts supported by the Separate Account.
If the Separate Account’s assets exceed the required reserves and other liabilities, we may transfer the excess to our general account, to the extent of seed money invested by us or earned fees and expenses.
Our General Account
Our general account holds all our assets other than assets in our separate accounts. We own our general account assets, and, subject to applicable law, have sole investment discretion over them. The assets are subject to our general business operation liabilities and claims of our creditors and may lose value. We have not registered our general account as an investment company under the Investment Company Act of 1940.
Our general account assets fund guarantees provided in the Contracts, including all bonuses under Bonus Option Contracts, and obligations associated with the living benefits and the death benefit. Contract Value that you apply to Annuity Payments becomes part of our general account.
Status Pursuant to Securities Exchange Act of 1934
Allianz Life hereby relies on the exemption provided by Rule 12h-7 under the Securities Exchange Act of 1934 from the requirement to file reports pursuant to Section 15(d) of that Act.
1. The Variable Annuity Contract 
The Contract is no longer offered for sale, but we continue to accept additional Purchase Payments subject to the
limitations described in this prospectus. However, for Contracts with Investment Protector, we no longer accept
additional Purchase Payments.
An annuity is a contract between you as the Owner, and an insurance company (in this case Allianz Life). We do not make any changes to your Contract without your permission except as may be required by law.
SUMMARY OF CONTRACT CLASSES, AND OPTIONAL BENEFITS THAT WERE OFFERED
This prospectus also describes the two different Contract classes that we offered:
● 
The Base Option was available from April 29, 2013 through April 24, 2020. If you did not select the Bonus Option when you purchased the Contract, you have a Base Option Contract.
● 
The Bonus Option was available from April 29, 2013 through April 24, 2020. Under a Bonus Option Contract, there is a 6% bonus on Purchase Payments received before age 81, subject to a three-year vesting schedule.
The Contract previously offered the following optional benefits, for an additional charge.
● 
The Quarterly Value Death Benefit potentially provides an increased death benefit based on the highest quarterly Contract Value adjusted for withdrawals (Quarterly Anniversary Value). The Quarterly Value Death Benefit was only available at issue. Section 12 describes the versions of the Quarterly Value Death Benefit.
● 
Income Protector provides guaranteed lifetime income called Lifetime Plus Payments that can begin as early as age 60, or as late as age 90. We base payments on the Benefit Base that is at least equal to the Annual Increase (total Purchase Payments adjusted for withdrawals plus a quarterly simple interest increase). Section 10 describes the versions of Income Protector.
● 
Income Focus (see Appendix D) provides guaranteed lifetime income called Income Focus Payments (which are similar to Lifetime Plus Payments) that can begin from age 60 to age 90. We base payments on a percentage (Income Value Percentage) of each Income Value (Purchase Payments adjusted for withdrawals). Income Value Percentages can potentially increase by 1% each year if your Contract Value increases (Performance Increases).
● 
Investment Protector (see Appendix E) provides a Target Value that is available on a future date if you hold the Contract for the required period, but the Target Value is calculated differently.
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The table below lists the optional benefits that were previously offered, including the dates on which they were offered. The benefit version identifier for Income Protector, Income Focus, and Investment Protector, for example (10.12), is located in your rider. Current charges and features may differ by benefit version, as described in this prospectus. If you have questions about your Contract, please contact our Service Center at the toll-free telephone number listed at the back of this prospectus. Our Service Center is the area of our company that issues Contracts and provides Contract maintenance and routine customer service. 
Optional Benefit
Benefit Version Identifier
Available From
Available Through
Quarterly Value Death Benefits:
 
 
 
Quarterly Value Death Benefit version 1
N/A
July 22, 2013, or October 14, 2013
April 24, 2020
Quarterly Value Death Benefit version 2
N/A
April 29, 2013
July 19, 2013, or October 11, 2013
Income Protector:
 
 
 
 
(10.12)
April 29, 2013
April 24, 2015
 
(04.15, 04.16)
April 27, 2015
May 2, 2016
 
(05.16, 06.16)
May 3, 2016
July 4, 2016
 
(07.16, 08.16)
July 5, 2016
September 5, 2016
 
(09.16, 10.16, 11.16)
September 6, 2016
December 5, 2016
 
(12.16)
December 6, 2017
January 2, 2017
 
(01.17, 02.17)
January 3, 2017
March 6, 2017
 
(03.17, 04.17, 05.17, 06.17,
07.17, 08.17, 09.17, 10.17,
11.17, 12.17, 01.18, 02.18)
March 7, 2017
March 5, 2018
 
(03.18, 04.18, 05.18, 06.18,
07.18, 08.18, 09.18, 10.18,
11.18, 12.18, 01.19, 02.19,
03.19, 04.19v1, 04.19v2,
05.19, 06.19, 07.19, 08.19,
09.19, 10.19, 11.19, 12.19,
01.20, 02.20, 03.20, 04.20)
March 6, 2018
April 24, 2020
Income Focus
N/A
April 29, 2013
April 24, 2015
Investment Protector
(07.12, 07.13, 04.15, 04.16,
05.16, 06.16, 07.16, 08.16,
09.16, 10.16)
April 29, 2013
October 16, 2016
When the Contract Phases End
The Contract has an Accumulation Phase and an Annuity Phase.
The Accumulation Phase ends upon the earliest of the following:
● 
The Business Day before the Annuity Date.
● 
The Business Day we process your request for a full withdrawal.
● 
Upon the death of any Owner (or the Annuitant if the Contract is owned by a non-individual), the Business Day we first receive a Valid Claim from any one Beneficiary, unless the surviving spouse/Beneficiary continues the Contract. If there are multiple Beneficiaries, the remaining Contract Value continues to fluctuate with the performance of the Investment Options until the complete distribution of the death benefit.
If you request Annuity Payments, your Contract enters the Annuity Phase. The Annuity Phase ends when we make the last Annuity Payment under your selected Annuity Option.
When the Contract Ends
The Contract ends when:
● 
all applicable phases of the Contract (Accumulation Phase and/or Annuity Phase) have ended, and/or
● 
if we received a Valid Claim, all applicable death benefit payments have been made.
For example, if you take a full withdrawal of the total Contract Value, both the Accumulation Phase and the Contract end even though the Annuity Phase never began and we did not make any death benefit payments.
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Financial Adviser Fees
If you have a financial adviser and want to pay their fees from this Contract, you can submit a written request to our Service Center by completing our third party money management customer authorization of transfer form and fee redemption authorization form. If we approve your request, we withdraw the requested fees and pay them to your Financial Professional or Financial Professional’s firm as instructed. The fee redemption authorization is an agreement between you, your Financial Professional and/or the Financial Professional’s firm. The agreement authorizes us to deduct adviser fees from the Contract and send them to the Financial Professional or the Financial Professional’s firm upon written request. You can terminate the authorization at any time by providing us written notice. We retain the right to request an updated fee redemption authorization form at any time.
The Financial Professional or Financial Professional’s firm requests each fee payment by submitting a letter of instruction that includes the fee amount. We treat this fee payment as a withdrawal, which means it is subject to a withdrawal charge, income taxes, and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2. We deduct adviser fees (including any withdrawal charge) proportionately from each Investment Option unless you provide us with alternate instructions. This withdrawal reduces the Contract Value and the amount available under the free withdrawal privilege by the dollar amount withdrawn. The withdrawal also may reduce your Contract’s guaranteed values (such as Income Protector’s Benefit Base) proportionately by the percentage of Contract Value withdrawn. Proportionate reduction may reduce your Contract’s guaranteed values significantly more than the amount withdrawn.
If this is a Non-Qualified Contract, a withdrawal will be a taxable withdrawal to the extent that gain exists within the Contract. Financial adviser fees paid from an IRA, Roth IRA, or SEP IRA will not be treated as a taxable withdrawal as long as the annuity contract is solely liable for the payment of the fee. You should consult a tax adviser regarding the tax treatment of adviser fee payments. We reserve the right to discontinue or modify this feature at any time for any reason. Please consult with your Financial Professional before requesting us to pay adviser fees from this Contract compared to other assets you may have.
Your financial adviser acts on your behalf, not ours. We are not party to any agreement between you and your financial adviser, nor are we responsible for your financial adviser’s actions. We do not verify that withdrawals for financial adviser fees align with the terms of your agreement with your financial adviser. We do not set your financial adviser’s fee or receive any part of it. Any withdrawal for financial adviser fees you pay is in addition to this Contract’s fees and expenses.
You can submit a written request to our Service Center on a form satisfactory to us to allow your adviser to make Investment Option transfers on your behalf. However, we reserve the right to review a financial adviser’s trading history before allowing him or her to make transfers. If, in our sole discretion, we believe the financial adviser’s trading history indicates excessive trading, we can deny your request. If we approve it, your financial adviser is subject to the same trading restrictions that apply to Owners. We can deny or revoke trading authority in our sole discretion.
2. Owners, Annuitants, and Other Specified Persons
Owner
You, as the Owner, have all the rights under the Contract. The Owner was designated at Contract issue. The Owner may be a non-individual, which is anything other than an individual person, which could be a trust, qualified plan, or corporation. Qualified Contracts and non-individually owned Contracts can only have one Owner.
Joint Owners
Non-Qualified Contracts can be owned by up to two individual Owners. A Non-Qualified Contract is a Contract that is not purchased under a pension or retirement plan that qualifies for special tax treatment under sections of the Internal Revenue Code. If a Contract has Joint Owners, we generally require the signature of both Owners on any forms that are submitted to our Service Center.
Annuitant
The Annuitant is the individual on whose life we base Annuity Payments. Subject to our approval, you designated an Annuitant when you purchased a Contract. For Qualified Contracts, before the Annuity Date the Owner must be the Annuitant unless the Contract is owned by a qualified plan or is part of a custodial arrangement. You can change the Annuitant on an individually owned Non-Qualified Contract at any time before the Annuity Date, but you cannot change the Annuitant if the Owner is a non-individual (for example, a qualified plan or trust). Subject to our approval, you can add a joint Annuitant on the Annuity Date. For Qualified Contracts, the ability to add a joint Annuitant is subject to any plan
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requirements associated with the Contract. For individually owned Contracts, if the Annuitant who is not an Owner dies before the Annuity Date, the sole Owner (or younger Joint Owner) automatically becomes the new Annuitant, but the Owner can subsequently name another Annuitant.
Designating different persons as Owner(s) and Annuitant(s) can have important impacts on whether a death benefit is paid, and on who receives it as indicated below. For more examples, please see Appendix A to the SAI. In order to convert Lifetime Plus Payments or Income Focus Payments to Annuity Payments the Covered Person(s) must be named as the Annuitant(s) as discussed in section 8, The Annuity Phase – When Annuity Payments Begin. Designating different persons as Covered Person(s) and Annuitant(s) will cause Income Protector or Income Focus and any lifetime payments to end at the maximum permitted Annuity Date. Use care when designating Owner(s), Annuitant(s) and Covered Person(s), and consult your Financial Professional if you have questions. 
UPON THE DEATH OF A SOLE OWNER
Action if the Contract is in the Accumulation Phase
Action if the Contract is in the Annuity Phase
• We pay a death benefit to the Beneficiary unless the
Beneficiary is the surviving spouse and continues the Contract.
If you selected Investment Protector, this benefit ends unless
the Contract is continued by a surviving spouse. If you selected
Income Protector or Income Focus, this benefit and any
guaranteed lifetime payments end unless the Contract is
continued by a surviving spouse who is also both a Beneficiary
and Covered Person.
• The death benefit is the greater of the Contract Value or the
guaranteed death benefit value. The guaranteed death benefit
value is the Traditional Death Benefit Value under the
Traditional Death Benefit, or the Quarterly Anniversary Value
under the Quarterly Value Death Benefit.
• If you have Traditional Death Benefit version 1, or Quarterly
Value Death Benefit version 1 and the surviving spouse
Beneficiary continues the Contract:
– we increase the Contract Value to equal the guaranteed
death benefit value if greater, and the death benefit
continues to be available to the surviving spouse’s
Beneficiary(ies),
– the surviving spouse becomes the new Owner,
– the Accumulation Phase continues.
• If you have Traditional Death Benefit version 2, or Quarterly
Value Death Benefit version 2 and the deceased Owner was a
Determining Life and the surviving spouse Beneficiary
continues the Contract:
– we increase the Contract Value to equal the guaranteed
death benefit value if greater and available, and the death
benefit ends,
– the surviving spouse becomes the new Owner,
– the Accumulation Phase continues, and
– upon the surviving spouse’s death, his or her
Beneficiary(ies) receives the Contract Value.
• If you have Traditional Death Benefit version 2, or Quarterly
Value Death Benefit version 2, and the deceased Owner was
not the Determining Life the Traditional Death Benefit or
Quarterly Value Death Benefit are not available.
• The Beneficiary becomes the Payee. If we are still required to
make Annuity Payments under the selected Annuity Option, the
Beneficiary also becomes the new Owner.
• If the deceased was not an Annuitant, Annuity Payments to the
Payee continue. No death benefit is payable.
• If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option 1 or 3, payments end.
– Annuity Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity Option 5, payments end and the Payee may
receive a lump sum refund.
• If the deceased was an Annuitant and there is a surviving joint
Annuitant, Annuity Payments to the Payee continue during the
lifetime of the surviving joint Annuitant. No death benefit is
payable.
• For a Qualified Contract, the Annuity Payments generally must
end no later than the end of the year containing the 10th
anniversary of the Owner's death. However, in certain
situations, payments may need to end earlier.
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Determining Life (Lives)
The Determining Life (Lives) are the individuals on whose life we base the guaranteed Traditional Death Benefit or Quarterly Value Death Benefit. We established the Determining Life (Lives) at Contract issue and they generally do not change. For an individually owned Contract the Determining Life (Lives) are the Owner(s). For a non-individually owned Contract the Determining Life is the Annuitant. After the Issue Date the Determining Life (Lives) only change as follows:
● 
If you remove a Joint Owner due to divorce we also remove that person as a Determining Life, or
● 
If you purchased a jointly owned Non-Qualified Contract and change ownership to a Trust, we remove the prior Owner who is not the Annuitant as a Determining Life.
Beneficiary
The Beneficiary is the person(s) or entity you designated to receive any death benefit. You can change the Beneficiary or contingent Beneficiary at any time before your death unless you name an irrevocable Beneficiary. If a Beneficiary predeceases you, or you and a Beneficiary die simultaneously as defined by applicable state law or regulation, that Beneficiary’s interest in this Contract ends unless your Beneficiary designation specifies otherwise. If there are no surviving Beneficiaries or if there is no named Beneficiary, we pay the death benefit to your estate or the Owner if the Owner is a non-individual. 
FOR JOINTLY OWNED CONTRACTS: The sole primary Beneficiary is the surviving Joint Owner regardless of any
other named primary Beneficiaries. If both Joint Owners die simultaneously as defined by applicable state law or
regulation, we pay the death benefit to the named surviving primary Beneficiaries. If there are no named surviving
primary Beneficiaries, we pay the death benefit to the named surviving contingent Beneficiaries, or to the estate of the
Joint Owner who died last if there are no named surviving contingent Beneficiaries.
Covered Person(s) for income protector and income focus
If you have Income Protector or Income Focus, we base Lifetime Plus Payments or Income Focus Payments (lifetime payments) on the lives of the Covered Person(s). Their ages determine when lifetime payments can begin and the initial payment amount. When you selected Income Protector or Income Focus, you chose whether you wanted payments based on your life (single lifetime payments), or the lifetime of you and your spouse (joint lifetime payments). Joint Owners and joint Covered Persons must be spouses within the meaning of federal tax law. Based on your payment selection, we determined the Covered Persons as follows.
For single lifetime payments and:
● 
solely owned Contracts, the Covered Person is the Owner.
● 
jointly owned Contracts, Joint Owners must be spouses and you chose which Owner is the Covered Person.
● 
Contracts owned by a non-individual, the Covered Person is the Annuitant.
For joint lifetime payments, Covered Persons must be spouses and:
● 
Non-Qualified Contracts:
− 
spouses must be Joint Owners; or
− 
one spouse must be the sole Owner and Annuitant and the other spouse must be the sole primary Beneficiary.
● 
Qualified Contracts:
− 
one spouse must be the sole Owner and Annuitant and the other spouse must be the sole primary Beneficiary; or
− 
if the Owner is a qualified plan or a custodian, then one spouse must be the Annuitant and the other spouse must be the sole contingent Beneficiary because we also require the qualified plan or custodian to be the sole primary Beneficiary. This structure allows the surviving non-Annuitant spouse to continue to receive lifetime payments, assuming the surviving non-Annuitant spouse is the beneficiary under the qualified plan or custodial IRA.
You cannot add, remove or replace a Covered Person after the rider effective date if you have Income Protector or Income Focus.
Joint Covered Persons must qualify as spouses under federal tax law until the benefit ends. Until then, if at any time joint Covered Persons are no longer spouses you must send us written notice. Upon notification of divorce, we treat any request to reduce or divide benefits under this Contract as a request for a withdrawal of Contract Value payable to you. However, for tax purposes this is generally treated as a transfer depending on the terms of the divorce decree. We process the withdrawal and remove one spouse from the Contract as a Covered Person, Owner, Joint Owner, Annuitant and/or
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Beneficiary, according to your instructions or any applicable court order. This withdrawal is subject to any applicable tax or withdrawal charge, and may cause lifetme payments to end prematurely. However, if you do not notify us of the divorce, the Contract continues and upon the death of an Owner, we pay any applicable death benefit to the Beneficiary(ies) and the Contract and the benefit both end.
If we remove one joint Covered Person, we do not change your rider charge; we continue to assess the charge associated with joint lifetime payments. We also calculate lifetime payments based on the originally named joint Covered Persons and their ages. However, lifetime payments will continue and end based on the life of the remaining Covered Person. If we remove all Covered Persons from the Contract, the benefit and any lifetime payments end.
Once we remove a Covered Person, he or she cannot be reinstated. 
 
● For Joint Owners that selected single lifetime payments: If you are no longer spouses on the date of an Owner’s
death and the Contract Value is positive, we pay any applicable death benefit to the Beneficiary(ies) and the benefit
and any lifetime payments end. This means Lifetime Plus Payments or Income Focus Payments are no longer
available even if a Covered Person is still alive.
Payee
The Payee is the person or entity who receives Annuity Payments during the Annuity Phase. The Owner receives tax reporting on those payments. Generally we require the Payee to be an Owner. However, we may allow you to name a charitable trust, financial institution, qualified plan, or an individual specified in a court order as a Payee subject to our approval. For Qualified Contracts owned by a qualified plan, the qualified plan must be the Payee.
Assignments, Changes of Ownership and Other Transfers of Contract Rights
You can assign your rights under this Contract to someone else during the Accumulation Phase. An assignment may be absolute or limited, and includes changes of ownership, collateral assignments, or any other transfer of specific Contract rights. After an assignment, you may need the consent of the assignee of record to exercise certain Contract rights depending on the type of assignment and the rights assigned.
You must submit your request to assign the Contract in writing to our Service Center and we must approve it in writing. To the extent permitted by state law, we reserve the right to refuse to consent to any assignment at any time on a nondiscriminatory basis. We will not consent if the assignment would violate or result in noncompliance with any applicable state or federal law or regulation.
Upon our consent, we record the assignment. We are not responsible for the validity or effect of the assignment. We are not liable for any actions we take or payments we make before we receive your request in Good Order and record it. Assigning the Contract does not change, revoke or replace the originally named Annuitant or Beneficiary; if you also want to change the Annuitant or Beneficiary you must make a separate request.
An assignment may be a taxable event. In addition, there are other restrictions on changing the ownership of a Qualified Contract and Qualified Contracts generally cannot be assigned absolutely or on a limited basis. You should consult with your tax adviser before assigning this Contract. 
● An assignment does not change the Determining Life (Lives). The Traditional Death Benefit and Quarterly Value
Death Benefit are only available on the death of a Determining Life. If you assign the Contract and the Determining
Life (Lives) are no longer an Owner (or Annuitant if the Owner is a non-individual) the Traditional Death Benefit or
Quarterly Value Death Benefit may not be available and your Beneficiary(ies) will only receive the Contract Value.
● An assignment does not change the Covered Person(s) for Contracts with Income Protector or Income Focus.
Following an assignment or change of ownership/Annuitant/Beneficiary, if all Covered Persons no longer have the
required relationship as stated under “Covered Person(s)” in this section (Owner, Annuitant or sole Beneficiary) your
selected benefit and any lifetime payments end. Any existing Contract assignment must be removed before you begin
receiving lifetime payments. We may make exceptions to the removal of a Contract assignment in order to comply
with applicable law. This means that Lifetime Plus Payments or Income Focus Payments may end even if the
Covered Person is still alive.
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3. Purchase Payments
Purchase Payment Requirements 
The Contract is no longer offered for sale, but we continue to accept additional Purchase Payments subject to the
limitations described in this prospectus. However, for Contracts with Investment Protector, we no longer accept
additional Purchase Payments.
The additional Purchase Payment requirements for this Contract are as follows.
● 
If you do not have Income Protector, Income Focus, or Investment Protector, you can make additional Purchase Payments of $50 or more during the Accumulation Phase.
● 
If you have Income Protector, Income Focus, or Investment Protector, we restrict additional Purchase Payments. Each Rider Year that we allow additional payments you cannot add more than your initial amount without our prior approval. Your initial amount is all Purchase Payments received before the first Quarterly Anniversary of the first Contract Year. If you have Income Protector or Income Focus, we do not allow additional payments on or after the Benefit Date. If you have Investment Protector, we do not allow additional payments on or after the third Rider Anniversary. However, as all Contracts with Investment Protector are past their third Rider Anniversary, we no longer accept additional Purchase Payments if you have Investment Protector. If your benefit was effective on the Issue Date, we allow you to add up to the initial amount in the remainder of the first Contract Year (the first Quarterly Anniversary to the last Business Day before the first Contract Anniversary). The minimum additional Purchase Payment we will accept is $50.
If you remove Income Protector, Income Focus or Investment Protector, these restrictions no longer apply.
● 
We do not accept additional Purchase Payments on or after the Annuity Date.
● 
The maximum total Purchase Payments we accept without our prior approval is $1 million.
We may, at our sole discretion, waive the minimum Purchase Payment requirements.
If you make additional Purchase Payments, we add this money to your Contract on the Business Day we receive it in Good Order. Our Business Day closes when regular trading on the New York Stock Exchange closes. If you submit a Purchase Payment to your Financial Professional, we do not begin processing the payment until we receive it.
We may terminate your ability to make additional Purchase Payments because we reserve the right to decline any or all Purchase Payments at any time on a nondiscriminatory basis. This applies to Contracts issued in all states except those listed in Appendix G. If mandated under applicable law, we may be required to reject a Purchase Payment. If we exercise our right to no longer allow additional Purchase Payments this may limit your ability to fund your Contract’s guaranteed benefits such as Income Protector’s Benefit Base, Income Focus’ Income Values, Investment Protector’s Target Value or the Quarterly Value Death Benefit’s Quarterly Anniversary Value.
Allocation of Purchase Payments 
We no longer accept additional Purchase Payments if you have Investment Protector.
You must allocate your money to the Investment Options in whole percentages. If you have the Bonus Option, we allocate the bonus in the same way as the corresponding Purchase Payment. We allow you to invest in up to 15 Investment Options at any one time. We may change this maximum in the future, but you can always invest in at least five Investment Options.
You can instruct us how to allocate additional Purchase Payments. If you do not instruct us, we allocate them according to your future Purchase Payment allocation instructions. Contract Value transfers between Investment Options do not change your future allocation instructions, or how we rebalance your Contract Value quarterly if you have Income Protector, Income Focus, or Investment Protector.
You can change your future allocation instructions at any time without fee or penalty. Future allocation instruction changes are effective on the Business Day we receive them in Good Order at our Service Center. We accept changes to future allocation instructions from any Owner unless you instruct otherwise. We may allow you to authorize someone else to change allocation instructions on your behalf.
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Electronic Transfer and Allocation Instructions
We use reasonable procedures to confirm that electronic transfer and allocation instructions given to us are genuine. If we do not use such procedures, we may be liable for any losses due to unauthorized or fraudulent instructions. We record telephone instructions and log all fax, email and website instructions. We reserve the right to deny any transfer request or allocation instruction change, and to discontinue or modify our electronic instruction privileges at any time for any reason.
Please note that telephone, fax, email and/or the website may not always be available. Any electronic system, whether it is ours, yours, your service provider’s, or your Financial Professional’s, can experience outages or slowdowns for a variety of reasons, which may delay or prevent our processing of your transfer request or allocation instruction change. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability. If you are experiencing problems, you should submit your instructions in writing to our Service Center.
By authorizing electronic instructions, you authorize us to accept and act upon these instructions for your Contract. There are risks associated with electronic communications that do not occur with a written request. Anyone authorizing or making such requests bears those risks. You should protect your website password, because the website is available to anyone with your password; we cannot verify that the person providing instructions on the website is you, or is authorized by you.
4. The Investment Options’ Underlying Funds
Information regarding each underlying Fund, including its (i) name, (ii) investment objectives, (iii) investment adviser and any subadviser, (iv) current expenses, and (v) performance is available in Appendix A – Investment Options Available Under the Contract. Each Fund has issued a prospectus that contains more detailed information about the Fund. You should read the prospectuses for the Funds carefully before investing. The Funds’ prospectuses and other information can be found online at https://www.allianzlife.com/variableoptions. You can also request this information at no cost by calling (800) 624-0197, by sending an email request to prospectus.request@allianzlife.com, or by contacting your Financial Professional.
There are potential risks associated with the Funds and their investment strategies. Depending on market conditions, you can gain or lose value by investing in the Investment Options. In the future, we may add, eliminate or substitute underlying funds to the extent permitted by the federal securities laws and, when required, the SEC. Certain Investment Options may not be available to you.
Currently, the Funds are not publicly available mutual funds. They are available only as investment options in variable annuity contracts or variable life insurance policies issued by life insurance companies or in some cases, through participation in certain qualified pension or retirement plans. A material conflict of interest may arise between insurance companies, owners of different types of contracts, and retirement plans or their participants. Each Fund’s Board of Directors monitors for material conflicts, and determines what action, if any, should be taken to address any conflicts.
The names, investment objectives and policies of certain Funds may be similar to the names, investment objectives and policies of other portfolios managed by the same investment advisers. Although the names, objectives and policies may be similar, the Funds’ investment results may be higher or lower than these other portfolios’ results. The investment advisers cannot guarantee, and make no representation, that these similar funds’ investment results will be comparable even though the Funds have the same names, investment advisers, objectives, and policies.
Each Fund offered by the Allianz Variable Insurance Products Fund of Funds Trust (Allianz VIP Fund of Funds Trust) is a “fund of funds” and diversifies its assets by investing primarily in shares of several other affiliated mutual funds.
The Funds may pay 12b-1 fees to the Contracts’ distributor, our affiliate, Allianz Life Financial Services, LLC, for distribution and/or administrative services. In addition, we may enter into certain arrangements under which we, or Allianz Life Financial Services, LLC, are compensated by the Funds’ advisers, distributors and/or affiliates for administrative services and benefits we provide to these Funds. The compensation amount usually is based on the aggregate assets in these Funds attributable to contracts we issue or administer. Some advisers may pay us more or less than others. The maximum service fee we currently receive from any underlying fund or affiliate thereof in any variable annuity contract we offer is 0.25% annually.
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The Allianz VIP Fund of Funds Trust underlying funds do not pay 12b-1 fees or service fees to the Trust, and the Trust does not charge 12b-1 fees or service fees. The Allianz VIP Fund of Funds Trust underlying funds or their advisers may pay service fees to us and our affiliates for providing customer service and other administrative services to you. Service fees may vary depending on the underlying fund.
Through common ownership, we are affiliated with Allianz Investment Management LLC and Pacific Investment Management Company LLC, which serve as adviser or sub-adviser to certain Investment Options as listed in Appendix A – Investment Options Available Under the Contract.
Substitution and Limitation on Further Investments
We may substitute another underlying fund for one of the Funds, for any reason in our sole discretion. To the extent required by the Investment Company Act of 1940 or other applicable law, we do not substitute any shares without SEC approval (if required) and providing you notice. We may make substitutions with respect to your existing allocations, future Purchase Payment allocations, or both. A new or substitute underlying fund may have different fees and expenses, and their availability may be limited to certain purchaser classes. We may limit further Investment Option allocations if marketing, tax or investment considerations warrant, or for any reason in our sole discretion. We may also close Investment Options to additional allocations. The Funds may discontinue offering their shares in the future.
Transfers Between Investment Options
You can make transfers between Investment Options, subject to the following restrictions. Currently, there is no maximum number of transfers allowed, but we may change this in the future. Transfers are subject to a transfer fee as discussed in section 6, Expenses.
The following applies to any transfer.
● 
Your request for a transfer must clearly state the Investment Options involved and how much to transfer.
● 
If you have an optional living benefit, your transfer instructions must comply with the applicable investment restrictions.
● 
Your right to make transfers is subject to the Excessive Trading and Market Timing policy discussed later in this section.
● 
Contract Value transfers between Investment Options do not change your future Purchase Payment allocation instructions or how we rebalance your Contract Value quarterly if you have an optional living benefit. To change this quarterly rebalancing when you make a transfer, you must also change your future allocation instructions.
We process transfer requests based on prices next determined after we receive your request in Good Order at our Service Center. If we do not receive your transfer request before the end of the current Business Day, even if due to our delay in answering your call or a delay caused by our electronic systems, you receive the next Business Day’s prices. For jointly owned Contracts, unless you require us to obtain signatures from both Joint Owners, we accept transfer instructions from any Joint Owner. We may also allow you to authorize someone else to request transfers on your behalf.
Excessive Trading and Market Timing
We discourage and do not accommodate frequent transfers. We may restrict or modify your right to make transfers to prevent any use that we consider to be part of a market timing program.
Frequent transfers, programmed transfers, transfers into and then out of an Investment Option in a short period of time, and transfers of large amounts at one time (collectively referred to as “potentially disruptive trading”) may have harmful effects for other Owners, Annuitants and Beneficiaries. These risks and harmful effects include the following.
● 
Dilution of the interests of long-term investors in an Investment Option, if market timers or others transfer into an Investment Option at prices that are below their true value, or transfer out at prices above their true value.
● 
An adverse effect on portfolio management, such as causing an underlying fund to maintain a higher level of cash or causing an underlying fund to liquidate investments prematurely.
● 
Increased brokerage and administrative expenses for an underlying fund.
We attempt to protect our Owners against potentially disruptive trading through our excessive trading and market timing policies and procedures. Under these policies and procedures, we could modify your transfer privileges for some or all of the Investment Options. Unless prohibited by your Contract or applicable state law, we may:
● 
Limit transfer frequency (for example, prohibit more than one transfer a week, or more than two a month, etc.).
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● 
Restrict the transfer method (for example, requiring all transfers be sent by first-class U.S. mail and rescinding electronic transfer privileges).
● 
Require a minimum time period between each transfer into or out of the same Investment Option. Our current policy, which is subject to change without notice, prohibits “round trips” within 14 calendar days. We do not include transfers into and/or out of the AZL® Government Money Market Fund when available in your Contract. Round trips are transfers into and back out of the same Investment Option, or transfers out of and back into the same Investment Option.
● 
Refuse transfer requests made on your behalf by an asset allocation and/or market timing service.
● 
Limit the dollar amount of any single Purchase Payment or transfer request to an Investment Option.
● 
Prohibit transfers into specific Investment Options.
● 
Impose other limitations or restrictions to the extent permitted by federal securities laws.
We also reserve the right to reject any specific Purchase Payment allocation or transfer request from any person if in the investment adviser’s, subadviser’s or our judgment, an underlying fund may be unable to invest effectively in accordance with its investment objectives and policies. This could occur, for example, where frequent or rapid trading causes the investment adviser to hold an excess of uninvested cash to meet redemption requests, or to sell investment positions to fund redemptions, thereby affecting underlying fund returns. Similarly, rapid or frequent trading may cause an underlying fund to incur excessive transaction fees, which also could affect performance.
We retain some discretion in determining what actions constitute potentially disruptive trading and in determining when and how to impose trading restrictions. Currently, we attempt to deter disruptive trading as follows. If a transfer(s) is/are identified as potentially disruptive trading, we may (but are not required to) send a warning letter. If the conduct continues and we determine it constitutes disruptive trading, we also impose transfer restrictions. Transfer restrictions may include refusing electronic transfers and requiring all transfers be sent by first-class U.S. mail. If the disruptive trading affects only a single Investment Option, we may prohibit transfers into or Purchase Payment allocations to that Investment Option. We do not enter into agreements permitting market timing and would not permit activities determined to be disruptive trading to continue. We also reserve the right to impose transfer restrictions if we determine, in our sole discretion, that transfers disadvantage other Owners. We notify you in writing if we impose transfer restrictions on you.
We do not include automatic transfers made under any of our programs or Contract features when applying our market timing policy.
We adopted these policies and procedures as a preventative measure to protect all Owners from the potential effects of disruptive trading, while also abiding by your legitimate interest in diversifying your investment and making periodic asset re-allocations based on your personal situation or overall market conditions. We attempt to protect your interests in making legitimate transfers by providing reasonable and convenient transfer methods that do not harm other Owners.
We may make exceptions when imposing transfer restrictions if we determine a transfer is appropriate, although it may technically violate our policies and procedures discussed here. In determining if a transfer is appropriate, we may, but are not required to, take into consideration its relative size, whether it was purely a defensive transfer into the AZL Government Money Market Fund, and whether it involved an error or similar event. We may also reinstate electronic transfer privileges after we revoke them, but we do not reinstate these privileges if we believe they might be used for future disruptive trading.
We cannot guarantee the following:
● 
Our monitoring will be 100% successful in detecting all potentially disruptive trading activity.
● 
Revoking electronic transfer privileges will successfully deter all potentially disruptive trading.
In addition, some of the underlying funds are available to other insurance companies and we do not know if they adopted policies and procedures to detect and deter potentially disruptive trading, or what their policies and procedures might be. Because we may not be completely successful at detecting and preventing market timing activities, and other insurance companies that offer the Investment Options may not have adopted adequate market timing procedures, there is some risk that market timing activity may occur and negatively affect other Owners.
We may, without prior notice to any party, take whatever action we deem appropriate to comply with any state or federal regulatory requirement. In addition, purchase orders for an underlying fund’s shares are subject to acceptance by that underlying fund’s manager. We reserve the right to reject, without prior notice, any Investment Option transfer request or Purchase Payment if the purchase order is rejected by the investment manager. We have entered into agreements required under SEC Rule 22c-2 (Rule 22c-2 agreements) whereby, upon request by an underlying fund or its designee, we must
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provide information about you and your trading activities to the underlying fund or its designee. Under the terms of the Rule 22c-2 agreements, we are required to: (1) provide details concerning every purchase, redemption, transfer, or exchange of Investment Options during a specified period; and (2) restrict your trading activity if the party receiving the information so requests. Under certain Rule 22c-2 agreements, if we fail to comply with a request to restrict trading activity, the underlying fund or its designee may refuse to accept buy orders from us until we comply.
Underlying funds may add or change policies designed to restrict market timing activities. For example, underlying funds may impose restrictions on transfers between underlying funds in an affiliated group if the investment adviser to one or more of the underlying funds determines that the person requesting the transfer has engaged, or is engaging in, market timing or other abusive trading activities. In addition, an underlying fund may impose a short-term trading fee on purchases and sales within a specified period. You should review the underlying funds’ prospectuses regarding any applicable transfer restrictions and the imposition of any fee to discourage short-term trading. The imposition of these restrictions would occur as a result of underlying fund restrictions and actions taken by the underlying funds’ managers. 
This Contract is not designed for professional market timing organizations, or other persons using programmed, large, or
frequent transfers, and we may restrict excessive or inappropriate transfer activity.
The retention of some level of discretion by us may result in disparate treatment among persons engaging in potentially disruptive trading, and it is possible that some persons could experience adverse consequences if others are able to engage in potentially disruptive trading practices that have negative effects.
Voting Privileges
We legally own the Funds’ shares held in the Separate Account. However, when a Fund holds a shareholder vote that affects your investment, we ask you to give us voting instructions. We then vote all of our shares, including any we own on our behalf, in proportion to those instructions. Because most Owners do not give us instructions and we vote shares proportionally, a small number of Owners may determine a vote’s outcome. If we determine we no longer need to get your voting instructions, we will decide how to vote the shares. Only Owners have voting privileges. Annuitants, Beneficiaries, Payees and other persons have no voting privileges unless they are also Owners. We determine your voting interest based on the dollar value of the Fund shares attributable to your Contract. We calculate this based on the number and value of accumulation units for your Contract on the record date. We count fractional units. You will receive proxy materials and a voting instruction form.
5. Valuing Your Contract
Your Contract Value (and Bonus Value, if applicable) increases and decreases based on Purchase Payments (and any bonus), withdrawals, deduction of Contract fees and expenses, and your selected Investment Options’ Fund performance. If you have a Bonus Option Contract, we compute your Contract Value by deducting the unvested bonus amount from the Bonus Value. Additional Purchase Payments (and any bonus), and positive Fund performance increase your Contract Value (and Bonus Value, if applicable). Withdrawals, negative Fund performance, and deduction of Contract fees and expenses reduce your Contract Value (and Bonus Value, if applicable). Your Contract Value (and Bonus Value, if applicable) on any given Business Day are determined at the end of each Business Day.
We require that the Contract Value after a partial withdrawal must be at least $2,000.* We reserve the right to treat a partial withdrawal that reduces the Contract Value below this minimum as a full withdrawal.
*
Does not apply to Lifetime Plus Payments or Income Focus Payments.
Determining Contract Value and Bonus Value
The Separate Account holds Contract Value (and Bonus Value, if applicable) allocated to the Investment Options. Each Investment Option is a subaccount of the Separate Account. Each Investment Option invests exclusively in the shares of its underlying Fund (e.g., the AZL Government Money Market Fund). Contract Value (and Bonus Value, if applicable) held in the Investment Options will vary based on the investment experience of the underlying Funds. As a result, there is a risk of loss of the entire amount invested in the Investment Options.
We convert amounts allocated to the Investment Options into subaccount accumulation units. The daily value of a unit in an Investment Option (accumulation unit value) is based, in part, on the daily net asset value of its underlying Fund. The Fund’s net asset value reflects the performance of the Fund’s portfolio and the deduction of the Fund’s operating expenses. The accumulation unit value also reflects the deduction of certain charges under the Contract, as described below. The
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accumulation unit values for each Investment Option are typically determined at the end of each Business Day. Purchase Payments received by us before the end of a Business Day will be priced based on the accumulation unit value calculated at the end of that Business Day. Any such Purchase Payments received by us at or after the end of a Business Day will be priced based on the accumulation unit value calculated at the end of the next Business Day. We calculate your Contract Value (and Bonus Value, if applicable) at the end of each Business Day by multiplying each subaccount’s number of accumulation units by the accumulation unit value for that Business Day and adding those results together for all subaccounts.
On the Issue Date, the number of accumulation units attributable to your Contract was equal to the amount allocated to each Investment Option divided by its accumulation unit value. At the end of each Business Day, the number of subaccount accumulation units:
● 
increases when you add assets to an Investment Option by Purchase Payment (and any bonus) or transfer, and
● 
decreases when you remove assets from an Investment Option by taking a withdrawal (including any financial adviser fees that you choose to have us pay from this Contract), or requesting a transfer, or we deduct Contract charges other than the M&E charge. The M&E charge reduces the accumulation unit value, not the number of accumulation units.
We arbitrarily set the initial accumulation unit value for each Investment Option. At the end of each Business Day, we determine the new accumulation unit value for each Investment Option by multiplying the prior Business Day’s accumulation unit value by the underlying Fund’s percentage change in price (which is the change in net asset value) since the prior Business Day. The percentage change in price includes the underlying Fund’s market performance.
Example
● 
On Wednesday, we receive at our Service Center an additional Purchase Payment of $3,000 from you before the end of the Business Day.
● 
When the New York Stock Exchange closes on that Wednesday, we determine that the accumulation unit value is $13.25 for the Investment Option.
● 
We then divide $3,000 by $13.25 and credit your Contract on Wednesday night with 226.415094 subaccount accumulation units for the Investment Option.
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6. Expenses
Contract fees and expenses reduce your investment return and are described in this prospectus in detail.
Base Contract Expenses (Mortality and Expense Risk (M&E) Charge)
In your Contract, the base contract expense is referred to as the “mortality and expense risk” or “M&E” charge. We calculate and accrue the M&E charge at an annualized rate of the Investment Options’ average net assets calculated on a daily basis during the Accumulation Phase. The base M&E charge varies by Contract class, as follows. 
 
Mortality and Expense Risk (M&E) Charge
(as a percentage of each
Investment Option’s average net assets)
Base Option
1.40
%
Bonus Option
1.70
%
The M&E charge reduces the net asset value that we use to calculate each subaccount’s accumulation unit value during the Accumulation Phase. For more information on accumulation unit values, see the discussion in section 5, Valuing Your Contract.
Upon the death of the Owner, we continue to assess an M&E charge of 1.40% when paying the death benefit under death benefit payment Option B, or with optional payments under death benefit payment Option C, as noted in section 12, Death Benefit – Death Benefit Payment Options.
If you select Annuity Payments during the Annuity Phase, we do not assess the M&E charge during the Annuity Phase.
The M&E charge compensates us for providing all your Contract’s benefits, including our contractual obligation to make Annuity Payments and certain Contract and distribution expenses. The M&E charge also compensates us for assuming the expense risk that the current charges are less than future Contract administration costs as well as the cost of providing certain features under the Contract. If the M&E charge covers these costs and risks, any excess is profit to us. We anticipate making such a profit.
Optional Benefit Additional M&E Charge
Quarterly Value Death Benefit
If you have the Quarterly Value Death Benefit, we deduct an additional M&E charge from your Contract Value during the Accumulation Phase while your benefit is in effect. The additional M&E charge is 0.30%, as a percentage of each Investment Option’s average net assets. This charge compensates us for the risks we assume under the Quarterly Value Death Benefit.
If you have Quarterly Value Death Benefit and you remove the Additional Required Benefit from your Contract, we stop assessing the additional 0.30% M&E charge for the Quarterly Value Death Benefit after the Additional Required Benefit’s rider termination date. In this instance you will not receive any future lock-ins of quarterly investment gains to your death benefit but you keep any prior lock-ins.
Optional Living Benefit Rider Charges
Income Protector, Income Focus, and Investment Protector
If you have Income Protector, Income Focus, or Investment Protector we deduct a rider charge from your Contract Value during the Accumulation Phase while your benefit is in effect and your Contract Value is positive. The rider charge is an annualized rate that is calculated and accrued on a daily basis, and deducted quarterly. It is calculated as a percentage of the Benefit Base for Income Protector, as a percentage of the Total Income Value for Income Focus, and as a percentage of the Target Value for Investment Protector.
We begin calculating and accruing the daily rider charge amount on the day after the Rider Effective Date. We calculate the daily rider charge before we process any additional Purchase Payments or withdrawals. If you have Income Protector, we calculate the daily rider charge on days that are also a Quarterly Anniversary before we increase the Benefit Base for the Annual Increase Percentage or any Contract Value increase. If you have Investment Protector, we calculate the daily rider charge on days that are also a Rider Anniversary before we increase the Target Value for any Contract Value
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increase. We deduct the rider charge on each Quarterly Anniversary (or the next Business Day if the Quarterly Anniversary is not a Business Day) while your benefit is in effect with the following exceptions.
● 
If you withdraw the total Contract Value, we deduct the final rider charge (the total of all daily rider charges we calculated for the current Contract quarter) before processing the withdrawal.
● 
If you annuitize the Contract, we deduct the final rider charge before calculating Annuity Payments.
● 
If your benefit ends due to death, we deduct the final rider charge before calculating the death benefit.
 
Income Protector
(Version Identifier)
Available Dates
Rider Charge(1) ( as a percentage of the Benefit Base)
Minimum
Maximum
Current(2)
Single
and Joint
Payment
Single
Payment
Joint
Payment
Single
Payment
Joint
Payment
(01.17 through 04.20)
1/3/2017 – 4/24/2020
0.50%
2.50%
2.75%
1.40%
1.40%
(04.15 through 12.16)
4/27/2015 – 1/2/2017
0.50%
2.50%
2.75%
1.30%
1.30%
(10.12)
4/29/2013 – 4/24/2015
0.50%
2.50%
2.75%
1.10%
1.10%
(1)
The current rider charge may increase or decrease on each Quarterly Anniversary.
(2)
If you select the Charge Lock Option rider, the Income Protector’s rider charge is fixed at the rate in effect on the Charge Lock Date. You will continue to pay the rider charge after the Charge Lock Date as long as Income Protector is in effect and your Contract Value is positive.
For information on how we calculate the Benefit Base, see section 10, Income Protector – Benefit Base. 
Income Focus
Available Dates
Rider Charge(1) (as a percentage of the Total Income Value)
Minimum
Maximum
Current(2)
Single
and Joint
Payment
Single
Payment
Joint
Payment
Single
Payment
Joint
Payment
 
4/29/2013 – 4/24/2015
0.50%
2.75%
2.95%
1.30%
1.30%
(1)
If you select the Charge Lock Option rider, Income Focus’ rider charge is fixed at the rate in effect on the Charge Lock Date. You will continue to pay the rider charge after the Charge Lock Date as long as Income Focus is in effect and your Contract Value is positive.
(2)
The current rider charge may increase or decrease on each Quarterly Anniversary.
For information on how we calculate the Total Income Value, see Appendix D, Income Focus – Total Income Value. 
Investment Protector (Version Identifier)
Available Dates
 
Rider Charge
(as a percentage of the Target Value)
Maximum
Minimum
Current(1)
(07.13 through 10.16)
7/22/2013 – 10/16/2016

2.50%
0.35%
1.30%
(07.12)
4/29/2013 – 7/19/2013

2.50%
0.35%
1.20%
(1)
The current rider charge may increase or decrease on each Quarterly Anniversary.
For information on how we calculate the Target Value, see Appendix E, Investment Protector – Target Value.
We reserve the right to increase or decrease the rider charge on each Quarterly Anniversary, subject to the maximum and minimum. However, in any twelve-month period we cannot increase or decrease the rider charge more than 0.50% if you have Income Protector or Income Focus, or 0.35% if you have Investment Protector. If we increase your rider charge, we notify you in writing at least 30 days in advance to allow you the option of accepting the charge increase, or removing your benefit before the charge increases. Alternatively, if you have Income Protector or Income Focus, you can instead reject this charge increase and all future rider charge changes by selecting the Charge Lock Option rider. The Charge Lock Option rider allows you to keep your benefit at the current rider charge, but with reduced guaranteed values and payments, and no opportunity for future payment increases or future rider charge decreases. The Charge Lock Option rider for Income Protector is discussed in section 10, and for Income Focus is discussed in Appendix D. The Charge Lock Option rider is not available with Investment Protector.
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Selecting the Charge Lock Option rider may reduce your benefits significantly, and you may be better off either accepting a rider charge increase, or removing Income Protector or Income Focus from your Contract. If you select the Charge Lock Option rider your Contract Value will continue to fluctuate with Investment Option performance after the Charge Lock Date. The Charge Lock Date is the date after which your Income Protector or Income Focus rider charge does not change. The Charge Lock Option rider may not be available through all broker dealers or as stated in Appendix E. You should consult with your Financial Professional before selecting the Charge Lock Option rider. Once you select the Charge Lock Option rider, you cannot later remove it from your Contract.
We deduct the rider charge on a dollar for dollar basis from the Contract Value. We deduct the rider charge from the Contract Value on each Quarterly Anniversary before we use that Contract Value to compute any of your Contract’s guaranteed values, but we do not treat the deduction of the rider charge as a withdrawal when computing these guaranteed values. Guaranteed values include Income Protector’s Benefit Base (see section 10), Quarterly Value Death Benefit’s Quarterly Anniversary Value (see section 12), Income Focus’ Total Income Value (see Appendix D), and Investment Protector’s Target Value (see Appendix E). If on a Quarterly Anniversary (or the next Business Day if the Quarterly Anniversary is not a Business Day) the Contract Value is less than the rider charge, we deduct your total remaining Contract Value to cover the final rider charge and reduce your Contract Value to zero. If the deduction of the final rider charge eliminates your Contract Value, it does not end your Contract, selected benefit, or any lifetime income payments, although we no longer assess or deduct the rider charge.
Changes to the Benefit Base, Total Income Value, or Target Value change the rider charge amount. For example, if you have Income Protector and receive an annual Lifetime Plus Payment increase because the Contract Value increased, both your Benefit Base and daily rider charge amount also increase. Similarly, an Excess Withdrawal decreases both your Benefit Base and daily rider charge amount. An Excess Withdrawal is the amount of any withdrawal you take while you are receiving Lifetime Plus Payments or Income Focus Payments that, when added to other withdrawals taken during the Benefit Year and your annual actual payment, is greater than your annual maximum permitted payment.
This fee compensates us for the benefits provided by Income Protector, Income Focus, and Investment Protector, including your benefit’s guarantees. If the rider charge covers these costs and risks, any excess is profit to us. We anticipate making such a profit.
Example: You elected Income Protector (04.20). Your initial purchase payment was $100,000. On the Quarterly Anniversary your current annual rider charge is 1.40% and your Benefit Base is $116,250 based on an Annual Increase Percentage of 5% (1.25% simple interest quarterly). During the quarter you make no additional Purchase Payments, take no withdrawals and do not begin Lifetime Plus Payments. We calculate the daily rider charge amount for this quarter as follows:
(the Benefit Base) x (annual rider charge ÷ 365) = daily rider charge amount, or: $116,250 x (1.40% ÷ 365) = $4.46
If there are 89 days in the current quarter (which includes the next Quarterly Anniversary), then the total quarterly rider charge is:
(number of days in the current quarter) x (daily rider charge amount), or: 89 x $4.46 = $396.94
On the next Quarterly Anniversary we would deduct $396.94 from the Contract Value, then apply the Annual Increase Percentage to the Benefit Base. Assuming the Contract Value is not greater than the Annual Increase after application of simple interest increase, the new Benefit Base for the upcoming quarter would be $117, 500 ($116,250 + $100,000 x 1.25%). We would then use this new Benefit Base to begin computing the daily rider charge for the next quarter on the next day as:
(the Benefit Base) x (annual rider charge ÷ 365) = daily rider charge amount, or: $117,500 x (1.40% ÷ 365) = $4.51
If you make an additional Purchase Payment of $15,000 on the 43rd day of the next quarter, your Benefit Base would increase by the amount of the payment to $132,500 ($117,500 + $15,000). We would then use this new Benefit Base to begin computing the daily rider charge for the remainder of the quarter on the next day as:
(the Benefit Base) x (annual rider charge ÷ 365) = daily rider charge amount, or: $132,500 x (1.40% ÷ 365) = $5.08
If there are 92 days in the current quarter (which includes the next Quarterly Anniversary), then the total quarterly rider charge is:
(number of days in the current quarter) x (daily rider charge amount), or:
(43 x $4.51) + (49 x $5.08) = $193.93+ $248.92 = $442.85
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On the next Quarterly Anniversary we would deduct $442.85 from the Contract Value, then apply the Annual Increase Percentage and lock in any Contract Value increase to the Benefit Base. We would then use this new updated Benefit Base to begin computing the daily rider charge for the next quarter on the next day.
Please note that this example may differ from your actual results due to rounding. 
If Income Protector ends before the Benefit Date due to the death of a Covered Person or Owner (or Annuitant if the
Owner is a non-individual), we refund any rider charges accrued and deducted after the date of death even if you select
the Charge Lock Option rider. If Income Protector ends after the Benefit Date due to the death of a Covered Person or
Owner (or Annuitant if the Owner is a non-individual), we will not refund rider charges accrued and deducted after the
date of death.
Contract Maintenance Charge (Administrative Expenses)
Your annual contract maintenance charge is $50. This charge is for Contract administration and maintenance expenses. We waive this charge as follows:
● 
During the Accumulation Phase if the total Contract Value (or Bonus Value, if applicable) for all VisionTM Contracts you own is at least $100,000 at the end of the last Business Day before the Contract Anniversary, or if the Contract Value (or Bonus Value, if applicable) for this single Vision Contract is at least $100,000 on the Contract Anniversary (or the next Business Day if the Contract Anniversary is not a Business Day). We determine the total Contract Value (or Bonus Value, if applicable) for all individually owned VisionTM Contracts by using the Owner’s social security number, and for non-individually owned VisionTM Contracts we use the Annuitant’s social security number.
● 
During the Annuity Phase if the Contract Value on the last Business Day before the Annuity Date is at least $100,000.
● 
When paying death benefits under death benefit payment options A, B, or C.
During the Accumulation Phase, we deduct the contract maintenance charge on a dollar for dollar basis from the Contract Value determined on the Contract Anniversary (or the next Business Day if the Contract Anniversary is not a Business Day). If you take a full withdrawal from your Contract (other than on a Contract Anniversary), we deduct the full contract maintenance charge. We do not treat the deduction of the contract maintenance charge as a withdrawal when computing any of your Contract’s guaranteed values. During the Annuity Phase, we deduct the contract maintenance charge proportionately from each Annuity Payment.
Withdrawal Charge
You can take withdrawals during the Accumulation Phase. A withdrawal charge applies if any part of a withdrawal comes from a Purchase Payment that is still within the withdrawal charge period. We assess the withdrawal charge against the Withdrawal Charge Basis, which is equal to total Purchase Payments, less any Purchase Payment withdrawn (excluding any penalty-free withdrawals), and less any applicable withdrawal charge. We do not reduce the Withdrawal Charge Basis for any amounts we deduct to pay the transfer fee, contract maintenance charge, or rider charge.
We do not assess a withdrawal charge on penalty-free withdrawals or amounts we deduct to pay Contract charges, other than the withdrawal charge. However, any amounts used to pay a withdrawal charge are subject to a withdrawal charge. Amounts withdrawn to pay investment adviser fees are subject to a withdrawal charge if they exceed the free withdrawal privilege. Penalty-free withdrawals include: withdrawals under the free withdrawal privilege, and waiver of withdrawal charge benefit; payments under our minimum distribution program; Lifetime Plus Payments; and Income Focus Payments.
For purposes of calculating any withdrawal charge, we withdraw Purchase Payments on a “first-in-first-out” (FIFO) basis and we process withdrawal requests as follows.
1.
First we withdraw from Purchase Payments that are beyond your Contract’s withdrawal charge period (for example, on a Base Option Contract, Purchase Payments we have had for seven or more complete years). This withdrawal is not subject to a withdrawal charge and it reduces the Withdrawal Charge Basis.
2.
Then, if this is a partial withdrawal, we withdraw from the free withdrawal privilege (see section 7, Access to Your Money – Free Withdrawal Privilege). This withdrawal is not subject to a withdrawal charge and it does not reduce the Withdrawal Charge Basis.
3.
Next, on a FIFO basis, we withdraw from Purchase Payments within your Contract’s withdrawal charge period and assess a withdrawal charge. Withdrawing payments on a FIFO basis may help reduce the total withdrawal charge
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because the charge declines over time. We determine your total withdrawal charge by multiplying each payment by its applicable withdrawal charge percentage and then totaling the charges. This withdrawal reduces the Withdrawal Charge Basis.
4.
Finally we withdraw any Contract earnings. Bonuses (if applicable) and earnings on them are considered Contract earnings for withdrawal charge purposes. This withdrawal is not subject to a withdrawal charge and it does not reduce the Withdrawal Charge Basis.
The withdrawal charge as a percentage of each Purchase Payment withdrawn is as follows. 
Number of Complete
Years Since
Purchase Payment
Withdrawal Charge Amount
Base Contract
Bonus Option
0
8.5%
8.5%
1
8.5%
8.5%
2
7.5%
8.5%
3
6.5%
8%
4
5%
7%
5
4%
6%
6
3%
5%
7
0%
4%
8
0%
3%
9 years or more
0%
0%
Upon a full withdrawal, we first deduct any applicable contract maintenance charge and rider charge before we calculate the withdrawal charge. We deduct any applicable withdrawal charge from the total Contract Value and send you the remaining amount. For a partial withdrawal we deduct the amount you request, plus any applicable withdrawal charge from the total Contract Value. We apply the withdrawal charge to this total amount and we pay you the amount you requested. For partial withdrawals, we deduct the charge proportionately from your selected Investment Options. If a partial withdrawal occurs on a day that we also assess the rider charge and/or contract maintenance charge, we assess these charges in this order after we deduct the withdrawal and any applicable withdrawal charge from the Contract Value.
The withdrawal charge compensates us for expenses associated with selling the Contract.
Example: You make an initial Purchase Payment of $30,000 on a Base Option Contract and make another Purchase Payment in the first month of the second Contract Year of $70,000. In the third month of the third Contract Year, your Contract Value is $110,000 and you request a $52,000 withdrawal. We withdraw money and compute the withdrawal charge as follows.
1)
Purchase Payments beyond the withdrawal charge period. All payments are still within the withdrawal charge period, so this does not apply.
2)
Amounts available under the free withdrawal privilege. You did not take any other withdrawals this year, so you can withdraw up to 12% of your total payments (or $12,000) without incurring a withdrawal charge.
3)
Purchase Payments on a FIFO basis. We withdraw $30,000 from the first Purchase Payment, which is subject to a 7.5% withdrawal charge, and you receive $27,750. We determine this amount as follows:
(amount withdrawn) x (1 – withdrawal charge) = the amount you receive, or:
$30,000 x 0.925 = $27,750.
Next we withdraw from the second Purchase Payment. So far, you received $39,750 ($12,000 under the free withdrawal privilege and $27,750 from the first Purchase Payment), so we withdraw $12,250 from the second Purchase Payment to equal the $52,000 you requested. The second Purchase Payment is subject to an 8.5% withdrawal charge. We calculate the total amount withdrawn and its withdrawal charge as follows:
(the amount you receive) ÷ (1 – withdrawal charge) = amount withdrawn, or:
$12,250 ÷ 0.915 = $13,388
4)
Contract earnings. We already withdrew your requested amount, so this does not apply.
In total we withdrew $55,388 from your Contract, of which you received $52,000 and paid a withdrawal charge of $3,388.
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Reduction or Elimination of the Withdrawal Charge
We may reduce or eliminate the withdrawal charge if the Contract was sold under circumstances that reduced its sales expenses. We will implement this withdrawal charge reduction or elimination in a nondiscriminatory manner. For example, if a large group of individuals purchased Contracts or if a purchaser already had a relationship with us. We may choose not to deduct a withdrawal charge under a Contract issued to an officer, director, or employee of Allianz Life or any of its affiliates. Also, we may reduce or eliminate the withdrawal charge if a Contract was sold by a Financial Professional appointed with Allianz Life to any members of his or her immediate family and the Financial Professional waived their commission. We must pre-approve any withdrawal charge reduction or elimination. 
 
● We do not reduce the Withdrawal Charge Basis for penalty-free withdrawals or the deduction of Contract fees
and expenses other than the withdrawal charge. This means that upon a full withdrawal, if your Contract
Value is less than your remaining Purchase Payments that are still subject to a withdrawal charge we will
assess a withdrawal charge on more than the amount withdrawn. This can occur because your Contract Value
was reduced for:
– prior penalty-free withdrawals,
– deductions of Contract fees and expenses other than the withdrawal charge, and/or
– poor performance.
This also means that upon a full withdrawal you may not receive any money.
● Withdrawals are subject to ordinary income taxes, and may also be subject to a 10% additional federal tax for
amounts withdrawn before age 59 1∕2. For tax purposes, and in most instances, withdrawals from Non-
Qualified Contracts are considered to come from the earnings first, not Purchase Payments.
Transfer Fee
The first twelve transfers every Contract Year are free. After that, we deduct a $25 transfer fee for each additional transfer. We count all transfers made in the same Business Day as one transfer. The following do not count against the free transfers we allow and are not subject to a transfer fee: flexible rebalancing transfers or quarterly rebalancing transfers under Income Protector, Income Focus, or Investment Protector. The transfer fee continues to apply under death benefit payment Option B, and with optional payments under death benefit payment Option C as noted in section 12, Death Benefit – Death Benefit Payment Options During the Accumulation Phase.
We deduct the transfer fee on a dollar for dollar basis from the amount of Contract Value being transferred before allocating the remaining Contract Value to your selected Investment Options. We do not treat the deduction of the transfer fee as a withdrawal when computing any of your Contract’s guaranteed values.
Premium Tax
Premium tax is based on your state of residence at the time you make each Purchase Payment. In states that assess a premium tax, we do not currently deduct it from the Contract, although we reserve the right to do so in the future. Premium tax normally ranges from 0% to 3.5% of the Purchase Payment, depending on the state or governmental entity.
Income Tax
Currently, we do not deduct any Contract related income tax we incur, although we reserve the right to do so in the future.
Fund Expenses
Charges deducted from and expenses paid out of the assets of the Funds are described in the Funds’ prospectuses. These expenses reduce the Funds’ performance and, therefore, negatively affect your Contract Value and any guaranteed values or payments based on Contract Value.
Commissions Paid to Dealers
We pay sales commissions to the selling firms and their Financial Professionals. The maximum commission payable to the selling firms for Contract sales is expected not to exceed 7% of Purchase Payments. Sometimes, we enter into an agreement with a selling firm to pay commissions as a combination of a certain amount of the commission at the time of sale and a trail commission which, when totaled, could exceed 7% of Purchase Payments. Financial Professionals and their managers may also be eligible for various benefits such as production incentive bonuses, insurance benefits, and non-cash compensation items that we may provide jointly with our principal underwriter, Allianz Life Financial Services, LLC. You
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should ask your Financial Professional about compensation they receive for this Contract. Allianz Life is not a financial adviser, and does not provide investment advice in connection with sales of the Contract. We are not a fiduciary to you, and do not make recommendations or assess suitability.
7. Access to Your Money
The money in your Contract is available under the following circumstances:
● 
by withdrawing your Contract Value;
● 
by withdrawing the Target Value on a Target Value Date (the date we guarantee your Contract Value cannot be less than the Target Value) if you have Investment Protector;
● 
by taking Lifetime Plus Payments if you have Income Protector;
● 
by taking Income Focus Payments if you have Income Focus;
● 
by taking required minimum distributions (Qualified Contracts only) as discussed in “Minimum Distribution Program and Required Minimum Distribution (RMD) Payments” later in this section;
● 
by taking Annuity Payments; or
● 
when we pay a death benefit.
You can take withdrawals during the Accumulation Phase. We process withdrawal requests based on values next determined after receipt of the request in Good Order at our Service Center. Values are normally determined at the end of each Business Day. We process any withdrawal request received at or after the end of the current Business Day using values determined on the next Business Day.
Any partial withdrawal must be for at least $100.* The Contract Value after a partial withdrawal must be at least $2,000.** We reserve the right to treat a partial withdrawal that reduces the Contract Value below this minimum as a full withdrawal.
*
Does not apply to Lifetime Plus Payments, Income Focus Payments, or required minimum distributions.
**
Does not apply to Lifetime Plus Payments or Income Focus Payments.
We deduct any partial withdrawal (including any withdrawal charge) proportionately from each Investment Option unless you provide us with alternate instructions. If you have Income Protector, Income Focus, or Investment Protector, and take a partial withdrawal from specific Investment Options, the benefit’s quarterly rebalancing feature moves money back into those Investment Options at the end of the quarter unless you also change your future Purchase Payment allocation instructions.
If you have the Bonus Option partial withdrawals in excess of the free withdrawal privilege reduce unvested bonus amounts by the percentage of the Contract Value withdrawn as shown in the example below. If you have multiple bonuses, we reduce the oldest unvested bonus first.
When you take a full withdrawal, we process your request on the Business Day we receive it in Good Order at our Service Center as follows:
● 
total Contract Value determined at the end of the day,
● 
less any final rider charge if you have Income Protector, Income Focus or Investment Protector,
● 
less any withdrawal charge, and
● 
less any contract maintenance charge.
See Fee Tables and section 6, Expenses for a discussion of these charges.
We pay withdrawals within seven days of receipt of your request in Good Order at our Service Center, unless the suspension of payments or transfers provision is in effect (see the discussion later in this section). 
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● Withdrawals are subject to a withdrawal charge, income taxes, and may also be subject to a 10% additional
federal tax for amounts withdrawn before age 59 1∕2. Certain restrictions may apply to any withdrawal you
take.
● Joint Owners: We send one check payable to both Joint Owners and we tax report to each Joint Owner individually.
Tax reporting to each Joint Owner individually can create a discrepancy in taxation if only one Joint Owner is
under age 59 1∕2 because that Joint Owner may be subject to the 10% additional federal tax.
● We may be required to provide information about you or your Contract to government regulators. We may also be
required to stop Contract disbursements and thereby refuse any transfer requests, and refuse to pay any withdrawals,
surrenders, or death benefits until we receive instructions from the appropriate regulator. If, pursuant to SEC rules,
the AZL Government Money Market Fund suspends payment of redemption proceeds in connection with a fund
liquidation, we will delay payment of any transfer, partial withdrawal, surrender, or death benefit from the Investment
Option until the fund is liquidated.
● For Contracts with Investment Protector: The Target Value is only guaranteed to be available on each Target
Value Date. Beginning on the next Business Day, your Contract Value fluctuates based on your selected
Investment Options’ performance, and this is the value available to you upon withdrawal. We notify you in
writing at least 30 days in advance of your initial Target Value Date to allow you to decide if you want to take
a withdrawal and/or continue your Contract until the next Target Value Date.
Example
● 
You purchased a Bonus Option Contract, made an initial Purchase Payment of $100,000 and received a $6,000 bonus.
● 
You request a $50,000 partial withdrawal (not including the withdrawal charge) during the first Contract Year when the withdrawal charge is 8.5%. On the day of (but before) the partial withdrawal, your Contract Value is $110,600, the Bonus Value is $116,600, and your free withdrawal privilege is $12,000. Your bonus is not vested.
 
Calculating the total withdrawal charge:
Amount requested that is subject to a withdrawal charge (amount requested minus the free withdrawal privilege)
= $50,000 – $12,000 =
$38,000.00
Divided by (1 minus the withdrawal charge percentage) = 1 – 0.085 =
÷0.915
Total amount subject to a withdrawal charge
$41,530.05
Total withdrawal charge (amount withdrawn minus the amount requested) = $41,530.05 – $38,000.00 =
$3,530.05
 

Reducing the Contract Value:
Contract Value on the day of (but before) the partial withdrawal
$110,600.00
Minus the total amount withdrawn (amount requested plus the total withdrawal charge) = $50,000.00 + $3,530.05 =
–53,530.05
Contract Value after the partial withdrawal
$57,069.95
 

Reducing the unvested bonus:
Amount of the unvested bonus
$6,000.00
Multiplied by the result of the total amount withdrawn, minus the free withdrawal privilege, divided by the Contract Value
on the day of (but before) the partial withdrawal = ($53,530.05 – $12,000) / $110,600 =
X0.375
Reduction in the unvested bonus due to the partial withdrawal (0.375 x $6,000)
$2,250
Unvested bonus after the partial withdrawal = $6,000 – $2,250 =
$3,750
Free Withdrawal Privilege
Each Contract Year you can withdraw up to 12% of your total Purchase Payments without incurring a withdrawal charge (the free withdrawal privilege). Any unused free withdrawal privilege in one Contract Year is not added to the amount available next year. Withdrawals of Purchase Payments that are beyond the withdrawal charge period are not subject to a withdrawal charge and do not reduce your free withdrawal privilege. RMD payments are not subject to a withdrawal charge, but do reduce your free withdrawal privilege. Amounts we deduct for any financial adviser fees that you choose to have us pay from this Contract also reduce your free withdrawal privilege.
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Example
Assume you purchase a Base Option Contract, your initial Purchase Payment ten years ago was $90,000, and you made a second $100,000 Purchase Payment three years ago. You take an RMD payment of $1,500 and withdraw $150,000 when the Contract Value is $275,000. The RMD payment is not subject to a withdrawal charge, but reduces the amount available under the free withdrawal privilege to $21,300 (12% x $190,000 total Purchase Payments = $22,800 - $1,500 RMD payment). After the RMD payment, $111,300 is available to you without a withdrawal charge: the initial $90,000 Purchase Payment that is beyond the 7-year withdrawal charge period, and $21,300 remaining free withdrawal privilege. The remaining $38,700 of your requested withdrawal would be subject to a 7.5% withdrawal charge. 
The free withdrawal privilege is not available upon a full withdrawal, or while you are receiving Lifetime Plus
Payments or Income Focus Payments.
Minimum Distribution Program and Required Minimum Distribution (RMD) Payments
If you own an IRA or SEP IRA Contract, you can participate in the minimum distribution program during the Accumulation Phase. Under this program, we make payments to you designed to meet the applicable minimum distribution requirements imposed by the Internal Revenue Code for this Qualified Contract. RMD payments are not subject to a withdrawal charge, but they reduce the free withdrawal privilege during the Contract Year. We do not consider deductions we make for financial adviser fees that you choose to have us pay from this Contract to be RMD payments. However, Contract Value is one of the components we use to calculate RMD payments, so these deductions may reduce your RMD payments.  We can make payments to you monthly, quarterly, semi-annually or annually. However, if your Contract Value is less than $25,000, we only make annual payments. You cannot aggregate RMD payments between this Contract and other qualified contracts that you own. We make RMD payments on the ninth of the month, or the next Business Day if the ninth is not a Business Day. We must receive your program form instructions in Good Order at our Service Center before the end of the Business Day before we process these payments, or your program does not begin until the next month.
When you request Lifetime Plus Payments or Income Focus Payments, we ask for instructions regarding your RMD needs for this Contract. If you choose to use these payments to satisfy your RMD needs, we determine whether this calendar year’s total RMD has been satisfied by your Lifetime Plus Payments or Income Focus Payments and any Excess Withdrawals. If the RMD amount for this Contract has not been satisfied, we send you this remaining amount as one RMD payment by the end of the calendar year. We consider this payment to be a withdrawal, but it is not an Excess Withdrawal and it is not subject to a withdrawal charge. For more information, see section 10, Income Protector: Calculating Your Lifetime Plus Payments, or Appendix D – Income Focus: Calculating Your Income Focus Payments.
We reserve the right to discontinue or modify the minimum distribution program subject to the requirements of law. 
The minimum distribution program is not available while you are receiving systematic withdrawals, or if you
have a Qualified Contract purchased through a qualified plan.
Waiver of Withdrawal Charge Benefit
After the first Contract Year, if any Owner becomes confined to a skilled nursing facility or hospital for a period of at least 90 consecutive days and a physician certifies that continued confinement is necessary, you can take withdrawals and we waive the withdrawal charge. This waiver is not available if any Owner was confined to a nursing home on the Issue Date. We base this benefit on the Annuitant for non-individually owned Contracts. We must receive proof of confinement in Good Order for each withdrawal before we waive the withdrawal charge.
Suspension of Payments or Transfers
We may be required to suspend or postpone transfers or payments for withdrawals* for more than seven days after receipt of your request in Good Order at our Service Center, for any period when:
● 
the New York Stock Exchange is closed (other than customary weekend and holiday closings);
● 
trading on the New York Stock Exchange is restricted;
● 
an emergency (as determined by the SEC) exists as a result of which disposal of the Funds’ shares by the Separate Account, or disposal of securities owned by the Funds, is not reasonably practicable, or it is not reasonably practical for the Separate Account or the Funds to determine the value of their net assets; or
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 41 
● 
during any other period when the SEC, by order, so permits for the protection of Owners.
*
Including Lifetime Plus Payments, Income Focus Payments, and Excess Withdrawals.
8. The Annuity Phase
Prior to annuitization, you can surrender your Contract and receive your total Contract Value, less fees and expenses. Annuity Payments offer a guaranteed income stream with certain tax advantages and are designed for Owners who are not concerned with continued access to Contract Value.
You can apply your Contract Value to regular periodic fixed annuity payments (Annuity Payments). The Payee receives the Annuity Payments. You receive tax reporting on the payments, whether or not you are the Payee. We may require proof of the Annuitant(s)’ age before we make any life contingent Annuity Payment. If you misstate the Annuitant(s)’ age or gender, we pay the amount that would have been paid at the true age or gender.
Calculating Your Annuity Payments
We base Annuity Payments upon the following:
● 
The Contract Value less the final rider charge (if applicable) on the Annuity Date.
● 
The age of the Annuitant and any joint Annuitant on the Annuity Date.
● 
The gender of the Annuitant and any joint Annuitant where permitted.
● 
The Annuity Option you select.
● 
Your Contract’s interest rate (or current rates, if higher) and mortality table.
We guarantee the dollar amount of Annuity Payments and this amount does not change during the entire annuity payout option period that you selected, except as provided under Annuity Option 3.
Annuity Payment Options
You can choose one of the Annuity Options described below or any other payment option to which we agree. After Annuity Payments begin, you cannot change the Annuity Option, or transfer or withdraw Contract Value.
Option 1. Life Annuity. We make Annuity Payments during the life of the Annuitant, and the last payment is the one that is due before the Annuitant’s death. If the Annuitant dies shortly after the Annuity Date, the Payee may receive less than your investment in the Contract.
Option 2. Life Annuity with Payments Over 5, 10, 15 or 20 Years Guaranteed. We make Annuity Payments during the life of the Annuitant, with payments for a minimum guaranteed period that you select.
Option 3. Joint and Last Survivor Annuity. We make Annuity Payments during the lifetimes of the Annuitant and the joint Annuitant. Upon the death of one Annuitant, Annuity Payments to the Payee continue during the lifetime of the surviving joint Annuitant, at a level of 100%, 75% or 50% selected by the Owner when he or she chose this Annuity Payment option. If both Annuitants die shortly after the Annuity Date, the Payee may receive less than your investment in the Contract.
Option 4. Joint and Last Survivor Annuity with Payments Over 5, 10, 15 or 20 Years Guaranteed. We make Annuity Payments during the lifetimes of the Annuitant and the joint Annuitant, with payments for a minimum guaranteed period that you select.
Option 5. Refund Life Annuity. We make Annuity Payments during the lifetime of the Annuitant, and the last payment is the one that is due before the Annuitant’s death. After the Annuitant’s death, the Payee may receive a lump sum refund. The amount of the refund equals the amount applied to this Annuity Option minus the total paid under this option.
Under Annuity Options 1, 3, and 5, if all Annuitants die on or after the Annuity Date and before we send the first Annuity Payment, we will cancel Annuity Payments and upon receipt of a Valid Claim, we will pay the amount applied to the selected Annuity Option to the surviving individual Owner, or the Beneficiary(ies) if there is no surviving Owner. If the Owner is a non-individual, we pay the Owner.
After the Annuitant’s death under Annuity Option 2, or the last surviving joint Annuitant’s death under Annuity Option 4, we make Annuity Payments during the remaining guaranteed period in the following order based on who is still alive: the Payee, any surviving original Owner, the last surviving Owner’s Beneficiaries, or to the last surviving Owner’s estate if there are no remaining or named Beneficiaries.
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Annuity Payments are usually lower if you select an Annuity Option that requires us to make more frequent Annuity Payments or to make payments over a longer period of time. If you choose life contingent Annuity Payments, payout rates for a younger Annuitant are lower than the payout rates for an older Annuitant and payout rates for life with a guaranteed period are typically lower than life only payments. Monthly payout rates are lower than annual payout rates, payout rates for a 20-year guaranteed period are less than payout rates for a 10-year guaranteed period, and payout rates for a 50-year-old Annuitant are less than payout rates for a 70-year-old Annuitant. 
● If you do not choose an Annuity Option before the Annuity Date, we make Annuity Payments to the Payee
under Annuity Option 2 with ten years of guaranteed monthly payments.
● For Owners younger than age 59 1∕2, Annuity Payments may be subject to a 10% additional federal tax.
● For a Qualified Contract, the Annuity Payments generally must end no later than the end of the year
containing the 10th anniversary of the Owner's death. However, in certain situations, payments may need to
end earlier.
When Annuity Payments Begin
Annuity Payments begin on the Annuity Date. Your scheduled Annuity Date is the first day of the calendar month following the later of: a) the Annuitant’s 90th birthday, or b) the tenth Contract Anniversary and is stated in your Contract. An earlier Annuity Date or a withdrawal may be required to satisfy minimum required distribution rules under certain Qualified Contracts. You can make an authorized request for a different, earlier or later Annuity Date after the Issue Date, but any such request is subject to applicable law and our approval. An earlier Income Date may be available to you depending on the state in which your Contract was issued. Your Annuity Date must be the first day of a calendar month. The earliest available Income Date is the first day of a calendar month that occurs on or after your second Contract Anniversary. The Annuity Date can occur as late as age 100 but cannot be later than what is permitted under applicable law. If we require you to annuitize the Contract while you are receiving Lifetime Plus Payments or Income Focus Payments, which may occur as late as age 100, we provide an annuity option with payments at least equal to the payments you are then receiving as described next. 
● If on the Annuity Date your Contract Value is greater than zero, you must annuitize the Contract. We notify
you of your available options in writing 60 days in advance, including the option to extend your Annuity Date if
available. If on your Annuity Date you have not selected an Annuity Option, we make payments under Annuity
Option 2 with ten years of guaranteed monthly payments. Upon annuitization you no longer have Contract Value or
a death benefit, and you cannot receive any other periodic withdrawals or payments other than Annuity Payments.
● For Contracts with Income Protector or Income Focus: If on the Annuity Date your Contract Value is greater than
zero, you are receiving Lifetime Plus Payments or Income Focus Payments, and we require you to annuitize the
Contract, we make the following guarantee if you take Annuity Payments under Annuity Option 1 or 3.
For single Lifetime Plus Payments or Income Focus Payments, if you choose Annuity Option 1 (Life Annuity) where
the sole Annuitant is the sole Covered Person, then your Annuity Payments equals the greater of:
– annual Annuity Payments under Annuity Option 1 based on the Contract Value; or
– the current annual maximum Lifetime Plus Payment or Income Focus Payment available to you.
For joint Lifetime Plus Payments or Income Focus Payments, if you choose Annuity Option 3 (Joint and Last Survivor
Annuity) with Annuity Payments to continue at a level of 100% to the surviving joint Annuitant, and both joint
Annuitants are the joint Covered Persons, then your Annuity Payments equals the greater of:
– annual Annuity Payments under Annuity Option 3 based on the Contract Value; or
– the current annual maximum Lifetime Plus Payment or Income Focus Payment available to you.
However, if you select any other Annuity Option, this guarantee does not apply.
If you have a Non-Qualified Contract, these Annuity Payments will receive the benefit of the exclusion ratio, which
causes a portion of each Annuity Payment to be non-taxable as described in section 13, Taxes – Taxation of Annuity
Contracts.
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9. Benefits Available Under the Contract
The following tables summarize information about the benefits available under the Contract. 
Standard Benefits (No Additional Charge)
Name of Benefit
Purpose
Brief Description of Restrictions/Limitations
Free Withdrawal
Privilege
Allows you to withdraw up to 12% of your total
Purchase Payments each Contract Year without
incurring a withdrawal charge.
• Only available during the Accumulation Phase.
• Not available upon full withdrawal.
• Not available while you are receiving Lifetime Plus
Payments or Income Focus Payments.
• Unused free withdrawal amounts not available in
future years.
• Program 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.
Automatic
Investment Plan
(AIP)
Allows you to make automatic Purchase Payments
by electronic money transfer from your savings,
checking, or brokerage account.
• Only available during the Accumulation Phase.
• Not available if you have Investment Protector, or a
Qualified Contract purchased through a qualified
plan.
• Payments must be on a monthly or quarterly basis.
• Subject to applicable Purchase Payment
restrictions.
• We reserve the right to discontinue or modify.
Flexible
Rebalancing
Program
Provides for automatic, periodic transfers among the
Investment Options to help you maintain your
selected allocation percentages among the
Investment Options.
• Only available during the Accumulation Phase.
• Not available to Contracts with Income Protector,
Income Focus, or Investment Protector.
• Rebalancing may be on a quarterly, semi-annual,
or annual basis only.
• Program transfers do not count against transfer
limitations.
• We reserve the right to discontinue or modify.
Systematic
Withdrawal
Program
Allows you to take automatic withdrawals from your
Contract.
• Only available during the Accumulation Phase.
• Minimum $100 withdrawal required.
• Not available if you are participating in minimum
distribution program or receiving Lifetime Plus
Payments or Income Focus Payments.
• Program withdrawals may be monthly, quarterly,
semi-annual or annual, unless you have less than
$25,000 in Contract Value, in which case only
annual withdrawals are available.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals are subject to withdrawal
charges, income taxes, and may also be subject to
a 10% additional federal tax for amounts
withdrawn before age 59 1∕2.
• We reserve the right to discontinue or modify.
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Standard Benefits (No Additional Charge)
Name of Benefit
Purpose
Brief Description of Restrictions/Limitations
Minimum
Distribution
Program
Allows you to automatically take withdrawals to
satisfy the required minimum distribution
requirements imposed by the Internal Revenue Code
for a Qualified Contract.
• Only available during the Accumulation Phase.
• Only available to IRA or SEP IRA Contracts.
• Not available if you are participating in systematic
withdrawal program.
• Program withdrawals may be monthly, quarterly,
semi-annual or annual, unless you have less than
$25,000 in Contract Value, in which case only
annual withdrawals are available.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals are not subject to withdrawal
charges, but are subject to income taxes.
• We reserve the right to discontinue or modify
subject to the requirements of law.
Financial Adviser
Fees
If you have a financial adviser and want to pay their
financial adviser fees from this Contract, you can
instruct us to withdraw the fee from your Contract
and pay it to your Financial Professional or Financial
Professional’s firm as instructed.
• Only available during the Accumulation Phase.
• Financial adviser fees are in addition to the
Contract’s fees and expenses.
• Deductions for financial adviser fees are treated as
withdrawals under the Contract.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals are subject to withdrawal
charges, income taxes, and may also be subject to
a 10% additional federal tax for amounts
withdrawn before age 59  1∕2.
• We reserve the right to discontinue or modify.
Waiver of
Withdrawal Charge
Benefit
Waives withdrawal charges if you become confined
to a skilled nursing facility or hospital.
• Only available during the Accumulation Phase.
• Confinement must begin after the first Contract
Year, be for at least 90 consecutive days, and
requires proof of stay.
• Requires physician certification.
• Not available if any Owner was confined to a
skilled nursing facility or hospital on the Issue
Date.
• Program withdrawals count against free withdrawal
privilege.
• Program withdrawals are not subject to withdrawal
charges, but are subject to income taxes, and may
also be subject to a 10% additional federal tax for
amounts withdrawn before age 59  1∕2.
• State variations apply.
Traditional Death
Benefit
Provides a death benefit equal to the greater of
Contract Value or Traditional Death Benefit Value.
• Only available during the Accumulation Phase.
• Withdrawals may significantly reduce or end the
benefit as indicated in Appendix C.
• Restrictions on Purchase Payments may limit the
benefit.
• Traditional Death Benefit version 2 is a first-to-die
death benefit that may not be available if you
change the Owner.
• Annuitizing the Contract will end the benefit.
• For Bonus Option Contracts, (i) unvested bonuses
are not included in Contract Value; (ii) no bonuses
are included as part of Purchase Payments.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Optional Benefits (No Longer Available For Election)
Name of
Benefit
Purpose
Maximum
Fee
Brief Description of Restrictions/Limitations
Quarterly
Value Death
Benefit
Provides a death benefit equal to the greater of
Contract Value or the Quarterly Anniversary
Value. The benefit is designed to potentially
lock-in quarterly investment gains during the
Accumulation Phase.
See Appendix C for an example of how we
calculate the Quarterly Anniversary Value.
0.30%
(as a
percentage of
each
Investment
Option’s
average net
assets)
• Replaces the Traditional Death Benefit if
elected.
• Only available during the Accumulation Phase.
• Withdrawals may significantly reduce or end
the benefit as indicated in Appendix C.
• Withdrawals reduce the likelihood of receiving
increases to the Quarterly Anniversary Value.
• Required the election of an Additional
Required Benefit. Removing the Additional
Required Benefit may reduce the Quarterly
Value Death Benefit.
• Quarterly Value Death Benefit version 2 is a
first-to-die death benefit that may not be
available if you change the Owner.
• Cannot be removed from the Contract.
• Annuitization of the Contract will end the
benefit.
• For Bonus Option Contracts, unvested bonus
amounts are not included in benefit values. No
bonus amounts (including vested amounts) are
included in benefit values based on Purchase
Payments.
VisionTM Variable Annuity Prospectus – May 1, 2026
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Optional Benefits (No Longer Available For Election)
Name of
Benefit
Purpose
Maximum
Fee
Brief Description of Restrictions/Limitations
Income
Protector
Guaranteed minimum lifetime withdrawal benefit
providing for guaranteed yearly withdrawals /
payments until the death of the Covered
Person(s) if conditions are satisfied. Also
includes:
• A quarterly lock-in feature (Quarterly
Anniversary Value) and a quarterly simple
interest reset feature (Annual Increase) that
may increase the Benefit Base before the
Benefit Date.
• An automatic annual Lifetime Plus Payment
increase feature that may increase payments
after the Benefit Date.
See Appendix C for an example of how we
calculate the Benefit Base.
2.50% for
single
payments
 
2.75% for
joint
payments
 
 
(as a
percentage of
the Benefit
Base)
• Only available during the Accumulation Phase.
• Additional Purchase Payments are subject to
further restrictions.
• Investment restrictions limit available
Investment Options.
• Investments will be automatically rebalanced
quarterly.
• Early and Excess Withdrawals may
significantly reduce or end the benefit as
indicated in Appendix C.
• Lifetime Plus Payments are subject to income
taxes, and may also be subject to a 10%
additional federal tax for amounts withdrawn
before age 59  1∕2.
• Lifetime Plus Payments may not begin until
after the relevant Covered Person reaches age
60 and must begin before age 91.
• Availability of joint Income Payments subject to
age restrictions.
• Quarterly Anniversary Value and Annual
Increase features are subject to limitations and
are unavailable after the Benefit Date.
• If you take less than your annual maximum
Lifetime Plus Payment in a Benefit Year, you
are ineligible for potential automatic annual
Lifetime Plus Payment increases. A Benefit
Year is a period of twelve months beginning on
the Benefit Date or any subsequent Benefit
Anniversary.
• If we increase the current rider charge, you
may be able to reject the increase but doing so
will significantly reduce the benefit.
• After the Benefit Date: no additional Purchase
Payments; no AIP or systematic withdrawal
programs; and no free withdrawal privilege
(Lifetime Plus Payments are not subject to
withdrawal charges).
• Annuitization of the Contract will end the
benefit, but you may be able to annuitize your
annual maximum Lifetime Plus Payment.
• For Bonus Option Contracts, unvested bonus
amounts are not included in benefit values. No
bonus amounts (including vested amounts) are
included in benefit values based on Purchase
Payments.
• State variations apply.
VisionTM Variable Annuity Prospectus – May 1, 2026
 47 
Optional Benefits (No Longer Available For Election)
Name of
Benefit
Purpose
Maximum
Fee
Brief Description of Restrictions/Limitations
Income
Focus
Guaranteed minimum lifetime withdrawal benefit
providing for guaranteed yearly withdrawals /
payments until the death of the Covered
Person(s) if conditions are satisfied.
Also includes a Performance Increase feature
that may increase the benefit before or after the
Benefit Date.
See Appendix C for an example of how we
calculate the Total Income Value.
2.75% for
single
payments
 
2.95% for
joint
payments
 
(as a
percentage of
the Total
Income Value)
• Only available during the Accumulation Phase.
• Additional Purchase Payments are subject to
further restrictions.
• Investment restrictions limit available
Investment Options.
• Investments will be automatically rebalanced
quarterly.
• Early and Excess Withdrawals may
significantly reduce or end the benefit as
indicated in Appendix C.
• Income Focus Payments are subject to income
taxes, and may also be subject to a 10%
additional federal tax for amounts withdrawn
before age 59  1∕2.
• Income Focus Payments may not begin until
the relevant Covered Person reaches age 60
and must begin before age 91.
• Performance Increase feature is subject to
limitations.
• If you take less than your annual maximum
Income Focus Payment in a Benefit Year, you
are ineligible for a potential Performance
Increase.
• If we increase the current rider charge, you
may be able to reject the increase but doing so
will significantly reduce the benefit.
• After the Benefit Date: no additional Purchase
Payments; no AIP or systematic withdrawal
programs; and no free withdrawal privilege
(Income Focus Payments are not subject to
withdrawal charges).
• Annuitization of the Contract will end the
benefit, but you may be able to annuitize your
annual maximum Income Focus Payment.
• For Bonus Option Contracts, unvested bonus
amounts are not included in benefit values. No
bonus amounts (including vested amounts) are
included in benefit values based on Purchase
Payments.
• State variations apply.
VisionTM Variable Annuity Prospectus – May 1, 2026
 48 
Optional Benefits (No Longer Available For Election)
Name of
Benefit
Purpose
Maximum
Fee
Brief Description of Restrictions/Limitations
Investment
Protector
Guaranteed accumulation benefit providing a
level of protection for your principal and a
percentage of any annual investment gains.
Target Value Dates occur every 5 years after a
10 year waiting period. Includes an initial Target
Value Date reset feature.
See Appendix C for examples of how we
calculate the Rider Anniversary Value we use to
determine the Target Value. See Appendix E for
an example of the application of the Target
Value.
2.50%
(as a
percentage of
the Target
Value)
• Only available during the Accumulation Phase.
• Additional Purchase Payments are subject to
further restrictions.
• Investment restrictions limit available
Investment Options.
• Investments will be automatically rebalanced
quarterly.
• Withdrawals may significantly reduce or end
the benefit as indicated in Appendix C.
• No guaranteed minimum Contract Value before
the first Target Value Date, or between Target
Value Dates.
• Target Value Dates occur every 5th Rider
Anniversary after the first Target Value Date.
• No benefit on a Target Value Date if Contract
Value is greater than Target Value.
• Initial Target Value Date resets are subject to
limitations and restart the 10-year waiting
period before the first Target Value Date.
• If we increase your current rider charge, you
cannot reject the increase without ending the
benefit.
• Annuitization of the Contract will end the
benefit.
• For Bonus Option Contracts, unvested bonus
amounts are not included in benefit values
based on Contract Value. No bonus amounts
(including vested amounts) are included in
benefit values based on Purchase Payments.
• State variations apply.
Bonuses on
Purchase
Payments
Provides a 6% bonus on Purchase Payments for
Bonus Option Contracts.
0.30%
higher M&E
charge
compared to
Base Option
Contract
(as a
percentage
of each
Investment
Option’s
average net
assets)
• Only available on the Bonus Option Contract
class.
• Bonuses only available during the
Accumulation Phase.
• Purchase Payment must be received before
age 81.
• Bonuses subject to 3-year vesting schedule.
• Bonuses not included in Contract Value or
Contract guarantees until vested.
• Bonuses not considered part of Purchase
Payments for purposes of Contract guarantees
(including, but not limited to, the Traditional
Death Benefit).
• Additional charge for bonus feature built into
higher M&E charge and higher and longer
withdrawal charge schedule compared to Base
Option Contract.
• Higher charges associated with Bonus Option
Contracts may be greater than any benefit
from bonuses.
• Bonus feature cannot be removed from the
Contract.
• State variations apply.
VisionTM Variable Annuity Prospectus – May 1, 2026
 49 
10. Income Protector
Income Protector was available from April 29, 2013 through April 24, 2020. Income Protector has a rider charge that we deduct from your Contract Value during the Accumulation Phase while your benefit is in effect and your Contract Value is positive. For information on the rider charge, please see the Fee Tables and section 6, Expenses – Optional Living Benefit Rider Charges. Income Protector is also subject to investment restrictions and quarterly rebalancing as discussed in Appendix B.
We designed Lifetime Plus Payments to last for the lifetime of the Covered Person(s). If you do not begin Lifetime Plus Payments before all Covered Persons die or are removed from the Contract, Income Protector ends and you will not receive any payments. Lifetime Plus Payments are available once the younger Covered Person reaches the minimum exercise age and before the older Covered Person reaches age 91. The minimum exercise age is age 60. You choose your payment frequency and amount subject to an annual maximum. Once established, the annual maximum Lifetime Plus Payment can increase, but it cannot decrease unless you take an Excess Withdrawal.
Removing Income Protector
You can remove Income Protector from your Contract while the Contract Value is positive by completing the appropriate form. We remove this benefit from your Contract on the Quarterly Anniversary (or on the next Business Day if the Quarterly Anniversary is not a Business Day) that occurs immediately after we receive your request in Good Order at our Service Center, and the rider termination date is that Quarterly Anniversary.
If we increase this benefit’s rider charge and you want to remove this benefit before the increase, we must receive this form within 30 days of the date of our letter notifying you of the rider charge increase. If we receive your form after this period, we increase your rider charge and ask you to resubmit the form for the next Quarterly Anniversary.
If you are removing this benefit for any other reason, your request is in Good Order if we receive this form no earlier than 30 days before a Quarterly Anniversary, and no later than before the end of the last Business Day before the Quarterly Anniversary. If we receive your request outside this time period, we ask you to resubmit it for the next Quarterly Anniversary.
If you allocated Contract Value to Investment Options that are only available under Income Protector, you must transfer your Contract Value out of these Investment Options and remove these Investment Options from your future Purchase Payment allocation instructions for your removal request to be in Good Order.
On the rider termination date Lifetime Plus Payments (if applicable) stop, we deduct the final rider charge, and the restrictions on additional Purchase Payments and Contract Value allocations and transfers no longer apply.
Lifetime Plus Payment Overview
We base your initial annual maximum Lifetime Plus Payment on the Benefit Base and Payment Percentage. When payments begin (on the Benefit Date), the Benefit Base is the greatest of:
● 
Contract Value determined on the Benefit Date excluding any Daily Transactions,
● 
highest Contract Value from any prior Quarterly Anniversary adjusted for subsequent withdrawals (Quarterly Anniversary Value), or
● 
quarterly simple interest (Annual Increase Percentage) applied to Purchase Payments adjusted for withdrawals for a guaranteed number of years (Guarantee Years). Each quarter we reset the simple interest value to equal the Contract Value, if greater (Annual Increase).
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 50 
The Payment Percentages table, Annual Increase Percentage and the number of Guarantee Years that are used to calculate your Lifetime Plus Payments and Annual Increase are set out in the following table. 
Income Protector
(Version Identifier)
Annual
Increase
Percentage
used to
calculate the
Annual
Increase
Number of
Guarantee
Years used to
calculate the
Annual
Increase
Payment Percentages used to calculate
annual maximum Lifetime Plus Payments
(09.19 through 04.20)
available from September
4, 2019 through April 24,
2020
5%,
which is
1.25% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
60 – 64
65 – 79
80+
3.00%
3.50%
4.50%
(07.19 through 08.19)
available from July 2, 2019
through September 3, 2019
5%,
which is
1.25% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.00%
4.50%
5.50%
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
(05.19 through 06.19)
available from May 7, 2019
through July 1, 2019
6%,
which is
1.50% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.00%
4.50%
5.50%
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
(03.18 through 04.19v2)
available from March 6,
2018 through May 6, 2019
7%,
which is
1.75% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.00%
4.50%
5.50%
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
(03.17 through 02.18)
available from March 7,
2017 through March 5,
2018
6%,
which is
1.50% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.00%
4.50%
5.50%
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
(01.17, 02.17)
available from January 3,
2017 through March 6,
2017
5%,
which is
1.25% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.00%
4.50%
5.50%
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
(12.16)
available from December 6,
2016 through January 2,
2017
4%,
which is
1.00% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.00%
4.50%
5.50%
60 – 64
65 – 79
80+
3.50%
4.00%
5.00%
(09.16 through 11.16)
available from September
6, 2016 through December
5, 2016
4%,
which is
1.00% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
3.75%
4.25%
5.25%
60 – 64
65 – 79
80+
3.25%
3.75%
4.75%
(07.16, 08.16)
available from July 5, 2016
through September 5, 2016
4%,
which is
1.00% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.0%
4.5%
5.5%
60 – 64
65 – 79
80+
3.5%
4.0%
5.0%
(05.16, 06.16)
available from May 3, 2016
through July 4, 2016
5%,
which is
1.25% applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.0%
4.5%
5.5%
60 – 64
65 – 79
80+
3.5%
4.0%
5.0%
VisionTM Variable Annuity Prospectus – May 1, 2026
 51 
Income Protector
(Version Identifier)
Annual
Increase
Percentage
used to
calculate the
Annual
Increase
Number of
Guarantee
Years used to
calculate the
Annual
Increase
Payment Percentages used to calculate
annual maximum Lifetime Plus Payments
(04.15, 04.16)
available from April 27,
2015 through May 2, 2016
6%,
which is 1.5%
applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.0%
4.5%
5.5%
60 – 64
65 – 79
80+
3.5%
4.0%
5.0%
(10.12)
available from April 29,
2013 through April 24, 2015
6%,
which is 1.5%
applied
quarterly
30
Covered Person’s age for single
Lifetime Plus Payments
Younger Covered Person’s age for joint Lifetime
Plus Payments
60 – 64
65 – 79
80+
4.0%
4.5%
5.5%
60 – 64
65 – 79
80+
3.5%
4.0%
5.0%
 
● The minimum exercise age that Lifetime Plus Payments can begin is age 60.
● On the Rider Effective Date we established your Contract’s Annual Increase Percentage, Guarantee Years, and
Payment Percentages, and we cannot change these values while your benefit is in effect.
The annual maximum Lifetime Plus Payment is the amount you are entitled to receive each year, but you can choose to take an actual payment that is less than your annual maximum Lifetime Plus Payment. If you take less than 100% of your annual maximum Lifetime Plus Payment in a Benefit Year, you are not eligible for a potential payment increase in the next Benefit Year. Your annual maximum Lifetime Plus Payment may increase based on the Covered Person’s age and/or if the Contract Value increases. However, your annual maximum payment does not increase just as a result of the Covered Person reaching an age that has a higher Payment Percentage; the result of the current Contract Value multiplied by the increased Payment Percentage must be greater than your current annual maximum payment for your payment to increase. For more information, see “Automatic Annual Lifetime Plus Payment Increases.”
Benefit Base
The Benefit Base determines both your rider charge and your initial annual maximum Lifetime Plus Payment. The greater the Benefit Base, the greater the initial annual maximum Lifetime Plus Payment.
On the Rider Effective Date, and on each Business Day before the Benefit Date, the Benefit Base is equal to the greater of the Quarterly Anniversary Value or the Annual Increase. On the Benefit Date, we compare your Benefit Base to the current Contract Value (excluding any Daily Transactions) and increase your Benefit Base to equal this Contract Value if it is greater.
On and after the Benefit Date, your Benefit Base only changes if you take an Excess Withdrawal, or we increase your annual maximum Lifetime Plus Payment. Changes in the Benefit Base also change your daily rider charge amount. Excess Withdrawals reduce your Benefit Base by the percentage of Contract Value withdrawn, determined at the end of the Business Day we process the withdrawal. An annual payment increase may increase or decrease your Benefit Base on a Benefit Anniversary (or the next Business Day if the Benefit Anniversary is not a Business Day) as follows.
● 
If we increase your annual maximum Lifetime Plus Payment because the Contract Value increased, we increase your Benefit Base by the same percentage that we increased the payment.
● 
If we increase your annual maximum Lifetime Plus Payment because the Payment Percentage determined by using the Covered Person’s age multiplied by the current Contract Value results in a higher payment, we change your Benefit Base to equal this Contract Value. This change may increase or decrease your Benefit Base. For example, suppose a 65-year old has an annual maximum Lifetime Plus Payment of $4,000 based on the Benefit Base of $100,000 and a 4% Payment Percentage ($4,000 = 4% x $100,000). On the next Benefit Anniversary, assume the Payment Percentage increases to 4.5% based on the Covered Person’s age. At 4.5%, the annual maximum Lifetime Plus Payment would increase if the current Contract Value was at least $88,912 ($88,912 x 4.5% = $4,001). Assuming the Contract Value is $88,912, the Benefit Base would then reduce from $100,000 to $88,912 and the annual maximum Lifetime Plus Payment would increase to $4,001.
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Quarterly Anniversary Value
While the benefit is in effect, we only calculate the Quarterly Anniversary Value before the Benefit Date.
If the Rider Effective Date was the Issue Date, the Quarterly Anniversary Value was initially equal to the Purchase Payment received on the Issue Date. If the Rider Effective Date was after the Issue Date, the Quarterly Anniversary Value was initially equal to the Contract Value on the Rider Effective Date, excluding any Daily Transactions.
At the end of each Business Day, we adjust the Quarterly Anniversary Value as follows:
● 
We increase it by the amount of any additional Purchase Payments.
● 
We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
On each Quarterly Anniversary (or on the next Business Day if the Quarterly Anniversary is not on a Business Day) the Quarterly Anniversary Value is equal to the greater of its current value, or the Contract Value excluding any Daily Transactions.
Annual Increase
While the benefit is in effect, we only calculate the Annual Increase before the Benefit Date.
On each Quarterly Anniversary during the Guarantee Years, we apply a simple interest increase of one-fourth of the Annual Increase Percentage to the Purchase Payments adjusted for withdrawals (or the Contract Value on the Rider Effective Date, if applicable). Next, we compare this value to the Contract Value and increase it to equal the Contract Value if the Contract Value is greater (reset). We then apply any future simple interest increases to the reset value. Contract Value resets occur during the entire period we calculate the Annual Increase, not just during the Guarantee Years.
We established your Contract’s number of Guarantee Years and Annual Increase Percentage on the Rider Effective Date and we cannot change them. The Guarantee Years are the maximum number of years that you can receive simple interest increases under the Annual Increase. The number of Guarantee Years and the Annual Increase Percentage for the Income Protector rider are included in the Lifetime Plus Payment Overview earlier in this section.
If the Rider Effective Date was the Issue Date, both the Annual Increase and Increase Base were initially equal to the Purchase Payment received on the Issue Date. If the Rider Effective Date was after the Issue Date, both the Annual Increase and Increase Base were initially equal to the Contract Value on the Rider Effective Date, excluding any Daily Transactions.
At the end of each Business Day, we adjust both the Annual Increase and Increase Base as follows.
● 
We increase them by the amount of any additional Purchase Payments.
● 
We reduce them by the percentage of any Contract Value withdrawn. Withdrawals include any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
On each Quarterly Anniversary on or before the maximum Rider Anniversary (or the next Business Day if the Quarterly Anniversary is not a Business Day), the Annual Increase is equal to:
a + (b x (c – d))
Where: 
a
=
The Annual Increase.
b
=
The Annual Increase Percentage we set on the Rider Effective Date (which is included in the Lifetime Plus Payment
Overview earlier in this section) divided by four.
c
=
The Increase Base.
d
=
Purchase Payments* received on or after the prior Quarterly Anniversary. If you selected this benefit at issue, we
exclude from “d” any Purchase Payments received before the first Quarterly Anniversary.
*
We reduce each Purchase Payment by the percentage of any Contract Value withdrawn, including any withdrawal charge, for each withdrawal taken since we received that payment.
The maximum Rider Anniversary is the Quarterly Anniversary that occurs on the number of Guarantee Years after the Rider Effective Date. For example, if the Issue Date is June 1, 2013, the Rider Effective Date is September 1, 2013, and the number of Guarantee Years is 30, then the maximum Rider Anniversary is September 1, 2043.
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 53 
We then automatically increase both the Annual Increase and the Increase Base to equal the Contract Value, excluding any Daily Transactions, if this Contract Value is greater than the Annual Increase we just calculated. As previously stated, these resets can occur during the entire period we calculate the Annual Increase. 
FOR BONUS OPTION CONTRACTS: Unvested bonus amounts are not included in the parts of the Quarterly
Anniversary Value, Annual Increase, and Increase Base based on Contract Value. The bonus is also not included in the
parts of these values based on Purchase Payments.
Requesting Lifetime Plus Payments
You request Lifetime Plus Payments by completing a payment election form. Lifetime Plus Payments begin on the Benefit Date. The Benefit Date can be either the 1st or 15th of a calendar month, or any other day that you request and we agree to. However, we do not allow the Benefit Date to be later than the 28th of a calendar month. At least one Covered Person must be alive on the Benefit Date in order for Lifetime Plus Payments to begin. You cannot submit this form until the younger Covered Person reaches age 60, or once the older Covered Person reaches age 91.
We will begin making payments to you automatically without your request if your Contract Value reduces to zero for any reason other than a withdrawal or annuitization while this benefit is in effect and before the Benefit Date. In this instance we calculate your annual maximum Lifetime Plus Payment and begin making annual payments to you on the next available Benefit Date.
If the Benefit Date has not occurred six months before the older Covered Person reaches age 91, we send you written notice that the benefit is about to end. If the benefit ends before Lifetime Plus Payments begin, you will have paid for the benefit without receiving any of its advantages.
Once Lifetime Plus Payments begin:
● 
You cannot make additional Purchase Payments, therefore total Purchase Payments adjusted for withdrawals under the Traditional Death Benefit (if applicable) no longer increases.
● 
Any active AIP and/or systematic withdrawal programs end.
● 
The free withdrawal privilege is not available.
● 
You can only remove Income Protector while the Contract Value is positive. If you remove this benefit, the restrictions listed above do not apply on or after the rider termination date.
● 
You can only change the Owner if you selected joint Lifetime Plus Payments and an Owner dies and the spouse continues the Contract.
● 
The rider charge continues until the benefit ends, or the Business Day the Contract Value reduces to zero.
● 
If you have the Quarterly Value Death Benefit, its additional M&E charge continues as indicated in section 6, Expenses – Optional Death Benefit Rider Charge.
● 
If you annuitize the Contract, Lifetime Plus Payments stop and Income Protector ends.
● 
The Contract Value continues to fluctuate as a result of Investment Option performance. It decreases on a dollar for dollar basis with each Lifetime Plus Payment, Excess Withdrawal, and any Contract charges we deduct.
● 
Lifetime Plus Payments do not reduce your Benefit Base, but Excess Withdrawals reduce your Benefit Base and annual maximum Lifetime Plus Payment by the percentage of Contract Value withdrawn (including any withdrawal charge). If you take an Excess Withdrawal of your total Contract Value, Lifetime Plus Payments stop and Income Protector ends.
● 
Each Lifetime Plus Payment and any Excess Withdrawal reduces the total Purchase Payments adjusted for withdrawals under the Traditional Death Benefit (or the Quarterly Anniversary Value under the Quarterly Value Death Benefit, if applicable) by the percentage of Contract Value withdrawn (including any withdrawal charge).
● 
Any part of your annual maximum Lifetime Plus Payment that you do not withdraw in a given Benefit Year remains in your Contract for the remainder of that year, but is not added to the annual maximum payment available next year.
● 
We may increase your annual maximum Lifetime Plus Payment on every Benefit Anniversary before the older Covered Person reaches age 91. If you receive a payment increase, we may also change your Benefit Base.
● 
If your Contract Value reduces to zero for any reason other than an Excess Withdrawal or annuitization that does not convert your Lifetime Plus Payments to Annuity Payments, you will continue to receive your maximum available Lifetime Plus Payment at the previous selected payment frequency until the earlier of the death of the Owner or last surviving Covered Person.
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Calculating Your Lifetime Plus Payments
The annual maximum Lifetime Plus Payment is the amount you are entitled to receive each Benefit Year. On the Benefit Date, the initial annual maximum Lifetime Plus Payment is equal to the Benefit Base multiplied by the Payment Percentage, determined by using the Covered Person’s current age. The Payment Percentages table for the Income Protector rider is included in the Lifetime Plus Payment Overview earlier in this section. On the Benefit Date, if your initial annual maximum Lifetime Plus Payment is less than $100, the benefit ends and you will have paid for the benefit without receiving any of its advantages. For example, assuming a 4% initial Payment Percentage, if you take withdrawals that reduce the Benefit Base to less than $2,500, this would result in an initial Lifetime Plus Payment of less than $100.
You can receive Lifetime Plus Payments monthly, quarterly, semi-annually, or annually. If the scheduled payment date does not fall on a Business Day, we make the payment on the next Business Day.
You can change your payment frequency once each Benefit Year while your Contract Value is positive. You must provide notice of any requested payment frequency change to our Service Center at least 30 days before the Benefit Anniversary. If the change is available, we implement it on the Benefit Anniversary and it remains in effect until the benefit ends or you request another change. We do not accept payment frequency changes that would cause us to make payments of $0.01 to $99.99.
The annual maximum Lifetime Plus Payment is the amount you are entitled to, but you can choose to take less. The annual actual Lifetime Plus Payment is the total amount you choose to receive each year. Any part of your annual maximum payment that you do not withdraw in a given Benefit Year is not added to the annual maximum payment available next year. Each Lifetime Plus Payment you receive is equal to the annual actual Lifetime Plus Payment divided by the number of payments you chose to receive during the Benefit Year. Each actual Lifetime Plus Payment must either be zero, or $100 or more. For example, you cannot request an annual payment of $50.
If you would like to take less than the maximum available payment, you can change your payment amount once each Benefit Year while your Contract Value is positive by providing notice to our Service Center at least 30 days before the Benefit Anniversary. If the change is available, we implement it on the Benefit Anniversary and it remains in effect until the benefit ends or you request another change.
Once Lifetime Plus Payments have begun, if your Contract Value reduces to zero for any reason other than an Excess Withdrawal or annuitization, you will continue to receive your maximum Lifetime Plus Payment at the previous selected payment frequency until the earlier of the death of the Owner or last surviving Covered Person.
We deduct each Lifetime Plus Payment, Excess Withdrawal, and any additional payment resulting from a required minimum distribution, proportionately from the Investment Options. We continue to rebalance the Contract Value quarterly among the Investment Options according to your future Purchase Payment allocation instructions while this benefit is in effect. You can also continue to make transfers between the Investment Options while your benefit is in effect, subject to the restrictions set out in section 4, Investment Options – Transfers Between Investment Options, and Appendix B – Investment Restrictions for Optional Benefits.
Excess Withdrawals
Your annual maximum Lifetime Plus Payment only decreases if you take an Excess Withdrawal. An Excess Withdrawal is a withdrawal you take while you are receiving Lifetime Plus Payments, that when added to any other withdrawals taken during the Benefit Year and your annual actual payment, is greater than your current annual maximum payment. If your actual Lifetime Plus Payment is less than your annual maximum payment, you can withdraw the difference and we consider that withdrawal to be an additional actual Lifetime Plus Payment, and not an Excess Withdrawal. Excess Withdrawals include any applicable withdrawal charge, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
For example, assume your annual maximum Lifetime Plus Payment is $2,000 and you take an annual actual Lifetime Plus Payment of $1,000. Within a Benefit Year, you can take an additional withdrawal of up to $1,000 and we consider that to be an additional actual Lifetime Plus Payment. If you withdraw $1,200, we consider the first $1,000 to be an additional actual Lifetime Plus Payment and the next $200 to be an Excess Withdrawal.
Any partial Excess Withdrawal must comply with the restrictions in section 7, Access to Your Money and the following provisions. If your Contract Value is less than $2,000, you can only withdraw the total remaining Contract Value (less any rider charge). Also, if at the end of the Business Day that we process your Excess Withdrawal your Contract Value is less
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than $2,000, you must withdraw the total remaining Contract Value (less any rider charge). If you take an Excess Withdrawal of the total remaining Contract Value your entire Contract ends.
Excess Withdrawals reduce your annual maximum Lifetime Plus Payment on the next Benefit Anniversary after the withdrawal. For each Excess Withdrawal, we reduce your annual maximum payment by the same percentage that we reduced the Benefit Base. If partial Excess Withdrawals reduce your annual maximum Lifetime Plus Payment to less than $100, we send you the total remaining Contract Value (less any rider charge) and your Contract ends. 
● For Qualified Contracts, if we calculate a required minimum distribution (RMD) based on this Contract, after
making all Lifetime Plus Payments for the calendar year, we determine whether this calendar year’s total RMD has
been satisfied by these payments and any Excess Withdrawals. If the RMD amount for this Contract has not been
satisfied, we send you this remaining amount as one RMD payment by the end of the calendar year. We consider this
payment to be a withdrawal, but it is not an Excess Withdrawal and it is not subject to a withdrawal charge.
● For required annuitization, if on the Annuity Date you are receiving Lifetime Plus Payments, we guarantee to pay
you the greater of your maximum Lifetime Plus Payment or Annuity Payments based on the Contract Value under
Annuity Option 1 or Annuity Option 3. If you select any other Annuity Option, this guarantee does not apply. For
more information, see section 8, The Annuity Phase.
Automatic Annual Lifetime Plus Payment Increases
We may change your annual maximum Lifetime Plus Payment on each Benefit Anniversary before the older Covered Person reaches age 91 as follows.
● 
If you took your annual maximum Lifetime Plus Payment during the last Benefit Year, we increase next year’s annual maximum payment if the Contract Value is greater than the Contract Value on the prior Benefit Anniversary (or the Benefit Date if this is the first Benefit Anniversary). If either of these dates does not occur on a Business Day, we use Contract Values from the next Business Day. For the Benefit Date and each Benefit Anniversary, we exclude from that day’s Contract Value any Daily Transactions. This increase is equal to the percentage of growth between these two Contract Values. For example, if the Contract Value increased by 5%, we also increase your current annual maximum Lifetime Plus Payment (after reduction for any Excess Withdrawals) by 5%.
● 
If the Payment Percentage determined by using the Covered Person’s current age increased, and this increased Payment Percentage multiplied by the current Contract Value (excluding any Daily Transactions) results in a higher annual maximum Lifetime Plus Payment. For example, if the Covered Person has reached age 65, and their Payment Percentage increased from 3.50% to 4.00% we increase the annual maximum Lifetime Plus Payment if 4.00% of the current Contract Value (excluding any Daily Transactions) results in a higher payment. The Payment Percentages table for Income Protector is included in the Lifetime Plus Payment Overview earlier in this section.
 
● Automatic annual Lifetime Plus Payment increases are not available once the older Covered Person reaches
age 91, or on or after the Business Day your Contract Value reduces to zero.
● If we increased the Contract Value to equal the death benefit due to a spousal continuation of the Contract during the
last Benefit Year, we also subtract the amount of this increase from the Contract Value on the next Benefit
Anniversary when determining annual payment increases.
Taxation of Lifetime Plus Payments
We treat Lifetime Plus Payments as withdrawals for tax purposes while your Contract Value is positive, and once your Contract Value is reduced to zero we intend to treat Lifetime Plus Payments as Annuity Payments for tax purposes. For more information, see section 13, Taxes – Taxation of Lifetime Payments.
Charge Lock Option
If we increase Income Protector’s rider charge, you can reject this charge increase and all future rider charge changes by selecting the Charge Lock Option rider. You keep Income Protector at the current rider charge, but with reduced guaranteed values, reduced Lifetime Plus Payments, and no opportunity for future payment increases or future rider charge decreases.
We notify you in writing at least 30 days in advance of any increase to your rider charge. The notice will include information on the amount of increase to your rider charge, and the options available to you (accept the rider charge increase, remove Income Protector from your contract, or select the Charge Lock Option rider). If you are interested in the
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Charge Lock Option rider we ask you to either contact your Financial Professional or call us and we will send you the Charge Lock Option selection form and a copy of this prospectus.
After we receive your selection form in Good Order at our Service Center, the Charge Lock Option rider becomes effective on the Quarterly Anniversary that we are scheduled to increase the rider charge (or on the next Business Day if the Quarterly Anniversary is not a Business Day). To be in Good Order, we must receive your selection form no later than before the end of the last Business Day before the Quarterly Anniversary that we are to increase the rider charge. If we receive your selection form after this date and time we do not add the Charge Lock Option rider to your Contract and we increase your rider charge, but we make no other changes to your Contract. If we do not receive your selection form in time, you can either keep Income Protector at the increased rider charge, or you can make a separate request to remove it on the next Quarterly Anniversary and you will be subject to the increased rider charge until we remove Income Protector from your Contract. If you choose to keep Income Protector and we increase your rider charge in the future, the Charge Lock Option rider will again be available to you at that time, and will be based upon your then-current rider charges.
If you select the Charge Lock Option rider, Income Protector’s rider charge does not change on or after the Charge Lock Date.
If you select the Charge Lock Option rider, you do not receive any automatic increases to your guaranteed values and payments after the Last Increase Date. We determine the Last Increase Date as follows. 
If the Charge Lock Date is…
on or before the Benefit Date
after the Benefit Date
the Last Increase Date is…
the Charge Lock Date
the Benefit Anniversary that occurs on or immediately after the Charge Lock Date
If your Last Increase Date is on or before the Benefit Date, we reduce Income Protector’s benefits as follows. 
Quarterly Anniversary Value
and Annual Increase
If your Last Increase Date is before the Benefit Date, the Annual Increase will receive a quarter of
the Annual Increase Percentage and both your Annual Increase and Quarterly Anniversary Value
will lock in any higher Contract Value for the last time on your Last Increase Date. After the
Last Increase Date, these values only increase or decrease if you make an additional Purchase
Payment or take a withdrawal.
If your Benefit Date is the Last Increase Date: We only calculate the Annual Increase and Quarterly Anniversary Value before the
Benefit Date, so you will not receive a quarter of the Annual Increase Percentage or lock in higher Contract Value on the Last
Increase Date.
Benefit Base
Can only increase before the Benefit Date if you make an additional Purchase Payment, or on
the Benefit Date if your current Contract Value is greater than both the Quarterly Anniversary
Value and Annual Increase. It decreases with each withdrawal taken before the Benefit Date and
each Excess Withdrawal taken after the Benefit Date.
Payment Percentages
We subtract 1% from all the Payment Percentages. So if the Payment Percentage based on your
current age is 4% and your Benefit Base is $100,000, your available annual maximum Lifetime
Plus Payment would be $4,000. If you select the Charge Lock Option rider, your new Payment
Percentage would be 3% and your available annual maximum Lifetime Plus Payment would be
$3,000, which is a loss in payment of $1,000.
Automatic annual Lifetime
Plus Payment increases
Not available.
Together, these reductions can significantly decrease the amount of Lifetime Plus Payments you receive. The Payment Percentages table for the Income Protector rider is included in the Lifetime Plus Payment Overview earlier in this section.
If your Last Increase Date is after the Benefit Date, your Lifetime Plus Payments do not change until the next Benefit Anniversary. If your Contract Value is zero on the Last Increase Date, the Charge Lock Option rider ends and we make no change to Income Protector. If your Contract Value is positive on the Last Increase Date, we reduce your annual maximum Lifetime Plus Payments as follows.
● 
First we calculate your annual maximum Lifetime Plus Payment as we do on each Benefit Anniversary making adjustments for any Excess Withdrawals you took during the prior year and applying any automatic payment increase.
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● 
Then we reduce this annual maximum payment by 1% using this formula:
current Benefit Base x [(current annual maximum Lifetime Plus Payment ÷ the current Benefit Base) - 1%].
● 
If your reduced annual maximum Lifetime Plus Payment is $100 or more, we verify that your annual actual Lifetime Plus Payment meets our minimum requirements (it must be either zero, or $100 or more – you cannot request an actual payment of $50). If it is not, we ask you to change either the payment amount, or the frequency.
After the Last Increase Date your annual maximum Lifetime Plus Payment cannot increase, but it can decrease if you take an Excess Withdrawal.
A hypothetical example showing how Income Protector may be affected if you select the Charge Lock Option rider is provided in Appendix F.
The Charge Lock Option rider ends on the earlier of the Business Day Income Protector ends, or the Last Increase Date if your Contract Value equals zero. 
● Your Contract Value will continue to fluctuate with Investment Option performance after the Charge Lock Date.
● The Charge Lock Option rider may not be available through all broker dealers. For more information, please contact
us or your Financial Professional.
● If you select the Charge Lock Option rider, the reduction to Income Protector’s benefits may be significant, and
you may be better off either accepting the rider charge increase, or removing Income Protector from your
Contract. You should consult with your Financial Professional before selecting the Charge Lock Option rider.
● Once you select the Charge Lock Option rider, you cannot later remove it from your Contract.
● If you select the Charge Lock Option rider and the reduction to your Payment Percentage causes your annual
maximum Lifetime Plus Payment to be less than $100, Income Protector ends. If this occurs on the Benefit
Date, you will have paid for Income Protector without receiving any of its advantages.
When Income Protector Ends
Income Protector ends on the earliest of the following.
● 
The Business Day we process your request to remove this benefit from your Contract (the rider termination date).
● 
The Business Day all original Covered Persons no longer have the required relationship (Owner, Annuitant or sole Beneficiary) as stated under “Covered Persons” in section 2.
● 
The older Covered Person’s 91st birthday if it occurs before the Benefit Date.
● 
The Business Day before the Annuity Date.
● 
The Business Day we process your request for a full withdrawal, other than a full withdrawal caused by a Lifetime Plus Payment.
● 
The Benefit Date or a Benefit Anniversary if the annual maximum Lifetime Plus Payment is less than $100. However, this does not apply if you have the Charge Lock Option rider, your Last Increase Date is the Benefit Date or a Benefit Anniversary, and on the Last Increase Date your annual maximum Lifetime Plus Payment becomes less than $100.
● 
Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we first receive a Valid Claim from any one Beneficiary. However, if a federally recognized spouse is a Covered Person and continues this Contract, Income Protector also continues.
● 
The date of death of the last surviving Covered Person.
● 
The Business Day the Contract ends.
11.  Bonus Option Contracts
We designed the Bonus Option for Owners who believe this benefit’s additional costs are offset by the bonus’ returns. This benefit provides a 6% bonus on each Purchase Payment received before the older Owner reaches age 81 (or the Annuitant reaches age 81 if Owner is a non-individual) subject to a three-year vesting schedule. The Bonus Option was only available at issue from April 29, 2013 through April 24, 2020. You cannot remove the Bonus Option from your Contract. This benefit ends when your Contract ends. The Bonus Option carries an additional M&E charge and is subject to a higher and longer withdrawal charge schedule as described in the Fee Tables and section 6, Expenses.
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The bonus is subject to the following terms.
● 
Bonus amounts are available to you as they vest. We include the bonus in any part of a guaranteed value based on Contract Value, but only as it vests. We do not include the bonus in any part of a guaranteed value based on Purchase Payments. The vesting schedule is as follows.
 
Number of Complete
Years Since
Purchase Payment Receipt
Vesting
Percentage
0
0%
1
35%
2
70%
3+
100%
● 
We treat all bonus amounts and their gains or losses as Contract earnings for both tax purposes and the withdrawal charge.
● 
All bonus gains and losses are part of your Contract Value and are always 100% vested.
We pay all bonus amounts from the general account assets of Allianz Life.
We deduct Contract charges other than the M&E charge from the Bonus Value, which is your Contract Value plus any unvested bonus. If you take a withdrawal* or annuitization, or if a death benefit is payable in the first three years after we receive a Purchase Payment, you lose all or some of your bonus. The Bonus Option’s higher M&E charge and withdrawal charge compensate us for providing the bonus, including our contractual obligation to make certain Contract and distribution expenses. The M&E charge also compensates us for assuming the expense risk that the current charges are less than bonus. If the M&E charge covers these costs and risks, any excess is profit to us. We anticipate making such a profit.
*
Including Lifetime Plus Payments, Income Focus Payments, and Excess Withdrawals. 
 
● The bonus may be more than offset by the Bonus Option’s higher M&E charge and withdrawal charge, especially
during periods of poor Investment Option performance.
● The IRS has not reviewed the Contract for qualification as an IRA and has not issued a ruling as to whether a bonus
benefit with a vesting schedule complies with IRA requirements.
12. Death Benefit
“You” in this section refers to the Owner, or the Annuitant if the Contract is owned by a non-individual.
The Contract included the Traditional Death Benefit, the standard death benefit, for no additional charge. When you purchased this Contract, you could instead have selected the optional Quarterly Value Death Benefit as discussed in this section. The death benefit is the greater of Contract Value, or the guaranteed death benefit value which is either the Traditional Death Benefit Value if you have the Traditional Death Benefit, or Quarterly Anniversary Value if you have the Quarterly Value Death Benefit.
The death benefit is only available during the Accumulation Phase. Under Traditional Death Benefit version 1, or Quarterly Value Death Benefit version 1, if you die during the Accumulation Phase we process the death benefit using prices determined after we receive a Valid Claim. If we receive a Valid Claim after the end of the current Business Day, we use the next Business Day’s prices. Under Traditional Death Benefit version 2, or Quarterly Value Death Benefit version 2, if you or the Determining Life (Lives) die during the Accumulation Phase, we process the death benefit using prices determined after we receive the required information, which is either a Valid Claim or due proof of death as stated here. (For information on due proof of death see the Glossary – Valid Claim). If we receive this information after the end of the current Business Day, we use the next Business Day’s prices.
If there are multiple Beneficiaries, each Beneficiary receives the portion of the death benefit he or she is entitled to when we receive his or her Valid Claim. Unless you instruct us to pay Beneficiaries a specific percentage of the death benefit, he or she each receives an equal share.
Each Beneficiary’s portion of the death benefit remains in the Investment Options based on the allocation instructions that were in effect on the date of death until we receive his or her Valid Claim and we either pay the claim or the Beneficiary provides alternate allocation instructions. From the time we determine the death benefit until we make a complete distribution, any amount in the Investment Options continues to be subject to investment risk that is borne by the
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recipient(s). Once we receive notification of death, we may no longer accept or process transfer requests. After we receive the first Valid Claim from any Beneficiary we also will not accept additional Purchase Payments or allow any partial or full withdrawals unless the withdrawal is required to comply with federal tax law.
Traditional Death Benefit (Standard Death Benefit)
The Traditional Death Benefit is the greater of the Contract Value (after deduction of the final rider charge, if applicable), or the Traditional Death Benefit Value. The Traditional Death Benefit Value is the total of all Purchase Payments received, reduced by the percentage of Contract Value withdrawn, determined at the end of each Business Day. Withdrawals include Lifetime Plus Payments or Income Focus Payments, Excess Withdrawals, and any withdrawal charges; but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
We offered 2 versions of the Traditional Death Benefit.
Traditional Death Benefit version 1. Available at issue in certain states until July 19, 2013 or October 11, 2013 as indicated in Appendix G. It is not a first-to-die death benefit. For a sole Beneficiary, we determine the Traditional Death Benefit at the end of the Business Day during which we receive a Valid Claim. For multiple Beneficiaries, each surviving Beneficiary receives the greater of their portion of Traditional Death Benefit Value determined at the end of the Business Day we receive the first Valid Claim from any one Beneficiary, or their portion of the Contract Value determined at the end of the Business Day during which we receive his or her Valid Claim.
The Traditional Death Benefit version 1 ends upon the earliest of the following:
● 
The Business Day before the Annuity Date that you take a Full Annuitization.
● 
The Business Day that the Traditional Death Benefit Value and Contract Value are both zero.
● 
The Business Day the Contract ends.
Also, upon the death of the Owner (or Annuitant if the Owner is a non-individual), if a surviving spouse continues the Contract, Traditional Death Benefit version 1 also continues.
Traditional Death Benefit version 2. Available at issue in certain states beginning July 22, 2013 or October 14, 2013 as indicated in Appendix G. It is a first-to-die death benefit. If you are the Determining Life, or if you and the Determining Life (Lives) are different individuals and die simultaneously as defined by applicable state law or regulation we determine the Traditional Death Benefit at the end of the Business Day we receive a Valid Claim. For multiple Beneficiaries, each surviving Beneficiary receives the greater of their portion of Traditional Death Benefit Value determined at the end of the Business Day we receive the first Valid Claim from any one Beneficiary, or their portion of the Contract Value determined at the end of the Business Day during which we receive his or her Valid Claim.
If you and the Determining Life (Lives) are different individuals and do not die simultaneously, the death benefit is as follows. This can only occur if you change the Owner after the Issue Date.
● 
If a Determining Life dies before you we do not pay a death benefit to the Beneficiary(ies), but we may increase the Contract Value. We compare the Contract Value and Traditional Death Benefit Value determined at the end of the Business Day we receive due proof of a Determining Life’s death. If your Contract Value is less than the Traditional Death Benefit Value, we increase your Contract Value to equal the Traditional Death Benefit Value, and the Traditional Death Benefit ends. We allocate any Contract Value increase to the Investment Options according to future Purchase Payment allocation instructions.
● 
Upon your death your Beneficiary(ies) receive the Contract Value determined at the end of the Business Day during which we receive each Beneficiary’s Valid Claim.
The Traditional Death Benefit version 2 ends upon the earliest of the following:
● 
The Business Day before the Annuity Date.
● 
The Business Day that total Purchase Payments adjusted for withdrawals and Contract Value are both zero.
● 
Upon the death of a Determining Life, the end of the Business Day we receive a Valid Claim from all Beneficiaries if you and the Determining Life are the same individuals, or if you and the Determining Life (Lives) are different individuals and die simultaneously as defined by applicable state law or regulation.
● 
Upon the death of a Determining Life, the end of the Business Day we receive due proof of the Determining Life’s death if you and the Determining Life (Lives) are different individuals and do not die simultaneously.
● 
Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we receive the first Valid Claim from any one Beneficiary, if the Owner (or Annuitant) is no longer a Determining Life.
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● 
The Business Day the Contract ends.
 
 
● The Traditional Death Benefit version 2 is a first-to-die benefit based on the Determining Life (Lives). This
means that upon the death of an Owner (or Annuitant if the Owner is a non-individual), if a surviving spouse
continues the Contract the Traditional Death Benefit version 2 is no longer available. Also, if you and the
Determining Life (Lives) are different individuals and you die first, the Traditional Death Benefit version 2 is not
available to your Beneficiary(ies).
● For Bonus Option Contracts: Unvested bonus amounts are not included in the parts of the Traditional Death
Benefit based on Contract Value. We also do not include the bonus in the parts of the Traditional Death Benefit based
on Purchase Payments.
● For Contracts with Income Focus, Investment Protector, or Income Protector: We restrict additional Purchase
Payments, which limits the Traditional Death Benefit Value. In addition, each lifetime payment, and Excess
Withdrawal reduces the Traditional Death Benefit Value by the percentage of Contract Value withdrawn (including
any withdrawal charge). Taking lifetime payments, and Excess Withdrawals may cause the Traditional Benefit
to end.
Quarterly Value Death Benefit (Optional Death Benefit)
We designed the Quarterly Value Death Benefit to lock in any quarterly investment gains to provide an increased death benefit for Beneficiaries. You cannot remove the Quarterly Value Death Benefit from your Contract. The Quarterly Value Death Benefit carries an additional 0.30% M&E charge as described in the Fee Tables and section 6, Expenses.
The Quarterly Value Death Benefit is the greater of the Contract Value (after deduction of the final rider charge, if applicable), or the Quarterly Anniversary Value.
The Quarterly Anniversary Value was initially equal to the Purchase Payment received on the Issue Date.
At the end of each Business Day, we adjust the Quarterly Anniversary Value as follows:
● 
We increase it by the amount of any additional Purchase Payments.
● 
We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include Lifetime Plus Payments or Income Focus Payments, Excess Withdrawals and any withdrawal charges; but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
On each Quarterly Anniversary before the end date (or on the next Business Day if the Quarterly Anniversary is not on a Business Day) the Quarterly Anniversary Value is equal to the greater of its current value, or the Contract Value excluding any Daily Transactions. On and after the end date, we no longer make this comparison and you will no longer receive lock ins of any quarterly investment gains.
The end date occurs on the earliest of:
● 
the rider termination date if you remove an Additional Required Benefit;
● 
if you have Quarterly Value Death Benefit version 1, the older Owner’s 91st birthday (or the Annuitant’s 91st birthday if the Owner is a non-individual);
● 
if you have Quarterly Value Death Benefit version 2, the older Determining Life’s 91st birthday; or
● 
the end of the Business Day we receive the first Valid Claim from any one Beneficiary.
We offered two versions of the Quarterly Value Death Benefit.
Quarterly Value Death Benefit version 1. Available at issue in certain states until July 19, 2013 or October 11, 2013 as indicated in Appendix G. It is not a first-to-die death benefit. For a sole Beneficiary, we determine the Quarterly Value Death Benefit at the end of the Business Day during which we receive a Valid Claim. For multiple Beneficiaries, each surviving Beneficiary receives the greater of their portion of Quarterly Anniversary Value determined at the end of the Business Day we receive the first Valid Claim from any one Beneficiary, or their portion of the Contract Value determined at the end of the Business Day during which we receive his or her Valid Claim.
The Quarterly Value Death Benefit version 1 ends upon the earliest of the following:
● 
The Business Day before the Annuity Date.
● 
The Business Day that the Quarterly Anniversary Value and Contract Value are both zero.
● 
The Business Day the Contract ends.
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Also, upon the death of the Owner (or Annuitant if the Owner is a non-individual), if a surviving spouse continues the Contract, Quarterly Value Death Benefit version 1 also continues.
Quarterly Value Death Benefit version 2. Available at issue in certain states beginning July 22, 2013 or October 14, 2013 as indicated in Appendix G. It is a first-to-die death benefit. If you are the Determining Life, or if you and the Determining Life (Lives) are different individuals and die simultaneously as defined by applicable state law or regulation we determine the Quarterly Value Death Benefit at the end of the Business Day we receive a Valid Claim. For multiple Beneficiaries, each surviving Beneficiary receives the greater of their portion of Quarterly Anniversary Value determined at the end of the Business Day we receive the first Valid Claim from any one Beneficiary, or their portion of the Contract Value determined at the end of the Business Day during which we receive his or her Valid Claim.
If you and the Determining Life (Lives) are different individuals and do not die simultaneously, the death benefit is as follows. This can only occur if you change the Owner after the Issue Date.
● 
If a Determining Life dies before you we do not pay a death benefit to the Beneficiary(ies), but we may increase the Contract Value. We compare the Contract Value and Quarterly Anniversary Value determined at the end of Business Day we receive due proof of a Determining Life’s death. If your Contract Value is less than the Quarterly Anniversary Value, we increase your Contract Value to equal the Quarterly Anniversary Value. The Quarterly Anniversary Value becomes the Contract Value, and the Quarterly Value Death Benefit ends. We allocate any Contract Value increase to the Investment Options according to future Purchase Payment allocation instructions.
● 
Upon your death your Beneficiary(ies) receive the Contract Value determined at the end of the Business Day during which we receive each Beneficiary’s Valid Claim.
The Quarterly Value Death Benefit version 2 ends upon the earliest of the following:
● 
The Business Day before the Annuity Date.
● 
The Business Day that the Quarterly Anniversary Value and Contract Value are both zero.
● 
Upon the death of a Determining Life, the end of the Business Day we receive a Valid Claim from all Beneficiaries if you and the Determining Life are the same individuals, or if you and the Determining Life (Lives) are different individuals and die simultaneously as defined by applicable state law or regulation.
● 
Upon the death of a Determining Life, the end of the Business Day we receive due proof of the Determining Life’s death if you and the Determining Life (Lives) are different individuals and do not die simultaneously.
● 
Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we receive the first Valid Claim from any one Beneficiary, if the Owner (or Annuitant) is no longer a Determining Life.
● 
The Business Day the Contract ends.
 
 
● The Quarterly Value Death Benefit version 2 is a first-to-die benefit based on the Determining Life (Lives).
This means that upon the death of an Owner (or Annuitant if the Owner is a non-individual), if a surviving spouse
continues the Contract the Quarterly Value Death Benefit version 2 is no longer available and we no longer assess the
additional 0.30% M&E charge for this benefit. Also, if you and the Determining Life (Lives) are different individuals
and you die first, the Quarterly Value Death Benefit version 2 is not available to your Beneficiary(ies).
● For Bonus Option Contracts: Unvested bonus amounts are not included in the parts of the Quarterly Anniversary
Value based on Contract Value. The Bonus is also not included in the parts of the Quarterly Value Death Benefit
based on Purchase Payments.
● If you have Income Protector or Income Focus your Contract Value decreases with each lifetime payment, Excess
Withdrawal, and benefit charge deduction. This reduces the likelihood of locking in investment gains and directly
reduces the Quarterly Anniversary Value. Taking lifetime payments, and Excess Withdrawals may cause the
Quarterly Value Death Benefit to end.
Death of the Owner and/or Annuitant
Appendix A to the SAI includes tables that are intended to help you better understand what happens upon the death of any Owner and/or Annuitant under the different phases of the Contract.
Death Benefit Payment Options During the Accumulation Phase
If you do not designate a death benefit payment option, a Beneficiary must select one of the options listed below. If a Beneficiary requests a lump sum payment under Option A, we pay that Beneficiary within seven days of receipt of his or her Valid Claim, unless the suspension of payments or transfers provision is in effect. Payment of the death benefit may be delayed, pending receipt of any state forms.
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Spousal Continuation: If the Beneficiary is the deceased Owner’s spouse, he or she can choose to continue the Contract with the portion of the death benefit the spouse is entitled to in his or her own name. For an IRA, Roth IRA, or SEP IRA Contract, spousal continuation can only occur if the surviving spouse is the Contract’s sole primary Beneficiary. For Qualified Contracts purchased through a qualified plan, spousal continuation is only available through a direct rollover to an IRA. Spouses must qualify as such under federal law to continue the Contract. Individuals who have entered into a registered domestic partnership, civil union, or other similar relationship that is not considered to be a marriage under state law are also not considered to be married under federal law. An election by the spouse to continue the Contract must be made on the death claim form before we pay the death benefit. If the deceased Owner was a Determining Life and the surviving spouse continues the Contract, at the end of the Business Day we receive his or her Valid Claim, we increase the Contract Value to equal the guaranteed death benefit value if greater. The guaranteed death benefit value is the Traditional Death Benefit Value if the Traditional Death Benefit applies, or the Quarterly Anniversary Value if the Quarterly Value Death Benefit applies. We allocate any Contract Value increase to the Investment Options according to future Purchase Payment allocation instructions. For Contracts with Income Protector, Income Focus, or Investment Protector, a Contract Value increase may not increase the Benefit Base, Income Value Percentage(s), or Target Value.
If the surviving spouse continues the Contract:
● 
he or she becomes the new Owner and may exercise all of the Owner’s rights, including naming a new Beneficiary or Beneficiaries;
● 
he or she is subject to any remaining withdrawal charge; and
● 
upon the surviving spouse’s death their Beneficiary(ies) receive the Contract Value determined at the end of the Business Day during which we receive a Valid Claim from each Beneficiary.
Death Benefit Payment Options
The following applies to Non-Qualified Contracts. Different rules may apply to Qualified Contracts. For more information, please see section 13, Taxes – Distributions Upon the Owner’s Death (or Annuitant’s Death if the Owner is a Non-Individual).
Option A: Lump sum payment of the death benefit.
Option B: Payment of the entire death benefit within five years of the date of any Owner’s death. The Beneficiary can continue to make transfers between Investment Options and is subject to a transfer fee and a 1.40% M&E charge. At the end of the fifth year, any remaining death benefit is paid in a lump sum.
Option C: If the Beneficiary is an individual, payment of the death benefit as Annuity Payments under Annuity Options 1, 2, or 5 as described under “Annuity Payment Options” in section 8. With our written consent other options may be available for payment over a period not extending beyond the Beneficiary’s life expectancy under which the Beneficiary can continue to make transfers between Investment Options and is subject to a transfer fee and a 1.40% M&E charge.
Distribution from Non-Qualified Contracts under Option C must begin within one year of the date of the Owner’s death. Any portion of the death benefit from Non-Qualified Contracts not applied to Annuity Payments within one year of the date of the Owner’s death must be distributed within five years of the date of death.
If a Non-Qualified Contract is owned by a non-individual, then we treat the death of an Annuitant as the death of an Owner for purposes of the Internal Revenue Code’s distribution at death rules, which are set forth in Section 72(s) of the Code.
In all events, notwithstanding any provision to the contrary in the Contract or this prospectus, a Non-Qualified Contract is interpreted and administered in accordance with Section 72(s) of the Internal Revenue Code.
13. Taxes
This section provides a summary explanation of the tax ramifications of your Contract. We do not provide tax advice. You should contact your tax adviser to discuss this Contract’s effects on your personal tax situation.
Annuity Contracts in General
Annuity contracts are a means of setting aside money for future needs – usually retirement. Congress recognized the importance of saving for retirement and provided special rules in the Code for annuities.
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There are different rules regarding how you will be taxed, depending upon how you take the money out and whether the annuity is Qualified or Non-Qualified. Generally, any taxable distribution is subject to income taxes at ordinary income tax rates (instead of capital gains rates).
If you did not purchase one of the various types of Qualified Contracts described in this section, the Contract is referred to as a Non-Qualified Contract.
This prospectus does not address specific state tax laws. You should discuss state taxation with your tax adviser.
Qualified Contracts
If you purchased the Contract as an IRA, Roth IRA, SEP IRA, or to fund a qualified retirement plan, the Contract is referred to as a Qualified Contract. Qualified Contracts are subject to certain restrictions under the Code, including restrictions on the amount of annual contributions, restrictions on how much you can earn and still be able to contribute to a Qualified Contract, and specialized restrictions on withdrawals. Qualified Contracts must have been purchased from earned income from the relevant year or years, or from a rollover or transfer from a qualified contract. An IRA to IRA indirect rollover can occur only once in any twelve-month period from all of the IRAs you currently own. Adverse tax consequences may result if contributions, distributions, and transactions in connection with the Qualified Contract do not comply with the law.
A Qualified Contract funded by an annuity does not provide any additional tax deferral. However, the Contract has features and benefits other than tax deferral that may make it appropriate for an IRA or qualified retirement plan.
We previously offered the following types of Qualified Contracts to an individual.
● 
IRA (traditional IRA). Section 408 of the Code permits eligible individuals to fund IRAs. IRA contributions are limited each year to the lesser of a dollar amount specified in the Code or 100% of the amount of earned income included in the Owner’s income. Contributions may be tax deductible based on the Owner’s income. Contributions must be made in cash. The limit on the amount contributed to an IRA does not apply to distributions from certain other types of IRAs or qualified retirement plans that are transferred or rolled over on a tax-deferred basis into an IRA.
● 
Roth IRA. Section 408A of the Code permits certain eligible individuals to contribute to a Roth IRA. Contributions to a Roth IRA are limited each year to the lesser of a dollar amount specified in the Code or 100% of the amount of earned income included in the Owner’s income. Contributions are also limited or prohibited if the Owner’s income is above certain limits. Contributions must be made in cash. The limit on the amount contributed to a Roth IRA does not apply to distributions from certain other types of IRAs or qualified retirement plans that are transferred or rolled over (conversion) into a Roth IRA.
Conversions to a Roth IRA from an IRA or other eligible qualified retirement plan are permitted regardless of an individual’s income. A conversion to a Roth IRA results in a taxable event, but not a 10% additional federal tax for early withdrawal if certain qualifications are met (please consult your tax adviser for more details).
● 
SEP IRA. Employers may establish SEP IRAs under Code Section 408(k) to provide IRA contributions on behalf of their employees. In addition to all of the general rules governing IRAs, such plans are subject to additional requirements and different contribution limits.
We previously offered the following type of Qualified Contract to a qualified retirement plan. 
● 
Qualified Retirement Plans: Pension and Profit-Sharing Plans. A qualified plan is a retirement or pension plan that meets the requirements for tax qualification under the Code. Sections 401(a) and 401(k) of the Code permit employers, including self-employed individuals, to establish various types of retirement plans for employees. These retirement plans may have permitted the purchase of the Contracts to provide benefits under the plan. Contributions to the plan for the benefit of employees are not included in the gross income of the employee until distributed from the plan. The tax consequences to participants may vary, depending upon the particular plan design. Participant loans are not allowed under the Contracts purchased in connection with these plans.
If the Contract was purchased for a qualified plan under Section 401 of the Code, the plan is both the Owner and the Beneficiary. The authorized signatory, plan administrator, or plan trustee for the plan was required to make representations to us that the plan is qualified under the Code on the Issue Date and is intended to continue to be qualified for the entire Accumulation Phase of the Contract, or as long as the qualified plan owns the Contract. The qualified plan may designate a third party administrator to act on its behalf. All tax reporting is the responsibility of the plan. In the event the plan administrator instructs us to roll the plan assets into an IRA for the Annuitant under this
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Contract, we change the qualification type of the Contract to an IRA and make the Annuitant the Owner. The qualified plan is responsible for any reporting required for the rollover transactions out of the plan. We are responsible for any reporting required for the Contract as an IRA.
Owners, Annuitants and Beneficiaries are cautioned that benefits under a Qualified Contract may be subject to the terms and conditions of the plan regardless of the terms and conditions of the Contracts issued pursuant to the plan. Some retirement plans are subject to distribution and other requirements that are not incorporated into our administrative procedures. We are not bound by the terms and conditions of such plans to the extent such terms conflict with the terms of a Contract, unless we specifically consent to be bound. Owners, participants, and Beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.
Summary of Individuals and Entities That Can Own a Qualified Contract
We previously offered the following types of Qualified Contracts. 
Type of Contract
Persons and Entities that can own the Contract
IRA
Must have the same individual as Owner and Annuitant.
Roth IRA
Must have the same individual as Owner and Annuitant.
SEP IRA
Must have the same individual as Owner and Annuitant.
Certain Code Section 401 Plans
A qualified retirement plan is the Owner and the Annuitant must be an individual who is a
participant in the plan. If the qualified retirement plan is a defined benefit plan, the individual must
be the only participant in the plan.
Non-Qualified Contracts
There are no Code restrictions on annual contributions to a Non-Qualified Contract or how much you can earn and still contribute to a Contract.
Non-Qualified Contracts Owned by Non-Individuals
When a Non-Qualified Contract is owned by a non-individual (other than a trust holding the Contract as an agent for an individual), the Contract is not generally treated as an annuity for tax purposes. This means that the Contract may not receive the benefits of tax deferral and any Contract earnings may be taxable every year.
Taxation of Withdrawals
When you take money out of a Contract, we may deduct premium tax that we pay on your Contract. This tax varies from 0% to 3.5%, depending on your state. Currently, we pay this tax and do not pass it on to you.
Section 72 of the Code governs taxation of annuities in general. An Owner is generally not taxed on increases in the value of a Contract until a distribution occurs, either in the form of withdrawals or as Annuity Payments.
For a full withdrawal (total redemption), a partial withdrawal, or a death benefit, the recipient is taxed on the portion of the payment that exceeds your investment in the Contract (often referred to as cost basis). For Non-Qualified Contracts, this cost basis is generally the Purchase Payments, while for Qualified Contracts there is generally no cost basis, which means the withdrawal is fully taxable, except for qualified distributions from Roth IRAs and IRAs where you have separately tracked and reported any after-tax contributions that you have made.
For Non-Qualified Contracts, the taxable portion of a partial withdrawal is the portion of the payment considered to be gain in the Contract (for example, the difference, if any, between the Contract Value immediately before the withdrawal, unreduced by any withdrawal charges, and the Contract’s cost basis). The withdrawals are generally taxed as though you were paid taxable earnings first, and then as a non-taxable return of Purchase Payments.
Distributions from a Roth IRA are not subject to income tax if the Roth IRA has been held for five years (starting with the year in which the first contribution is made to any Roth IRA) and the Owner satisfies a triggering event such as attaining age 59 1∕2, death, disability or a first time homebuyer (subject to a $10,000 lifetime limit).
Distribution before satisfying the five year period or triggering event requirement may subject the distribution to taxation. Please be aware that each Roth IRA conversion has its own five year holding period requirement for purposes of determining if the 10% additional federal tax described below applies.
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10% Additional Federal Tax
Withdrawals (whether partial or full) and Annuity Payments taken before age 59 1∕2 are subject to a 10% additional federal tax unless an exception applies. The exceptions are different for Qualified Contracts and Non-Qualified Contracts, and are also different for IRAs and qualified plans. If the Contract is jointly owned, we send one check payable to both Joint Owners and we tax report to each Joint Owner individually. Tax reporting to each Joint Owner individually can create a discrepancy in taxation if only one Joint Owner is under age 59 1∕2 because that Joint Owner may be subject to the 10% additional federal tax.
Exceptions to the 10% Additional Federal Tax for Qualified Contracts
1)
distributions made on or after the date you (or the Annuitant as applicable) reach age 59 1∕2;
2)
distributions following your death or disability (or the Annuitant as applicable) (for this purpose disability is as defined in Section 72(m)(7) of the Code);
3)
distributions paid in a series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives of you and your designated Beneficiary;
4)
distributions made to you after separation from service after reaching age 55 (does not apply to IRAs);
5)
distributions made to you to the extent such distributions do not exceed the amount allowed as a deduction under Code Section 213 for amounts paid during the tax year for medical care;
6)
distributions made on account of an IRS levy upon the Qualified Contract;
7)
distributions from an IRA for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for you and your spouse and dependents if you have received unemployment compensation for at least 12 weeks (this exception will no longer apply after you have been re-employed for at least 60 days);
8)
distributions from an IRA made to you, to the extent such distributions do not exceed your qualified higher education expenses (as defined in Section 72(t)(7) of the Code) for the tax year;
9)
distributions from an IRA which are qualified first-time homebuyer distributions (as defined in Section 72(t)(8) of the Code);
10)
distributions made to an alternate Payee pursuant to a qualified domestic relations order (does not apply to an IRA);
11)
distributions made to a reservist or national guardsman called to active duty after September 11, 2001, for a period in excess of 179 days (or for an indefinite period), from IRAs or amounts attributable to elective deferrals under a 401(k) plan made during such active period;
12)
distributions that are corrective distributions (and associated earnings) of excess contributions, excess aggregate contributions and excess deferrals, made timely;
13)
distributions made during the payment period starting on the birth of a child or the finalization of an adoption (up to $5,000);
14)
distributions that are qualified disaster recovery distributions;
15)
distributions due to having a terminal illness;
16)
distributions that are emergency personal expense distributions up to $1,000; and
17)
distributions that are eligible distributions as a domestic abuse victim, not to exceed the lesser of $10,000 or 50% of the IRA or qualified plan vested benefit value.
With respect to (13) through (17) above, a qualified birth or adoption distribution, a qualified disaster recovery distribution, a terminal illness distribution, an emergency personal expense distribution and an eligible distribution as a domestic abuse victim may each be repaid any time within the 3-year period from the date the distribution was received in one or more contributions into an IRA or qualified retirement plan (if you are eligible to make a contribution to the qualified retirement plan). The repayment contribution will be treated as a rollover into the IRA or qualified retirement plan.
With respect to (3) above, if the series of substantially equal periodic payments is modified before the later of the Annuitant attaining age 59 1∕2 or the close of the five year period that began on the date the first payment was received, then the tax for the year of the modification is increased by the 10% additional federal tax, plus interest for the tax years in which the exception was used. A partial withdrawal taken after a series of substantially equal periodic payments has begun will result in the modification of the series of substantially equal payments and therefore will result in the imposition of the 10% additional federal tax and interest for the period as described above. Adding Purchase Payments to a Contract that is making substantially equal periodic payments may also result in a modification of the payments. You should obtain competent tax advice before you take any partial withdrawals or make additional Purchase Payments.
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Exceptions to the 10% Additional Federal Tax for Non-Qualified Contracts
1)
paid on or after you reach age 59 1∕2;
2)
paid after you die;
3)
paid if you become totally disabled (as that term is defined in Section 72(m)(7) of the Code);
4)
paid in a series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives of you and your designated Beneficiary;
5)
paid as annuity payments under an immediate annuity; or
6)
that come from Purchase Payments made before August 14, 1982.
With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1∕2 or the close of the five year period that began on the date the first payment was received, then the tax for the year of the modification is increased by the 10% additional federal tax, plus interest, for the tax years in which the exception was used. A partial withdrawal taken after a series of substantially equal periodic payments has begun will result in the modification of the series of substantially equal payments and therefore will result in the imposition of the 10% additional federal tax and interest for the period as described above. Adding Purchase Payments to a Contract that is making substantially equal periodic payments will also result in a modification of the payments.
Non-Qualified Annuity Medicare Tax
Distributions from Non-Qualified Contracts are considered investment income for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may apply to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts ($200,000 for filing single, $250,000 for married filing jointly and $125,000 for married filing separately.) This tax does not apply to distributions from Qualified Contracts. Please consult a tax adviser for more information.
Payments for Financial Adviser Fees
Any financial adviser fees that you choose to have us pay from this Contract to your Financial Professional or Financial Professional’s firm may result in a taxable distribution. Please consult with your Financial Professional before requesting us to pay financial adviser fees from this Contract rather than from other assets you may have.
RMDs From Qualified Contracts
Distributions from a Qualified Contract must commence no later than the required beginning date. For Roth IRAs, no distributions are required during the Owner’s lifetime.
For IRAs other than Roth IRAs, the required beginning date is April 1 of the calendar year following the year in which the RMD age is reached. The RMD age is:
● 
if date of birth is on or before June 30, 1949, age 70.5;
● 
if date of birth is on and after July 1, 1949, and before January 1, 1951, age 72;
● 
if date of birth is on and after January 1, 1951, and before January 1, 1960, age 73; and
● 
if date of birth is on and after January 1, 1960, age 75.
Under a qualified plan, the required beginning date is generally April 1 of the calendar year following the later of the calendar year in which you reach the age noted for IRAs above or retire.
Generally, RMDs must be made over a period not exceeding the life or life expectancy of the individual or the joint lives or life expectancies of the individual and his or her designated Beneficiary. If the RMDs are not made, a 25% excise tax is imposed as to the amount not distributed. If you are attempting to satisfy these rules through partial withdrawals, the present value of future benefits provided under the Contract may need to be included in calculating the amount required to be distributed. If you enroll in our minimum distribution program, we make RMD payments to you that are designed to meet this Contract’s RMD requirements.
Diversification
Code Section 817(h) and accompanying Treasury Department Regulations impose diversification standards on the assets underlying variable annuity contracts. The Code provides that a variable annuity contract cannot be treated as an annuity contract for any period during which its investments are not adequately diversified as required by the United States Treasury Department. If the Contract no longer qualifies as an annuity contract, you would be subject to federal income tax
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each year with respect to Contract earnings accrued. We intend that all available Investment Options be managed by the investment advisers so that they comply with these diversification standards.
Owner Control
The Treasury Department has indicated that the diversification regulations do not provide guidance regarding the circumstances in which an Owner’s control of the Separate Account’s investments may cause the Owner to be treated as the owner of the Separate Account’s assets, which would cause the Contract to lose its favorable tax treatment. In certain circumstances, variable annuity contract owners have been considered for federal income tax purposes to be the owners of the separate account’s assets, due to their ability to exercise investment control over those assets. In this case, the contract owners have been currently taxed on income and gains attributable to the variable account assets. There is little guidance in this area and some of our Contract’s features, such as the flexibility of an Owner to allocate Purchase Payments and transfer amounts among the Investment Options have not been explicitly addressed in published rulings. While we believe that the Contracts do not give Owners investment control over Separate Account assets, we reserve the right to modify the Contracts as necessary to prevent an Owner from being treated as the owner of the Separate Account assets.
Taxation of Lifetime Payments
We treat Lifetime Plus Payments and Income Focus Payments (lifetime payments) as withdrawals for tax purposes while your Contract Value is positive. This means that, for Non-Qualified Contracts, gains from the entire Contract are considered to be distributed first and are subject to ordinary income tax. Purchase Payments are distributed after gains have been paid out and are generally considered to be a return of your investment and are not subject to income tax. For Qualified Contracts, the total lifetime payment is most likely subject to ordinary income tax. While tax law is not entirely clear as to the proper tax treatment, once your Contract Value is reduced to zero we intend to treat Lifetime Plus Payments as Annuity Payments for tax purposes. If you are taking withdrawals from the Contract to satisfy the requirements for substantially equal periodic payments under Section 72(t) or 72(q) of the Internal Revenue Code and you begin lifetime payments before the required series of withdrawals is complete, you may incur additional penalties, and may also be subject to a 10% additional federal tax. If you begin lifetime payments before age 59 1∕2 the payments may be subject to a 10% additional federal tax. In addition, if the Contract is jointly owned, we tax report to each Joint Owner individually which can create a discrepancy in taxation if only one Joint Owner is under age 59 1∕2 because that Joint Owner may also be subject to the 10% additional federal tax.
Taxation of Annuity Payments
For Annuity Payments from Non-Qualified Contracts, the portion of each payment included in income is determined by an exclusion ratio. The exclusion ratio is a calculation that causes a portion of each Annuity Payment to be non-taxable, based upon the percentage of your Contract Value that is from Purchase Payments. We determine the exclusion ratio for Annuity Payments by dividing the investment in the Contract (adjusted for any guaranteed period or refund guarantee) by the expected return anticipated to be paid as Annuity Payments (which is determined by Treasury Regulations). We determine the amount of each Annuity Payment that is excluded from income by multiplying the Annuity Payment by the exclusion ratio. Annuity Payments received after the investment in the Contract has been recovered (for example, when the total of the amounts excluded from income equal the investment in the Contract) are fully taxable.
Generally, Annuity Payments from Qualified Contracts are fully taxable unless you have separately tracked and reported any after-tax contributions that you have made. Annuity Payments that are qualified distributions from Roth IRAs are federal income tax free. Owners, Annuitants and Beneficiaries under the Contracts should seek competent advice about the tax consequences of any distributions.
Distributions Upon the Owner’s Death (or Annuitant’s Death If the Owner Is a Non-Individual)
Section 72(s) of the Code requires that, to be treated as an annuity contract for federal income tax purposes, a Non-Qualified Contract must contain certain provisions regarding distributions when an Owner dies. Specifically, Section 72(s) requires that: (a) if an Annuitant dies on or after you annuitize the Contract, but before distribution of the entire Contract’s interest, the entire Contract’s interest must be distributed at least as rapidly as under the distribution method being used as of the Annuitant’s date of death; and (b) if any Owner (or the Annuitant if the Owner is a non-individual) dies before you annuitize the Contract, the Contract’s entire interest must be distributed within five years after the Owner’s date of death.
These requirements are satisfied as to any part of an Owner’s interest that is payable to, or for the benefit of, a designated Beneficiary and distributed over the designated Beneficiary’s life, or over a period not extending beyond that Beneficiary’s
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life expectancy, provided that distributions begin within one year of the Owner’s death. The designated Beneficiary refers to an individual designated by the Owner as a Beneficiary and to whom ownership of the Contract passes by reason of death.
However, if the designated Beneficiary is the deceased Owner’s surviving spouse, the surviving spouse can continue the Contract as the new Owner. If a couple is married in a jurisdiction (including a foreign country) that recognizes same-sex marriage, that marriage will be recognized for all federal tax purposes regardless of the law in the jurisdiction where they reside. However, the IRS did not recognize civil unions and registered domestic partnerships as marriages for federal tax purposes. Depending on the state in which your Contract is issued, we may offer certain annuitization benefits to same-sex civil union couples, domestic partners or spouses. You should be aware, however, that, if state law does not recognize the civil union or registered domestic partnership as a marriage, we cannot permit the surviving partner/spouse to continue the Contract within the meaning of the federal tax law.
Same-sex civil union couples, domestic partners and spouses should contact their financial professional and a qualified tax adviser regarding their personal tax situation, the implications of any Contract benefits based on a spousal relationship, and their partner’s/spouse’s rights and benefits under the Contract.
Non-Qualified Contracts contain provisions that are intended to comply with these Code requirements.
Upon death of an Owner of a Qualified Contract, the payment options described below are available to Beneficiaries of Owners who die on or after January 1, 2020. The rules discussed below reference IRA Contracts, but similar rules also apply to qualified retirement plans. With some exceptions, IRA Beneficiaries must receive their entire death benefit by December 31 of the year containing the tenth anniversary of the IRA Owner’s death.
The payment options for IRA Beneficiaries differ depending on several factors, including whether a Beneficiary is an Eligible Designated Beneficiary (EDB). An EDB includes any Beneficiary of the deceased IRA Owner who at time of death is: 1) the surviving spouse, 2) an individual not more than ten years younger than the IRA Owner, 3) a minor child of the IRA Owner, 4) a chronically ill individual, or 5) disabled individual. EDB status is determined at the IRA Owner’s death.
If you are an EDB, then you can begin RMD payments based on your single life expectancy (“stretch payments”) in the year following the deceased Owner’s death. You must begin to receive these RMD payments by December 31 of the year following the deceased Owner’s death (but see the exception for a spouse Beneficiary below). If you are an EDB that elected to receive payments over your life expectancy, once you die, then your beneficiary must receive their entire death benefit by December 31 of the year containing the tenth anniversary of your death. Your beneficiary must in certain circumstances continue stretch payments during this 10-year period.
For a minor child Beneficiary, the payments based on life expectancy may continue only until the minor child reaches the age of majority (age 21). The minor child Beneficiary must receive their entire death benefit by December 31 following the tenth anniversary of reaching the age of majority, with RMD payments required during this period.
If you were the spouse Beneficiary of the deceased Owner’s IRA Contract and your spouse had not yet reached the date at which he/she was required to begin receiving RMD payments (treating a Roth IRA as a traditional IRA for this purpose only), then you can wait to begin receiving RMD payments until the year that your spouse would have reached age 73 (age 75 if your spouse would have reached age 74 after December 31, 2032). Alternatively, if the deceased Owner had already reached the date at which he/she was required to begin receiving RMD payments, you must begin to receive these RMD payments by December 31 of the year following the deceased Owner’s death.
If you are a designated Beneficiary (generally an individual), but are not an EDB, the entire death benefit must be distributed by December 31 of the year containing the tenth anniversary of the IRA Owner’s death. If you die before the end of the ten-year period and the entire death benefit has not been distributed, your beneficiary must receive the entire death benefit by the same date you would have been required to receive the death benefit. You must receive an RMD each year if the Owner died on or after their required beginning date.
If the Beneficiary of the IRA Contract is a trust, Treasury Regulations provide “see-through” treatment for trusts that meet certain requirements. If such treatment applies, the beneficiaries of the trust, rather than the trust itself will be treated as having been designated as Beneficiaries of the IRA Contract for purposes of determining the distribution period for RMD payments. Individuals are encouraged to seek guidance from their own tax professional or legal counsel to determine how these new rules apply to their particular situation.
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If the IRA Beneficiary is not a “designated beneficiary” (e.g., beneficiary is an estate, charity, or a trust that does not meet the requirements for “see-through” treatment), then the payment options are as follows. If the IRA Owner had not yet reached the date at which he/she was required to begin receiving RMD payments (treating a Roth IRA as a traditional IRA for this purpose only), then these IRA Beneficiaries must receive their entire death benefit by December 31 of the year containing the fifth anniversary of the IRA Owner’s death. Alternatively, if the deceased Owner had already reached the date at which he/she was required to begin receiving RMD payments, these IRA Beneficiaries can begin RMD payments based on the single life expectancy of the Owner in the year of the deceased Owner’s death, reduced by one. These Beneficiaries must begin to receive these RMD payments by December 31 of the year following the deceased Owner’s death.
When the IRA Owner died before January 1, 2020, and the Beneficiary had elected stretch payments, the stretch payments can continue to the Beneficiary. But once that Beneficiary dies, the successor beneficiary must receive any remaining death benefit by December 31 of the year containing the tenth anniversary of the original Beneficiary’s death. The successor beneficiary must receive an RMD payment each year.
Annuitization options that a Beneficiary may elect at the IRA Owner’s death must comply with death benefit payment rules. Also, if an IRA Owner elected an annuitization option and then dies, action may be needed by the Beneficiary if any remaining Annuity Payments do not comply with the death benefit payment rules for a Beneficiary.
Tax-Free Section 1035 Exchanges
Subject to certain restrictions, you can make a “tax-free” exchange under Section 1035 of the Code for all or a portion of a non-qualified annuity contract(s) to a different non-qualified annuity contract, or all of a life insurance policy for a non-qualified annuity contract. If you perform a partial 1035 exchange, please be aware that no distributions or withdrawals can occur from the old or new annuity contract within 180 days of the partial exchange, unless you qualify for an exception to this rule. IRS guidance also provides that certain partial exchanges may not qualify as tax-free exchanges. You should consult a tax adviser to discuss the potential tax effects before making a 1035 exchange.
Before making an exchange, you should compare both contracts carefully. Remember that if you exchange a life insurance policy or annuity contract for the Contract described in this prospectus:
● 
you might have to pay a withdrawal charge on your previous contract,
● 
there is a new withdrawal charge period for this Contract,
● 
other fees and expenses under this Contract may be higher (or lower),
● 
the benefits may be different, and
● 
you no longer have access to any benefits from your previous contract.
If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax, including a possible additional federal tax, on the exchange. You should not exchange an existing life insurance policy or another annuity contract for this Contract unless you determine the exchange is in your best interest and not just better for the person selling you the Contract who generally earns a commission on each sale.
Multiple Non-Qualified Contracts Purchased In the Same Year By the Same Owner
Code Section 72(e)(12) provides that multiple Non-Qualified deferred annuity contracts issued within the same calendar year to the same owner by one company or its affiliates are treated as one annuity contract for purposes of determining a distribution’s tax consequences. This treatment may result in adverse tax consequences, including more rapid taxation of distributions from combined contracts. For purposes of this rule, contracts received in a Section 1035 exchange are considered issued in the year of the exchange. You should consult a tax adviser before requesting a distribution if you purchased more than one Non-Qualified Contract in any calendar year period.
Assignments, Pledges and Gratuitous Transfers
Any assignment or pledge (or agreement to assign or pledge) the Contract Value is treated for federal income tax purposes as a full withdrawal. The Contract will not qualify for tax deferral while the assignment or pledge is effective. Qualified Contracts generally cannot be assigned, pledged, or transferred to another individual. For Non-Qualified Contracts, the Contract’s cost basis is increased by the amount includible as income with respect to such amount or portion, though it is not affected by any other aspect of the assignment or pledge (including its release). If an Owner transfers a Non-Qualified Contract (an ownership change) without adequate consideration to a person other than their spouse (or to a former spouse incident to divorce), the Owner is taxed on the difference between his or her Contract Value and the Contract’s cost basis
VisionTM Variable Annuity Prospectus – May 1, 2026
 70 
at the time of transfer. In such case, the transferee’s investment in the Contract is increased to reflect the increase in the transferor’s income. An Owner should consult a tax adviser before requesting an assignment, transfer, or pledge.
Income Tax Withholding
Any part of a distribution that is taxable to the Owner or Beneficiary is subject to federal and/or state income tax withholding. Generally, we withhold amounts from Annuity Payments at the same rate as wages, and we withhold 10% from non-periodic payments, such as withdrawals. However, in most cases, you may elect not to have taxes withheld or to have withholding done at a different rate.
Certain distributions from retirement plans qualified under Code Section 401 that are not directly rolled over to another eligible retirement plan or IRA, are subject to a mandatory 20% federal income tax withholding. The 20% withholding requirement generally does not apply to:
● 
a series of substantially equal payments made at least annually for the life or life expectancy of the participant or joint and last survivor expectancy of the participant and a designated Beneficiary, or for a specified period of ten years or more; or
● 
RMDs; or
● 
any part of a distribution not included in gross income (for example, returns of after-tax contributions); or
● 
hardship withdrawals.
Plan participants should consult a tax adviser regarding income tax withholding requirements.
Federal Estate Taxes
While no attempt is being made to discuss the Contract’s federal estate tax implications, an Owner should keep in mind the annuity contract’s value payable to a Beneficiary upon the Owner’s death is included in the deceased Owner’s gross estate. Depending on the annuity contract, the annuity’s value included in the gross estate may be the value of the lump sum payment payable to the designated Beneficiary, or the actuarial value of the payments to be received by the Beneficiary. Consult an estate planning adviser for more information.
Generation-Skipping Transfer Tax
The Code may impose a “generation-skipping transfer tax” when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations may require us to deduct this tax from your Contract, or from any applicable payment, and pay it directly to the IRS.
Foreign Tax Credits
We may benefit from any foreign tax credits attributable to taxes paid by certain funds to foreign jurisdictions to the extent permitted under the federal tax law.
Possible Tax Law Changes
Although the likelihood of legislative or regulatory changes is uncertain, there is always the possibility that the Contract’s tax treatment could change. Consult a tax adviser with respect to legislative or regulatory developments and their effect on the Contract.
We have the right to modify the Contract in response to legislative or regulatory changes that could otherwise diminish the favorable tax treatment that annuity owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion as tax advice.
Annuity Purchases by Nonresident Aliens and Foreign Corporations
The preceding discussion provides general information regarding federal income tax consequences to Owners that are U.S. citizens or residents. Owners that are not U.S. citizens or residents are generally subject to 30% federal withholding tax on distributions, unless a lower treaty rate applies. In addition, Owners may be subject to state and/or municipal taxes and taxes that may be imposed by the Owners’ country of citizenship or residence.
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 71 
14. Other Information
Additional Services
The following services may be available to you under your Contract at no additional charge. Certain restrictions may apply and you should consult with your Financial Professional before deciding whether to elect additional services. In order to take advantage of these services, you will need to complete the appropriate election form that is available from our Service Center. The election forms contain more specific information regarding each service and when transactions are processed. We reserve the right to discontinue or modify any or all of these services at any time and for any reason.
● 
Automatic Investment Plan (AIP). Under the AIP, you are able to make additional Purchase Payments during the Accumulation Phase on a monthly or quarterly basis by electronic money transfer from your savings, checking, or brokerage account. AIP Purchase Payments, including the initial amount if you own Income Protector or Income Focus, must comply with the allocation requirements and restrictions.
We must receive your request to stop or change AIP at our Service Center before the end of the last Business Day immediately before the Business Day we process AIP to make the change that month. AIP ends automatically as follows:
− 
if you begin Annuity Payments, AIP ends on the last Business Day before the Annuity Date; or
− 
if you have Income Protector or Income Focus, AIP ends on the Benefit Date.
 
AIP is not available if you have Investment Protector, or a Qualified Contract purchased through a qualified
plan.
● 
Flexible Rebalancing Program. You can direct us to automatically rebalance your Contract Value in the Investment Options according to your future Purchase Payment allocation instructions on a quarterly, semi-annual or annual basis according to your direction. We do not currently count a rebalance as a free transfer. For information about how to start the program, please contact our Service Center.
 
This program is not available if you have Income Protector, Income Focus, or Investment Protector.
● 
Systematic Withdrawal Program. You can request to receive automatic withdrawal payments monthly, quarterly, semi-annually or annually. However, if your Contract Value is less than $25,000, we only make annual payments. The minimum amount you can withdraw under this program is $100 and there is no maximum. For information about how to start the program, please contact our Service Center. This program ends at your request or when you withdraw your total Contract Value.
 
– During the withdrawal charge period, systematic withdrawals are subject to ordinary income taxes, may be
subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2, and, for amounts in excess
of the free withdrawal privilege, are subject to a withdrawal charge.
– The systematic withdrawal program is not available while you are receiving RMD payments, Lifetime Plus
Payments, or Income Focus Payments.
Distribution
Allianz Life Financial Services, LLC (ALFS), a wholly owned subsidiary of Allianz Life Insurance Company of North America, serves as principal underwriter for the Contracts. ALFS is a limited liability company organized in Minnesota, and is located at 5701 Golden Hills Drive, Minneapolis, MN 55416. ALFS is registered as a broker/dealer with the SEC under the Securities Exchange Act of 1934, as well as with the securities commissions in the states in which it operates, and is a member of the Financial Industry Regulatory Authority (FINRA). ALFS is not a member of Securities Investors Protection Corporation. More information about ALFS is available at https://www.finra.org or by calling 1-800-289-9999. You also can obtain an investor brochure from FINRA describing its Public Disclosure Program.
We have entered into a distribution agreement with ALFS for the distribution of our products. ALFS also may perform various administrative services on our behalf.
We may fund ALFS operating and other expenses, including: overhead; legal and accounting fees; Financial Professional training; compensation for the ALFS management team; and other expenses associated with the Contracts. Financial
VisionTM Variable Annuity Prospectus – May 1, 2026
 72 
Professionals and their managers may also be eligible for various benefits, such as production incentive bonuses, insurance benefits, and non-cash compensation items that we may provide jointly with ALFS. Non-cash items include conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, awards, merchandise and other similar items.
ALFS does not itself sell our products on a retail basis. Rather, ALFS enters into selling agreements with other broker/dealers registered under the 1934 Act (selling firms) for the sale of our products. Sometimes, we enter into an agreement with a selling firm to pay commissions as a combination of a certain amount of the commission at the time of sale and a trail commission which, when totaled, could exceed 7% of Purchase Payments.
The following table shows the aggregate dollar amount of underwriting commissions paid to ALFS for each of Allianz Life’s last three fiscal years. The underwriter did not retain any part of the commissions. 
 
2023
2024
2025
Commission paid
$11,902,370.35
$11,091,221.21
$9,552,302.59 
A portion of the payments made to selling firms may be passed on to their Financial Professionals. Financial Professionals may receive cash and non-cash compensation and other benefits. Ask your Financial Professional for further information about what they and their firm may receive in connection with your Contract.
Commissions paid on the Contract, including other incentives or payments, are not charged directly to the Owners or the Separate Account. We intend to recover commissions and other expenses indirectly through fees and expenses imposed under the Contract.
Broker-dealers and their Financial Professionals and managers involved in sales of our products may receive payments from us for administrative and other services that do not directly involve sales of our products, including payments made for recordkeeping, the recruitment and training of personnel, production of promotional literature and similar services. In addition, certain firms and their Financial Professionals may receive compensation for distribution and administrative services when acting in a wholesaling capacity and working with retail firms.
We and/or ALFS may pay certain selling firms additional marketing support allowances for:
● 
marketing services and increased access to their Financial Professionals;
● 
costs associated with sales conferences and educational seminars;
● 
the cost of client meetings and presentations; and
● 
other sales expenses incurred by them.
We retain substantial discretion in determining whether to grant a marketing support payment to a particular broker/dealer firm and the amount of any such payment.
We may also make payments for marketing and wholesaling support to broker/dealer affiliates of underlying funds that are available through the annuities we offer.
Additional information regarding marketing support payments can be found in the Distributor section of the SAI.
Some Financial Professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing Contract.
The Funds may pay a Rule 12b-1 fee to ALFS as consideration for providing certain services and incurring certain expenses permitted under the Fund’s plan. These fees typically equal 0.25% of a Fund’s average daily net assets for the most recent calendar year.
In certain instances, an investment adviser and/or subadviser (and/or their affiliates) of an underlying Fund may make payments for administrative services to ALFS or its affiliates.
Additional Credits for Certain Groups
We may credit additional amounts to a Contract instead of modifying charges because of special circumstances that result in lower administrative expenses or better than expected mortality or persistency experience.
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 73 
Administration/Allianz Service Center
The Allianz Service Center performs certain administrative services regarding the Contracts and is located at 5701 Golden Hills Drive, Minneapolis, Minnesota. The Service Center mailing address and telephone number are listed at the back of this prospectus. The administrative and routine customer services performed by our Service Center include processing and mailing of account statements and other mailings to Owners, responding to Owner correspondence and inquiries. Allianz Life also contracts with Tata Consultancy Services (Tata) located at #42(P) & 45(P), Think Campus, Electronic City, Phase II, Bangalore, Karnataka 560100, India, to perform certain administrative services including:
● 
maintenance of the Contracts,
● 
maintenance of Owner records, and
● 
routine customer service including:
− 
processing of Contract changes,
− 
processing withdrawal requests (both partial and total), and
− 
processing requests for fixed annuity payments.
Services performed by Tata are overseen and quality control checked by our Service Center.
To reduce expenses, only one copy of most financial reports and prospectuses, including reports and prospectuses for the Funds, may be mailed to your household, even if you or other persons in your household have more than one contract issued by us or our affiliate. Call our Service Center at the toll-free telephone number listed at the back of this prospectus if you need additional copies of financial reports, prospectuses, or annual and semiannual reports, or if you would like to receive one copy for each contract in future mailings.
Legal Proceedings
We and our subsidiaries, like other life insurance companies, from time to time are involved in legal proceedings of various kinds, including regulatory proceedings and individual and class action lawsuits. In some legal proceedings involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any such proceedings cannot be predicted with certainty, we believe that, at the present time, there are no pending or threatened legal proceedings to which we, the Separate Account, or ALFS is a party that are reasonably likely to materially affect the Separate Account, our ability to meet our obligations under the Contracts, or ALFS ability to perform its obligations.
15. Financial Statements
The financial statements of Allianz Life Insurance Company of North America and Allianz Life Variable Account B are contained in the SAI. The SAI is available, free of charge, from us upon request, by calling (800) 624-0197, or by sending an email request to prospectus.request@allianzlife.com.
VisionTM Variable Annuity Prospectus – May 1, 2026
 74 
Appendix A – Investment Options Available Under the Contract
The following includes information about the Funds available under the Contract. More information about the Funds is available in the Funds’ prospectuses, 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 prospectus.request@allianzlife.com. Depending on the optional benefits you chose, you may not be able to invest in certain Investment Options. See Appendix B - Investment Restrictions for Optional Benefits.
The current expenses and performance information below reflects fees and expenses of the Funds, but does 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. Each Fund’s past performance is not necessarily an indication of future performance. 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Long-term capital appreciation with
preservation of capital as an
important consideration
AZL® Balanced Index
Strategy Fund
 
Adviser: Allianz Investment
Management LLC
0.71%
13.34%
5.37%
6.88%
Long-term capital appreciation
AZL® DFA Multi-Strategy
Fund
 
Adviser: Allianz Investment
Management LLC
0.87%
15.03%
7.44%
7.91%
Exceed total return of the
Bloomberg Capital U.S. Aggregate
Bond Index
AZL® Enhanced Bond Index
Fund
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Financial Management, Inc.
0.66%
6.86%
-0.72%
1.65%
High level of current income while
maintaining prospects for capital
appreciation
AZL® Fidelity Institutional
Asset Management®
Multi-Strategy Fund – Class
2(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: FIAM® LLC
0.71%
11.22%
6.11%
7.58%
High level of current income
AZL® Fidelity Institutional
Asset Management® Total
Bond Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: FIAM® LLC
0.91%
7.64%
0.31%
2.85%
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%
VisionTM Variable Annuity Prospectus – May 1, 2026
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 75 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Seeks to match the performance of
the MSCI EAFE® Index as closely
as possible
AZL® International Index
Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.70%
30.72%
8.32%
7.67%
Seeks to match the performance of
the Standard & Poor’s MidCap 400®
Index as closely as possible
AZL® Mid Cap Index Fund –
Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.60%
6.90%
8.48%
10.22%
Long-term capital appreciation
AZL® Moderate Index
Strategy Fund(1)
 
Adviser: Allianz Investment
Management LLC
0.68%
14.69%
6.55%
8.02%
Seeks to match the performance of
the MSCI World Index as closely as
possible
AZL® MSCI Global Equity
Index Fund – Class 2(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.68%
20.77%
11.77%
10.93%
Long-term capital appreciation with
preservation of capital as an
important consideration
AZL® MVP Balanced Index
Strategy Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.73%
10.70%
4.85%
5.95%
Long-term capital appreciation
AZL® MVP DFA
Multi-Strategy Fund(1,2)
 
Adviser: Allianz Investment
Management LLC
0.87%
12.05%
6.85%
6.78%
High level of current income while
maintaining prospects for capital
appreciation
AZL® MVP Fidelity
Institutional Asset
Management® Multi-Strategy
Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.83%
7.91%
5.26%
5.83%
Long-term capital appreciation with
preservation of capital as an
important consideration
AZL® MVP Global Balanced
Index Strategy Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.79%
10.79%
4.59%
5.47%
Long-term capital appreciation
AZL® MVP Growth Index
Strategy Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.69%
11.80%
7.67%
7.78%
VisionTM Variable Annuity Prospectus – May 1, 2026
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 76 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Long-term capital appreciation
AZL® MVP Moderate Index
Strategy Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.73%
11.26%
5.93%
6.65%
Long term capital appreciation with
preservation of capital as an
important intermediate-term
objective
AZL® MVP T. Rowe Price
Capital Appreciation Plus
Fund(2)
 
Adviser: Allianz Investment
Management LLC
0.88%
8.39%
7.78%
8.71%
Seeks to match the total return of
the Russell 1000® Growth Index
AZL® Russell 1000 Growth
Index Fund – Class 2(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.69%
17.79%
14.74%
17.47%
Seeks to match the total return of
the Russell 1000® Value Index
AZL® Russell 1000 Value
Index Fund – Class 2(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.69%
15.11%
10.73%
9.86%
Seeks to match total return of the
S&P 500®
AZL® S&P 500 Index Fund –
Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.50%
17.33%
13.87%
14.25%
Seeks to match performance of the
S&P SmallCap 600 Index®
AZL® Small Cap Stock Index
Fund – Class 2
 
Adviser: Allianz Investment
Management LLC
Subadviser: BlackRock
Investment Management, LLC
0.61%
5.46%
6.66%
9.20%
Long-term capital appreciation with
preservation of capital as an
important intermediate-term
objective
AZL® T. Rowe Price Capital
Appreciation Fund(1)
 
Adviser: Allianz Investment
Management LLC
Subadviser: T. Rowe Price
Associates, Inc./T. Rowe Price
Investment Management, Inc.
1.00%
11.50%
9.01%
10.85%
Long-term growth of capital
Davis VA Financial
Portfolio(1,3)
 
Adviser: Davis Selected
Advisers, L.P.
0.75%
29.12%
18.15%
12.94%
VisionTM Variable Annuity Prospectus – May 1, 2026
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 77 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Income
Franklin U.S. Government
Securities VIP Fund – Class
2(1,3)
 
Adviser: Franklin Advisers, Inc.
0.79%
6.69%
0.02%
1.14%
Maximize total return
LVIP JPMorgan Core Bond
Fund – Service Class(1)
 
Adviser: Lincoln Investment
Advisors Corporation
Subadviser: J.P. Morgan
Investment Management, Inc.
0.71%
7.15%
N/A
N/A
Total return with an emphasis on
current income, but also considering
capital appreciation
MFS Total Return Bond
Series – Service Class(1)
 
Adviser: Massachusetts
Financial Services Company
0.78%
6.94%
-0.09%
2.38%
Total return which exceeds that of its
benchmark
PIMCO Balanced Allocation
Portfolio – Admin. Class(1)
 
Adviser: Pacific Investment
Management Company LLC
0.86%
16.22%
6.28%
7.15%
Maximum real return consistent with
prudent investment management
PIMCO
CommodityRealReturn®
Strategy Portfolio – Admin.
Class(1)
 
Adviser: Pacific Investment
Management Company LLC
3.19%
18.79%
10.55%
6.54%
Maximum total return, consistent
with preservation of capital and
prudent investment management
PIMCO Emerging Markets
Bond Portfolio – Admin.
Class(1,3)
 
Adviser: Pacific Investment
Management Company LLC
1.17%
15.01%
2.45%
5.08%
Total return which exceeds that of its
benchmark
PIMCO Global Core Bond
(Hedged) Portfolio – Admin.
Class
 
Adviser: Pacific Investment
Management Company LLC
1.13%
6.73%
0.78%
3.16%
Maximum total return, consistent
with preservation of capital and
prudent investment management
PIMCO High Yield Portfolio –
Admin. Class(1,3)
 
Adviser: Pacific Investment
Management Company LLC
0.81%
8.97%
3.98%
5.59%
Maximum total return, consistent
with preservation of capital and
prudent investment management
PIMCO Long-Term U.S.
Government Portfolio –
Admin. Class
 
Adviser: Pacific Investment
Management Company LLC
2.48%
6.31%
-6.79%
-0.36%
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix A
 78 
Investment Objectives
Fund
and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of December 31, 2025)
1 Year
5 Years
10 Years
Maximum real return, consistent
with preservation of real capital and
prudent investment management
PIMCO Real Return Portfolio
– Admin. Class(1,3)
 
Adviser: Pacific Investment
Management Company LLC
1.39%
7.87%
1.22%
3.20%
Total return, which exceeds that of
its secondary benchmark index
consistent with prudent investment
management
PIMCO StocksPLUS® Global
Portfolio – Advisor Class(1)
 
Adviser: Pacific Investment
Management Company LLC
0.93%
24.25%
10.89%
11.08%
Maximum total return, consistent
with preservation of capital and
prudent investment management
PIMCO Total Return Portfolio
– Admin. Class
 
Adviser: Pacific Investment
Management Company LLC
0.73%
8.90%
0.02%
2.36%
High current income, consistent with
preservation of capital, with capital
appreciation as a secondary
consideration
Templeton Global Bond VIP
Fund – Class 2(1,3)
 
Adviser: Franklin Advisers, Inc.
0.75%
15.73%
-0.96%
-0.15%
(1)
This Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for information regarding the expense reimbursement or fee waiver arrangement.
(2)
This Fund is managed in a way that is intended to minimize volatility of returns (referred to as a “managed volatility strategy”). For more information see Principal Risks of Investing in the Contract – Managed Volatility Investment Option Risk, or refer to the Fund’s prospectus.
(3)
This Investment Option is only available to Contracts issued before October 16, 2017.
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Appendix A
 79 
Appendix B – Investment Restrictions for Optional Benefits 
If you have Income Protector, Income Focus, or Investment Protector, your Contract is subject to investment restrictions, as summarized in this appendix.
If your Contract is subject to investment restrictions, your Contract is also subject to automatic quarterly rebalancing. We rebalance your Contract Value according to your future Purchase Payment allocation instructions at the end of the last Business Day before each Quarterly Anniversary. If you have Investment Protector or a Target Date Benefit we adjust your allocation instructions if they do not comply with the allowed maximums summarized in this appendix as described further in the prospectus. There are no fees for the quarterly rebalancing transfers we make, and we do not count them against the free transfers we allow. To change this quarterly rebalancing, you must change your future Purchase Payment allocation instructions. Any requested change to these allocation instructions must comply with your benefit’s restrictions or we reject your change.
We may add, remove or substitute Investment Options from this list. We secure all necessary SEC and other governmental approvals before removing or substituting an Investment Option. For a Lifetime Benefit, Investment Protector, or Target Date Benefit we may also move Investment Options from a more restrictive group to a less restrictive group, but we cannot move Investment Options the other way. We send you written notice regarding additions, removals or substitutions. When an Investment Option is removed or substituted, we send you written notice 30 days before the removal or substitution date.
We put these restrictions in place to support your benefit’s guarantees. To the extent these restrictions limit your investment flexibility, they may limit the upside potential to your Investment Option returns, which may limit your Contract Value, Benefit Base and Lifetime Plus Payment increases for Income Protector and Lifetime Benefits, Performance Increases for Income Focus, and Target Value for Investment Protector and Target Date Benefits.
Income Protector
If you have Income Protector, you may allocate Contract Value only to the Investment Options listed below. The version identifier is located in your rider.  
Investment Options Available with Versions:
11.17, 12.17, 01.18, 02.18, 03.18, 04.18, 05.18, 06.18, 07.18, 08.18, 09.18, 10.18, 11.18, 12.18, 01.19, 02.19, 03.19, 04.19v1, 04.19v2,
05.19, 06.19, 07.19, 08.19, 09.19, 10.19, 11.19, 12.19, 01.20, 02.20, 03.20, 04.20
AZL Enhanced Bond Index Fund
AZL Fidelity Institutional Asset Management® Total Bond Fund
AZL Government Money Market Fund
AZL MVP Balanced Index Strategy Fund
AZL MVP Global Balanced Index Strategy Fund
AZL MVP DFA Multi-Strategy Fund
AZL MVP Fidelity Institutional Asset Management® Multi-Strategy
Fund
AZL MVP Growth Index Strategy Fund
AZL MVP Moderate Index Strategy Fund
AZL MVP T. Rowe Price Capital Appreciation Plus Fund
LVIP JPMorgan Core Bond Fund
MFS Total Return Bond Portfolio
PIMCO Balanced Allocation Portfolio
PIMCO Global Core Bond (Hedged) Portfolio
PIMCO Total Return Portfolio
 
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix B
 80 
Investment Options Available with Versions:
10.12, 04.15, 04.16, 05.16, 06.16, 07.16, 08.16, 09.16, 10.16, 11.16, 12.16, 01.17, 02.17, 03.17, 04.17, 05.17, 06.17, 07.17, 08.17,
09.17, 10.17
AZL Enhanced Bond Index Fund
AZL Fidelity Institutional Asset Management® Total Bond Fund
AZL Fidelity Institutional Asset Management® Multi-Strategy Fund
AZL Government Money Market Fund
AZL MVP Balanced Index Strategy Fund
AZL MVP Global Balanced Index Strategy Fund
AZL MVP DFA Multi-Strategy Fund
AZL MVP Fidelity Institutional Asset Management® Multi-Strategy
Fund
AZL MVP Growth Index Strategy Fund
AZL MVP Moderate Index Strategy Fund
AZL MVP T. Rowe Price Capital Appreciation Plus Fund
Franklin U.S. Government Securities VIP Fund*
LVIP JPMorgan Core Bond Fund
MFS Total Return Bond Portfolio
PIMCO Balanced Allocation Portfolio
PIMCO Global Core Bond (Hedged) Portfolio
PIMCO High Yield Portfolio*
PIMCO Real Return Portfolio*
PIMCO Total Return Portfolio
Templeton Global Bond VIP Fund*
*
Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Income Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you.
Income Focus
If you have Income Focus, you may allocate Contract Value only to the Investment Options listed below.  
Income Focus
Available Investment Options:
AZL MVP Balanced Index Strategy Fund
AZL MVP DFA Multi-Strategy Fund
AZL MVP Global Balanced Index Strategy Fund
AZL MVP Fidelity Institutional Asset Management® Multi-Strategy
Fund
AZL MVP Growth Index Strategy Fund
AZL MVP Moderate Index Strategy Fund
AZL MVP T. Rowe Price Capital Appreciation Plus Fund
PIMCO Balanced Allocation Portfolio
Investment Protector
If you have Investment Protector, you may allocate Contract Value only as specified below. The version identifier is located in your rider.
Investment Protector – Versions 07.12, 07.13, 04.15, 04.16, 05.16, 06.16, 07.16, 08.16, 09.16, 10.16
If you have a version of Investment Protector listed immediately above, you may allocate your Contract Value to the Investment Options in Table 1 below, subject to the limitations set forth in Table 2 thereafter. 
TABLE 1: Available Investment Option Groups
Equity Group
AZL Balanced Index Strategy Fund
AZL DFA Multi-Strategy Fund
AZL Fidelity Institutional Asset Management® Multi-Strategy Fund
AZL International Index Fund
AZL Mid Cap Index Fund
AZL Moderate Index Strategy Fund
AZL MSCI Global Equity Index Fund
AZL MVP Balanced Index Strategy Fund
AZL MVP Growth Index Strategy Fund
AZL Russell 1000 Growth Index Fund
AZL Russell 1000 Value Index Fund
AZL S&P 500 Index Fund
AZL T. Rowe Price Capital Appreciation Fund
PIMCO Balanced Allocation Portfolio
PIMCO StocksPLUS® Global Portfolio
 
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix B
 81 
Fixed Income Group
AZL Enhanced Bond Index Fund
AZL Fidelity Institutional Asset Management® Total Bond Fund
AZL Government Money Market Fund
Franklin U.S. Government Securities VIP Fund*
LVIP JPMorgan Core Bond Fund
MFS Total Return Bond Portfolio
PIMCO Global Core Bond (Hedged) Portfolio
PIMCO High Yield Portfolio*
PIMCO Long-Term U.S. Government Portfolio
PIMCO Real Return Portfolio*
PIMCO Total Return Portfolio
Templeton Global Bond VIP Fund*
*
Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Investment Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix B
 82 
On the Rider Effective Date and subsequent Quarterly Anniversaries, Table 2 determines the maximum Contract Value you can allocate to Investment Options in the Equity Group based on the number of Rider Years* until the initial Target Value Date and the comparison of Contract Value (CV) to Target Value (TV). We then subtract the Table 2 value from 100% to determine the minimum Contract Value required in the Fixed Income Group. For example, on the Rider Effective Date if your initial Target Value Date is the 12th Rider Anniversary, you can allocate up to 70% of your Contract Value to Investment Options in the Equity Group and you must have at least 30% in the Fixed Income Group. 
TABLE 2: Maximum Contract Value Allowed in the Equity Group
Number of
Rider
Years* to
the Initial
Target
Value Date
CV =
94%+
of TV
CV =
88%
to ˂
94%
of TV
CV =
82%
to ˂
88%
of TV
CV =
76%
to ˂
82%
of TV
CV =
70%
to ˂
76%
of TV
CV =
64%
to ˂
70%
of TV
CV =
58%
to ˂
64%
of TV
CV =
52%
to ˂
58%
of TV
CV =
46%
to ˂
52%
of TV
CV =
40%
to ˂
46%
of TV
CV =
34%
to ˂
40%
of TV
CV =
28%
to ˂
34%
of TV
CV =
22%
to ˂
28%
of TV
CV =
16%
to ˂
22%
of TV
CV =
10%
to ˂
16%
of TV
CV =
4%
to ˂
10%
of TV
CV ˂
4%
of TV
33+
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
32
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
31
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
30
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
29
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
28
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
27
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
26
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
25
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
24
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
23
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
22
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
21
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
20
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
19
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
18
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
17
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
16
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
15
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
14
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
13
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
12
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
11
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
9
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
8
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
7
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
6
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
5
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
4
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
3
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
2
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
1
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
Initial Target
Value Date
and beyond
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
*
We round the number of years until the initial Target Value Date up to the next whole number. For example, when you are seven Rider Years and four months away from your initial Target Value Date, in this table you are eight Rider Years from the initial Target Value Date.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix B
 83 
Appendix C – Calculation of Guaranteed Values and the Effects of Partial Withdrawals and Lifetime Payments on these Values
The following example shows the effect on the available guaranteed values assuming a Contract with a $100,000 initial Purchase Payment, no additional Purchase Payments or withdrawals, an Annual Increase Percentage of 5% (which will grow the Benefit Base’s Annual Increase quarterly by 1.25% = 5% / 4), and the Contract Value reflects deduction of fees and expenses. 
 
Contract
Value
Total Income Value
(Income Focus) and
Traditional Death
Benefit Value
Benefit Base
(Income Protector)
Rider Anniversary
Value
(Investment Protector)
Quarterly
Anniversary
Value
(Quarterly Value
Death Benefit)
Issue Date
$100,000
$100,000
$100,000
$100,000
$100,000
1st Quarterly Anniversary
$101,000
$100,000
+ ($100,000)
x 1.25%)
$100,000
$101,000
 
 
 
= +1,250
 
 
 
 
 
$101,250
 
 
Assume the Contract Value on the first Quarterly Anniversary increases to $101,000. On the first Quarterly Anniversary the Total Income Value and Traditional Death Benefit Value do not increase because there has been no additional Purchase Payments. The Rider Anniversary Value also does not change because this is not a Rider Anniversary and there has not been any additional Purchase Payments. The Quarterly Anniversary Value increases to the $101,000 Contract Value. Income Protector’s Benefit Base increases to $101,250 (the greater of the $101,000 Quarterly Anniversary Value, or the $101,250 Annual Increase).
Partial withdrawals (including withdrawals for financial adviser fees and any withdrawal charges, but not amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge) reduce the Contract Value on a dollar for dollar basis, and reduce all of the guaranteed values by the percentage of Contract Value withdrawn.
Continuing from the example above, assume you take a $5,000 partial withdrawal under the free withdrawal privilege to pay financial adviser fees. All fractional numbers in these examples have been rounded up to the next whole number.  
Partial
Withdrawal
Contract
Value
Total Income Value
(Income Focus) and
Traditional Death
Benefit Value
Benefit Base
(Income Protector)
Rider Anniversary
Value
(Investment Protector)
Quarterly
Anniversary
Value
(Quarterly Value
Death Benefit)
Prior to withdrawal
$ 101,000
$ 100,000
$101,250
$100,000
$101,000
$5,000 withdrawal
 
– [(5,000/ 101,000)
x 100,000)]
– [(5,000/ 101,000)
x 101,250)]
– [(5,000/ 101,000)
x 100,000)]
– [(5,000/ 101,000)
x 101,000)]
 
– 5,000
= – 4,950
= – 5,012
= – 4,950
= – 5,000
After withdrawal
$ 96,000
$ 95,050
$ 96,238
$ 95,050
$ 96,000
Lifetime Plus Payments under Income Protector and Income Focus Payments under Income Focus reduce the Contract Value on a dollar for dollar basis and reduce other benefits guaranteed values by the percentage of Contract Value withdrawn. However, Lifetime Plus Payments do not reduce the Benefit Base and Income Focus Payments do not reduce Income Values.
The following example shows the effect of taking the annual maximum payment on your Contract under Income Protector or Income Focus if you are the sole Covered Person. For Income Protector, assume you begin payments at age 62 when the Contract Value is $97,000, the Benefit Base is $120,000, and the annual maximum Lifetime Plus Payment is $4,800 (4%
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix C
 84 
of the $120,000 Benefit Base). For Income Focus, assume you begin payments when your Income Value Percentage is 6.25% and the annual maximum Income Focus Payment is $5,344 (6.25% of the $85,500 Income Value). 
Lifetime Plus
Payment
Contract
Value
Traditional Death
Benefit guaranteed
value
Benefit
Base
Income Focus
Payment
Contract
Value
Traditional Death
Benefit guaranteed
value
Income
Value
Before payment
$ 97,000
$ 85,500
$ 120,000
Before payment
$ 97,000
$ 85,500
$ 85,500
$4,800 payment
 
– [(4,800/ 97,000)
 
$5,344 payment
 
– [(5,344/ 97,000)
 
 
 
x 85,500)]
 
 
 
x 85,500)]
 
 
– 4,800
= – 4,231
no change
 
– 5,344
= – 4,710
no change
After payment
$ 92,200
$ 81,269
$ 120,000
After payment
$ 91,656
$ 80,790
$ 85,500
An Excess Withdrawal is a withdrawal you take while you are receiving Lifetime Plus Payments or Income Focus Payments, that when added to any other withdrawals taken during the Benefit Year and your annual actual payment, is greater than your current annual maximum lifetime payment. Partial Excess Withdrawals (including withdrawal charges, but not amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge) immediately reduce the Contract Value on a dollar for dollar basis, and reduce all of the guaranteed values by the percentage of Contract Value withdrawn. Partial Excess Withdrawals also reduce the annual maximum Lifetime Plus Payment or annual maximum Income Focus Payment on the next Benefit Anniversary.
Continuing from the annual maximum payment example, assume you take a $5,000 partial Excess Withdrawal later in the first Benefit Year when the Contract Value is $92,000. 
Excess
Withdrawal
Contract
Value
Traditional Death
Benefit guaranteed
value
Benefit Base
Next anniverary’s
annual maximum
Lifetime Plus
Payment
Income Value
Next anniverary’s
annual
maximum
Income Focus
Payment
Prior to withdrawal
$ 92,000
$ 81,269
$ 120,000
$ 4,800
$ 85,500
$ 5,344
$5,000 withdrawal
 
– [(5,000/ 92,000)
– [(5,000/ 92,000)
– [(5,000/ 92,000)
– [(5,000/ 92,000)
– [(5,000/ 92,000)
 
 
x 81,269)]
x 120,000)]
x 4,800)]
x 85,500
x 5,344)]
 
– 5,000
= – 4,417
= – 6,522
= – 261
= – 4,647
= – 290
After withdrawal
$ 87,000
$ 76,852
$ 113,478
$ 4,539
$ 80,853
$ 5,054
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix C
 85 
Appendix D – Income Focus
Income Focus was available from April 29, 2013 through April 24, 2015. Income Focus has a rider charge that we deduct from your Contract Value during the Accumulation Phase while your benefit is in effect and your Contract Value is positive. For information on the rider charge, please see the Fee Tables and section 6, Expenses – Optional Living Benefit Rider Charges. Income Focus is also subject to investment restrictions and quarterly rebalancing as discussed in Appendix B.
We designed Income Focus Payments to last for the lifetime of the Covered Person(s). If you do not begin Income Focus Payments before all Covered Persons die or are removed from the Contract, Income Focus ends and you will not receive any payments. Income Focus Payments are available once the younger Covered Person reaches age 60 and before the older Covered Person reaches age 91. You choose your payment frequency and amount subject to an annual maximum. Once established, the annual maximum Income Focus Payment can increase, but it cannot decrease unless you take an Excess Withdrawal.
Removing Income Focus
You can remove Income Focus from your Contract while the Contract Value is positive by completing the appropriate form. We remove this benefit from your Contract on the Quarterly Anniversary (or on the next Business Day if the Quarterly Anniversary is not a Business Day) that occurs immediately after we receive your request in Good Order at our Service Center, and the rider termination date is that Quarterly Anniversary.
If we increase this benefit’s rider charge and you want to remove this benefit before the increase, we must receive this form within 30 days of the date of our letter notifying you of the rider charge increase. If we receive your form after this period, we increase your rider charge and ask you to resubmit the form for the next Quarterly Anniversary.
If you are removing this benefit for any other reason, your request is in Good Order if we receive this form no earlier than 30 days before a Quarterly Anniversary, and no later than before the end of the last Business Day before the Quarterly Anniversary. If we receive your request outside this time period, we ask you to resubmit it for the next Quarterly Anniversary.
You must transfer your Contract Value out of Income Focus’ Investment Options and remove these Investment Options from your future Purchase Payment allocation instructions for your removal request to be in Good Order.
On the rider termination date Income Focus Payments (if applicable) stop, we deduct the final rider charge, and the restrictions on additional Purchase Payments and Contract Value allocations and transfers no longer apply.
Income Focus Payment Overview
Your annual maximum Income Focus Payment is equal to the sum of all Income Values multiplied by their associated Income Value Percentages. Each Income Value is equal to one or more of your Purchase Payments received in a Rider Year, adjusted for any partial withdrawals as discussed under “Income Values.” Each Income Value has an associated Income Value Percentage. Each Income Value Percentage is initially based on the Covered Person’s age at the time you selected Income Focus as set out in the following table. 
Initial Income Value Percentage Table
Age of the Covered Person on
the Rider Effective Date for
single Income Focus Payments
Initial Income Value
Percentage
Age of the younger Covered
Person on the Rider Effective
Date for joint Income Focus
Payments
Initial Income Value
Percentage
45 – 64
3.25%
45 – 64
2.75%
65 – 79
3.75%
65 – 79
3.25%
80+
4.75%
80+
4.25%
Income Value Percentages can increase by 1% annually based on positive Contract Value performance from one Rider Anniversary or Benefit Anniversary to the next as discussed under “Income Value Percentages and Performance Increases.” A Benefit Anniversary is a twelve-month anniversary of the Benefit Date that Income Focus Payments begin. You can receive the 1% Performance Increases both before and after you begin receiving Income Focus Payments. Before
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 86 
payments begin, the first Income Value is eligible for a Performance Increase on the first Rider Anniversary and any subsequent Income Values are eligible for Performance Increases on the second Rider Anniversary after they are established.
The annual maximum Income Focus Payment is the amount you are entitled to receive each year, but you can choose to take an actual payment that is less than your annual maximum Income Focus Payment. If you take less than 100% of your annual maximum Income Focus Payment in a Benefit Year, you are not eligible to receive a Performance Increase in the next Benefit Year. For more information, see “Income Value Percentages and Performance Increases.”
Example
Assume you purchased a Contract with Income Focus at age 60 with a $100,000 initial Purchase Payment, and you are the sole Covered Person. Your first Income Value is this initial Purchase Payment and its associated Income Value Percentage based on the table is 3.75%. At this time your annual maximum Income Focus Payment would be $3,750 (3.75% x $100,000).
On the first Rider Anniversary (which is also the first Contract Anniversary) if your Contract Value after deduction of all fees and expenses is greater than your initial Purchase Payment, we apply a 1% Performance Increase to your first Income Value Percentage, so it is now 4.75%. At this time your annual maximum Income Focus Payment would be $4,750 (4.75% x $100,000).
If you make a series of additional Purchase Payments in the second Rider Year totaling $5,000, we establish a second Income Value equal to these payments, and a second Income Value Percentage which is initially equal to 3.75%. This second Income Value is not eligible for a Performance Increase until the third Rider Anniversary. At this time your annual maximum Income Focus Payment would be $4,937.50 [(4.75% x $100,000) + (3.75% x $5,000)].
Total Income Value
The Total Income Value determines your rider charge and is equal to the sum of all Income Values.
Income Values
Income Values help determine both your rider charge and your annual maximum Income Focus Payment. The greater the total Income Values, the greater the annual maximum Income Focus Payment.
For each period, we establish a new Income Value on the Business Day we first receive a Purchase Payment. We establish Income Values during the first Rider Year as follows.
● 
If the Rider Effective Date is the Issue Date, the first Income Value is equal to all Purchase Payments received before the first Quarterly Anniversary. If you make any additional Purchase Payments on or after the first Quarterly Anniversary and before the first Rider Anniversary we add them together and establish a new Income Value.
● 
If the Rider Effective Date occurs after the Issue Date, the first Income Value is initially equal to the Contract Value at the end of the prior Business Day. If you make any additional Purchase Payments during the first Rider Year we add them together and establish a new Income Value.
If you make additional Purchase Payments in subsequent Rider Years, we establish a new Income Value each Rider Year. We establish each Income Value on the Business Day we receive the first Purchase Payment in a Rider Year; we add any additional Purchase Payments we receive during the same Rider Year to the existing Income Value.
Each Business Day before the Benefit Date, if you take a withdrawal, we reduce each Income Value by the percentage of Contract Value withdrawn. Each Business Day on or after the Benefit Date, if you take an Excess Withdrawal we reduce each Income Value by the percentage of Contract Value withdrawn. Withdrawals include any withdrawal charges, but do not include Income Focus Payments or amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge. 
FOR BONUS OPTION CONTRACTS: Bonus amounts are not included in the parts of Income Values or Total Income
Value based on Purchase Payments and unvested bonus amounts are not included in the parts of these values based on
Contract Value.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 87 
Income Value Percentages and Performance Increases
Income Value Percentages help determine your annual maximum Income Focus Payment. The higher the Income Value Percentage, the greater the annual maximum Income Focus Payment.
Each Income Value has an associated Income Value Percentage. We determine your initial Income Value Percentage for each Income Value by using the Initial Income Value Percentage Table as discussed in “Income Focus Payment Overview.”
On each Rider Anniversary before the Benefit Date, and on each Benefit Anniversary after the Benefit Date if you took the entire annual maximum Income Focus Payment during the prior year, you receive a Performance Increase of 1% to each Income Value Percentage associated with an eligible Income Value if the Contract Value (or Bonus Value, if applicable) increases as discussed next in this appendix. Before the Benefit Date, each Income Value is eligible for a Performance Increase on the second Rider Anniversary that occurs after we establish it. On the first Rider Anniversary, only the first Income Value is eligible for a Performance Increase. Performance Increases are not available once the older Covered Person reaches age 91.
Performance Increases On or Before the Benefit Date
On each Rider Anniversary you receive a 1% Performance Increase if the Contract Value is greater than the Contract Value on the prior Rider Anniversary (or Rider Effective Date if this is the first Rider Anniversary). If a Rider Anniversary does not occur on a Business Day, we use Contract Values from the next Business Day. For the Rider Effective Date and each Rider Anniversary we exclude from that day’s Contract Value any Daily Transactions. Before we make this comparison, if we received any Purchase Payments during the last Rider Year we subtract these payments from the current Contract Value.
However, if you selected Income Focus at issue and this is the first Rider Anniversary, you receive a Performance Increase if the Contract Value excluding any Daily Transactions and any Purchase Payments received on or after the first Quarterly Anniversary is greater than the total Purchase Payments received before the first Quarterly Anniversary.
Performance Increases After the Benefit Date
On each Benefit Anniversary you receive a Performance Increase if the Contract Value is greater than the Contract Value on the prior Benefit Anniversary (or Benefit Date if this is the first Benefit Anniversary). If either of these dates does not occur on a Business Day, we use Contract Values from the next Business Day. For the Benefit Date and each Benefit Anniversary we exclude from that day’s Contract Value any Daily Transactions.  
 
● Performance Increases are not available once the older Covered Person reaches age 91.
● After the Benefit Date Performance Increases are only available while your Contract Value is positive and if
you took your annual maximum Income Focus Payment during the last Benefit Year.
● If we increased the Contract Value to equal the death benefit due to a spousal continuation of the Contract during the
last Rider Year or Benefit Year, we also subtract the amount of this increase from the Contract Value on the next
Rider Anniversary or Benefit Anniversary when determining Performance Increases.
● For Bonus Option Contracts, we include any unvested Bonus amounts when determining Performance Increases. So
when we compute a Performance Increase, each Purchase Payment includes its associated bonus and we use Bonus
Values instead of Contract Values.
Requesting Income Focus Payments
You request Income Focus Payments by completing a payment election form. Income Focus Payments begin on the Benefit Date. The Benefit Date can be either the 1st or 15th of a calendar month, or any other day that you request and we agree to. However, we do not allow the Benefit Date to be later than the 28th of a calendar month. At least one Covered Person must be alive on the Benefit Date in order for Income Focus Payments to begin. You cannot submit this form until the younger Covered Person reaches age 60, or once the older Covered Person reaches age 91.
We will begin making payments to you automatically without your request if your Contract Value reduces to zero for any reason other than a withdrawal or annuitization while this benefit is in effect and before the Benefit Date. In this instance we calculate your annual maximum Income Focus Payment and begin making annual payments to you on the next available Benefit Date.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 88 
If the Benefit Date has not occurred six months before the older Covered Person reaches age 91, we send you written notice that the benefit is about to end. If the benefit ends before Income Focus Payments begin, you will have paid for the benefit without receiving any of its advantages. In addition, before Income Focus Payments begin you are paying for a benefit that you are not currently using.
Once Income Focus Payments begin:
● 
You cannot make additional Purchase Payments, therefore the total Purchase Payments adjusted for withdrawals under the Traditional Death Benefit (if applicable) no longer increases.
● 
Any active AIP and/or systematic withdrawal program ends.
● 
The free withdrawal privilege is not available.
● 
You can only remove Income Focus while the Contract Value is positive. If you remove this benefit, the restrictions listed above do not apply on or after the rider termination date.
● 
You can only change the Owner if you selected joint Income Focus Payments and an Owner dies and the spouse continues the Contract.
● 
The rider charge continues until the benefit ends, or the Business Day the Contract Value reduces to zero.
● 
If you have the Quarterly Value Death Benefit, its additional M&E charge continues as indicated in section 6, Expenses – Mortality and Expense Risk (M&E) Charge.
● 
If you annuitize the Contract, Income Focus Payments stop and Income Focus ends.
● 
The Contract Value continues to fluctuate as a result of Investment Option performance. It decreases on a dollar for dollar basis with each Income Focus Payment, Excess Withdrawal, and any Contract charges we deduct.
● 
Income Focus Payments do not reduce your Income Values, but Excess Withdrawals reduce the annual maximum Income Focus Payment and each Income Value by the percentage of Contract Value withdrawn (including any withdrawal charge). If you take an Excess Withdrawal of your total Contract Value, Income Focus Payments stop and Income Focus ends.
● 
Each Income Focus Payment and any Excess Withdrawal reduces the total Purchase Payments adjusted for withdrawals under the Traditional Death Benefit (or the Quarterly Anniversary Value under the Quarterly Value Death Benefit, if applicable) by the percentage of Contract Value withdrawn (including any withdrawal charge).
● 
Any part of your annual maximum Income Focus Payment that you do not withdraw in a given Benefit Year remains in your Contract for the remainder of that year, but is not added to the annual maximum payment available next year.
● 
You may receive a Performance Increase to Income Value Percentages on every Benefit Anniversary before the older Covered Person reaches age 91. Performance Increases increase your annual maximum Income Focus Payment.
Calculating Your Income Focus Payments
The annual maximum Income Focus Payment is the amount you are entitled to receive each Benefit Year. On the Benefit Date and each subsequent Benefit Anniversary, your annual maximum Income Focus Payment is equal to the sum of all Income Values multiplied by their associated Income Value Percentages. On the Benefit Date, if your initial annual maximum Income Focus Payment is less than $100, the benefit ends and you will have paid for the benefit without receiving any of its advantages. For example, assuming a single Income Value and an Income Value Percentage of 6.25%, if you take withdrawals that reduce the Income Value to less than $1,600, this would result in an initial Income Focus Payment of less than $100.
You can receive Income Focus Payments monthly, quarterly, semi-annually, or annually. If the scheduled payment date does not fall on a Business Day, we make the payment on the next Business Day.
You can change your payment frequency once each Benefit Year while your Contract Value is positive. You must provide notice of any requested payment frequency change to our Service Center at least 30 days before the Benefit Anniversary. If the change is available, we implement it on the Benefit Anniversary and it remains in effect until the benefit ends or you request another change. We do not accept payment frequency changes that would cause us to make payments of $0.01 to $99.99.
The annual maximum Income Focus Payment is the amount you are entitled to, but you can choose to take less. The annual actual Income Focus Payment is the total amount you choose to receive each year. Any part of your annual maximum payment that you do not withdraw in a given Benefit Year is not added to the annual maximum payment available next year. Each Income Focus Payment you receive is equal to the annual actual Income Focus Payment divided by the number
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 89 
of payments you chose to receive during the Benefit Year. Each actual Income Focus Payment must either be zero, or $100 or more. For example, you cannot request an annual payment of $50.
If you would like to take less than the maximum available payment, you can change your payment amount once each Benefit Year while your Contract Value is positive by providing notice to our Service Center at least 30 days before the Benefit Anniversary. If the change is available, we implement it on the Benefit Anniversary and it remains in effect until the benefit ends or you request another change.
Once Income Focus Payments have begun, if your Contract Value reduces to zero for any reason other than an Excess Withdrawal or annuitization, you will continue to receive your maximum Income Focus Payment at the previous selected payment frequency until the earlier of the death of the Owner or last surviving Covered Person.
We deduct each Income Focus Payment, Excess Withdrawal, and any additional payment resulting from a required minimum distribution, proportionately from the Investment Options. We continue to rebalance the Contract Value quarterly among the Investment Options according to your future Purchase Payment allocation instructions while this benefit is in effect. You can also continue to make transfers between the Investment Options while your benefit is in effect, subject to the restrictions set out in section 4, Investment Options – Transfers Between Investment Options, and Appendix B – Investment Restrictions for Optional Benefits.
Excess Withdrawals
Your annual maximum Income Focus Payment only decreases if you take an Excess Withdrawal. An Excess Withdrawal is a withdrawal you take while you are receiving Income Focus Payments, that when added to any other withdrawals taken during the Benefit Year and your annual actual payment, is greater than your current annual maximum payment. If your actual Income Focus Payment is less than your annual maximum payment, you can withdraw the difference and we consider that withdrawal to be an additional actual Income Focus Payment, and not an Excess Withdrawal. Excess Withdrawals include any applicable withdrawal charge, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
For example, assume your annual maximum Income Focus Payment is $2,000 and you take an annual actual Income Focus Payment of $1,000. Within a Benefit Year, you can take an additional withdrawal of up to $1,000 and we consider that to be an additional actual Income Focus Payment. If you withdraw $1,200, we consider the first $1,000 to be an additional actual Income Focus Payment and the next $200 to be an Excess Withdrawal.
Any partial Excess Withdrawal must comply with the restrictions in section 7, Access to Your Money and the following provisions. If your Contract Value is less than $2,000, you can only withdraw the total remaining Contract Value (less any rider charge). Also, if at the end of the Business Day that we process your Excess Withdrawal your Contract Value is less than $2,000, you must withdraw the total remaining Contract Value (less any rider charge). If you take an Excess Withdrawal of the total remaining Contract Value your entire Contract ends.
Excess Withdrawals reduce each Income Value on the Business Day we process the withdrawal, but they do not reduce your annual maximum Income Focus Payment until the next Benefit Anniversary after the withdrawal. If partial Excess Withdrawals reduce your annual maximum Income Focus Payment to less than $100, we send you the total remaining Contract Value (less any rider charge) and your Contract ends. 
● For Qualified Contracts, if we calculate a required minimum distribution (RMD) based on this Contract, after
making all Income Focus Payments for the calendar year, we determine whether this calendar year’s total RMD has
been satisfied by these payments and any Excess Withdrawals. If the RMD amount for this Contract has not been
satisfied, we send you this remaining amount as one RMD payment by the end of the calendar year. We consider this
payment to be a withdrawal, but it is not an Excess Withdrawal and it is not subject to a withdrawal charge.
● For required annuitization, if on the Annuity Date you are receiving Income Focus Payments, we guarantee to pay
you the greater of your maximum Income Focus Payment or Annuity Payments based on the Contract Value under
Annuity Option 1 or Annuity Option 3. If you select any other Annuity Option, this guarantee does not apply. For
more information, see section 8, The Annuity Phase.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 90 
Taxation of Income Focus Payments
We treat Income Focus Payments as withdrawals for tax purposes while your Contract Value is positive, and once your Contract Value is reduced to zero we intend to treat Income Focus Payments as Annuity Payments for tax purposes. For more information, see section 13, Taxes – Taxation of Lifetime Payments.
Charge Lock Option
If we increase Income Focus’ rider charge, you can reject this charge increase and all future rider charge changes by selecting the Charge Lock Option rider. You keep Income Focus at the current rider charge, but we subtract 1% from all your Income Value Percentages, and you have no opportunity for future Performance Increases or future rider charge decreases.
We notify you in writing at least 30 days in advance of any increase to your rider charge. The notice will include information on the amount of increase to your rider charge, and the options available to you (accept the rider charge increase, remove Income Focus from your contract, or select the Charge Lock Option rider). If you are interested in the Charge Lock Option rider we ask you to either contact your Financial Professional or call us and we will send you the Charge Lock Option selection form and a copy of this prospectus.
After we receive your selection form in Good Order at our Service Center, the Charge Lock Option becomes effective on the Quarterly Anniversary that we are scheduled to increase the rider charge (or on the next Business Day if the Quarterly Anniversary is not a Business Day). To be in Good Order, we must receive your selection form no later than before the end of the last Business Day before the Quarterly Anniversary that we are to increase the rider charge. If we receive your selection form after this date and time we do not add the Charge Lock Option rider to your Contract and we increase your rider charge, but we make no other changes to your Contract. If we do not receive your selection form in time, you can either keep Income Focus at the increased rider charge, or you can make a separate request to remove it on the next Quarterly Anniversary and you will be subject to the increased rider charge until you remove Income Focus from your Contract. If you choose to keep Income Focus and we increase your rider charge in the future, the Charge Lock Option rider will again be available to you at that time, and will be based upon your then-current rider charges.
If you select the Charge Lock Option rider, Income Focus’s rider charge does not change on or after the Charge Lock Date, the Quarterly Anniversary or the next Business Day if that day is not a Business Day, that we would have otherwise increased your rider charge.
If you select the Charge Lock Option rider, you do not receive any Performance Increases after the Last Performance Increase Date. We determine the Last Performance Increase Date as follows. 
If the Charge Lock Date is…
before the Benefit Date
the Benefit Date
after the Benefit Date
the Last Performance Increase Date is…
the earlier of the Benefit Date, or the Rider Anniversary on or immediately after the Charge Lock Date
the Benefit Date
the Benefit Anniversary that occurs on or immediately after the Charge Lock Date
If your Contract Value is zero on the Last Performance Increase Date, the Charge Lock Option rider ends and we make no change to Income Focus or your Income Focus Payments. If your Contract Value is positive on the Last Performance Increase Date, we reduce your benefits as follows.
If the Last Performance Increase Date is on or before the Benefit Date
● 
If the Last Performance Increase Date is a Rider Anniversary before the Benefit Date, we first apply a Performance Increase to each eligible Income Value Percentage if your Contract Value (or Bonus Value, if applicable) has increased.
● 
Next we subtract 1% from each Income Value Percentage, including the initial Income Value Percentage for any new Income Values you establish in the future. After this date your Income Value Percentages will not increase.
● 
Then on the Benefit Date we calculate your annual maximum Income Focus Payment using these reduced Income Value Percentages. Your annual maximum Income Focus Payments will not increase after this date.
If the Last Performance Increase Date is a Benefit Anniversary
● 
We first apply Performance Increases to each Income Value Percentage if your Contract Value (or Bonus Value, if applicable) has increased, and then we subtract 1% from each Income Value Percentage.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 91 
● 
Next we calculate your annual maximum Income Focus Payment using these reduced Income Value Percentages. Your annual maximum Income Focus Payments will not increase after this date.
● 
If your reduced annual maximum Income Focus Payment is $100 or more, we verify that your annual actual Income Focus Payment meets our minimum requirements (it must be either zero, or $100 or more – you cannot request an actual payment of $50). If it is not, we ask you to change either the payment amount, or the frequency.
A hypothetical example showing how Income Focus may be affected if you select the Charge Lock Option rider is provided in Appendix F.
The Charge Lock Option rider ends on the earlier of the Business Day Income Focus ends, or the Last Performance Increase Date if you Contract Value equals zero. 
● Your Contract Value will continue to fluctuate with Investment Option performance after the Charge Lock Date.
● The Charge Lock Option rider may not be available through all broker dealers. For more information, please contact
us or your Financial Professional.
● If you select the Charge Lock Option rider, the reduction to Income Focus’ benefits may be significant, and you may
be better off either accepting the rider charge increase, or removing Income Focus from your Contract. You should
consult with your Financial Professional before selecting the Charge Lock Option rider.
● Once you select the Charge Lock Option rider, you cannot later remove it from your Contract.
● If you select the Charge Lock Option rider before Income Focus Payments begin, then request to begin payments
before the Last Performance Increase Date, you give up the opportunity to receive one last Performance Increase,
which may further reduce your Income Focus Payments.
● If you select the Charge Lock Option rider and the reduction to your Income Value Percentages causes your annual
maximum Income Focus Payment to be less than $100, Income Focus ends. If this occurs on the Benefit Date, you
will have paid for Income Focus without receiving any of its advantages.
When Income Focus Ends
Income Focus ends on the earliest of the following.
● 
The Business Day we process your request to remove this benefit from your Contract (the rider termination date).
● 
The Business Day all original Covered Persons no longer have the required relationship (Owner, Annuitant or sole Beneficiary) as stated under “Covered Persons” in section 2.
● 
The older Covered Person’s 91st birthday if it occurs before the Benefit Date.
● 
The Business Day before the Annuity Date.
● 
The Business Day we process your request for a full withdrawal, other than a full withdrawal caused by an Income Focus Payment.
● 
The Benefit Date or a Benefit Anniversary if the annual maximum Income Focus Payment is less than $100. However, this does not apply if you have the Charge Lock Option rider, your Last Performance Increase Date is the Benefit Date or a Benefit Anniversary, and on the Last Performance Increase Date your annual maximum Income Focus Payment becomes less than $100.
● 
Upon the death of an Owner (or Annuitant if the Owner is a non-individual), the end of the Business Day we first receive a Valid Claim from any one Beneficiary. However, if a federally recognized spouse is a Covered Person and continues this Contract, Income Focus also continues.
● 
The date of death of the last surviving Covered Person.
● 
The Business Day the Contract ends.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix D
 92 
Appendix E – Investment Protector
Investment Protector was available from April 29, 2013 through October 16, 2016. Investment Protector has a rider charge that we deduct from your Contract Value during the Accumulation Phase while your benefit is in effect and your Contract Value is positive. For information on the rider charge, please see the Fee Tables and section 6, Expenses – Optional Living Benefit Rider Charges.
Investment Protector provides, during the Accumulation Phase, a level of protection for your principal and a percentage (Guarantee Percentage) of any annual investment gains through the Target Value. The Target Value is a future guarantee to your Contract Value. The Target Value is first available on the initial Target Value Date which you select. The initial Target Value Date cannot occur before the Earliest Anniversary, and it must occur before age 91. Subsequent Target Value Dates will occur on every Future Anniversary. The Target Value is only guaranteed to be available to you on each Target Value Date. Beginning on the next Business Day, your Contract Value fluctuates based on your selected Investment Options’ performance, and this is the value available to you upon withdrawal.
We established your Contract’s Guarantee Percentage, Earliest Anniversary and Future Anniversary on the Rider Effective Date and we cannot change them. The Guarantee Percentage, Earliest Anniversary and Future Anniversary that are used to calculate your Target Value and determine your Target Value Dates are as follows. 
Investment Protector
(Version Identifier)
Available
Dates
Earliest Anniversary
used to determine
the initial Target
Value Date
Future Anniversary
used to determine
subsequent
Target Value Dates
Guarantee
Percentage used to
calculate the
Target Value
(07.13 through 10.16)
7/22/2013 –
10/16/2016
Tenth Rider
Anniversary
Fifth Rider
Anniversary
80%
(07.12)
4/29/2013 – 7/19/2013
Tenth Rider
Anniversary
Fifth Rider
Anniversary
100%
Removing Investment Protector
You can remove Investment Protector from your Contract while the Contract Value is positive by completing the appropriate form. We remove this benefit from your Contract on the Quarterly Anniversary (or on the next Business Day if the Quarterly Anniversary is not a Business Day) that occurs immediately after we receive your request in Good Order at our Service Center, and the rider termination date is that Quarterly Anniversary.
If we increase this benefit’s rider charge and you want to remove this benefit before the increase, we must receive this form within 30 days of the date of our letter notifying you of the rider charge increase. If we receive your form after this period, we increase your rider charge and ask you to resubmit the form for the next Quarterly Anniversary.
If you are removing this benefit for any other reason, your request is in Good Order if we receive this form no earlier than 30 days before a Quarterly Anniversary, and no later than before the end of the last Business Day before the Quarterly Anniversary. If we receive your request outside this time period, we ask you to resubmit it for the next Quarterly Anniversary.
On the rider termination date we deduct the final rider charge, and the restrictions on additional Purchase Payments and Contract Value allocations and transfers no longer apply.
Target Value Dates
Investment Protector guarantees that on each Target Value Date until the benefit ends, your Contract Value cannot be less than the Target Value (described next in this appendix). You selected the initial Target Value Date when you selected this benefit. The earliest available initial Target Value Date is the Earliest Anniversary, and the latest date is the Rider Anniversary before the older Owner reaches age 91 (or the Annuitant reaches age 91 if the Owner is a non-individual). Subsequent Target Value Dates occur on every Future Anniversary after the initial Target Value Date while this benefit is in effect.
For example, assume you purchased a Contract as the sole Owner on September 1, 2013 and you were age 70. You selected Investment Protector on the first Quarterly Anniversary, December 1, 2013 when you were still age 70, the
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Appendix E
 93 
Earliest Anniversary is the tenth Rider Anniversary and the Future Anniversary is the fifth Rider Anniversary. The earliest available initial Target Value Date is December 1, 2023 and the latest date is December 1, 2033. If you selected the earliest available initial date (December 1, 2023), subsequent Target Value Dates would occur on December 1st in 2028, 2033, 2038, etc.
On each Target Value Date (or on the next Business Day if the Target Value Date is not a Business Day) if your Contract Value excluding any Daily Transactions is less than the Target Value, we increase your Contract Value to equal the Target Value and your Target Value becomes the Contract Value. For example, if on the initial Target Value Date your Contract Value (excluding any Daily Transactions) is $109,000 and your Target Value is $110,000 we will increase the Contract Value to $110,000. The Target Value Dates are the only days that we guarantee your Contract Value equals or exceeds the Target Value. After the Target Value Date, the Contract Value will fluctuate until the next Target Value Date. We notify you in writing at least 30 days in advance of each Target Value Date outlining the options available to you. On each Target Value Date you can continue your Contract or withdraw some or all of your Contract Value. You are not required to take a withdrawal at this time. Any withdrawal you do take is subject to a withdrawal charge, income taxes and may also be subject to a 10% additional federal tax for amounts withdrawn before age 59 1∕2.
We allocate any Contract Value increase to your selected Investment Options based on the percentage of Contract Value in each Investment Option after we do quarterly Contract Value rebalancing. The rebalancing occurs on each Quarterly Anniversary, or the next Business Day if the Quarterly Anniversary is not a Business Day. For tax purposes, we treat any Contract Value increase as earnings under the Contract. However, if the Contract Value on each Target Value Date is less than net Purchase Payments (total Purchase Payments less any payments withdrawn) then we treat some or all of the increase as a Purchase Payment when applying the withdrawal charge if you withdraw the total Contract Value.
Initial Target Value Date Resets
You can reset the initial Target Value Date before the older Owner reaches age 81 (or the Annuitant reaches age 81 if the Owner is a non-individual). Resets are only available if the Contract Value excluding any Daily Transactions is at least equal to the Target Value using the values determined on the Rider Anniversary that we process your reset request. The earliest new initial Target Value Date is the Earliest Anniversary after we process your request, and the latest available date is the Rider Anniversary before the older Owner reaches age 91 (or the Annuitant reaches age 91 if the Owner is a non-individual). You request a reset by completing the appropriate form. We process your request as of the immediately preceding Rider Anniversary (or on the next Business Day if the Rider Anniversary is not a Business Day) once we receive your request in Good Order at our Service Center. For the request to be in Good Order, we must receive this form within 30 days after a Rider Anniversary. If we receive your request outside this time period, we reject your request. The reset date is the Rider Anniversary that we process your request.
Initial Target Value Date resets may change the maximum amount you can allocate to your selected Investment Options, but a reset does not automatically change your allocations. To change your allocations on a reset, you must also change your future Purchase Payment allocation instructions. You can change your future Purchase Payment allocation instructions at any time without penalty or fee. The changes to these allocation instructions must comply with the current maximum allowable allocations.
Target Value
The Target Value determines both your rider charge and if you receive a Contract Value increase on each Target Value Date. We only calculate the Target Value while the benefit is in effect.
On each Business Day, the Target Value is equal to the greater of the result of the Rider Anniversary Value multiplied by the Guarantee Percentage or one of the following.
● 
If you selected the benefit at issue, total Purchase Payments reduced by the percentage of Contract Value withdrawn, determined at the end of the Business Day we process each withdrawal.
● 
If you selected the benefit after issue, the Contract Value on the Rider Effective Date, excluding any Daily Transactions plus all Purchase Payments received on or after the Rider Effective Date, and reduced by the percentage of Contract Value withdrawn determined at the end of the Business Day we process each withdrawal taken on or after the Rider Effective Date.
● 
If you reset the initial Target Value Date, the Contract Value on the reset date, excluding any Daily Transactions plus all Purchase Payments received on or after the reset date, and reduced by the percentage of Contract Value withdrawn determined at the end of the Business Day we process each withdrawal taken on or after the reset date.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix E
 94 
Withdrawals include any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
If the Rider Effective Date was the Issue Date, the Rider Anniversary Value was initially equal to the Purchase Payment received on the Issue Date. If the Rider Effective Date was after the Issue Date, the Rider Anniversary Value was initially equal to the Contract Value on the Rider Effective Date, excluding any Daily Transactions.
At the end of each Business Day, we adjust the Rider Anniversary Value as follows.
● 
We increase it by the amount of any additional Purchase Payments.
● 
We reduce it by the percentage of any Contract Value withdrawn. Withdrawals include any withdrawal charges, but do not include amounts we withdraw for the transfer fee, contract maintenance charge, or rider charge.
On each Rider Anniversary (or on the next Business Day if the Rider Anniversary is not on a Business Day) the Rider Anniversary Value is equal to the greater of its current value, or the Contract Value excluding any Daily Transactions. 
For Bonus Option Contracts, unvested bonus amounts are not included in the parts of the Target Value based on
Contract Value. Bonus amounts are also not included in the parts of the Target Value based on Purchase Payments.
Investment Option Allocation and Transfer Restrictions and Quarterly Rebalancing
Under Investment Protector, we restrict your Investment Option selection as discussed in this appendix and in Appendix B.
Investment Protector – Versions 07.12, 07.13, 04.15, 04.16, 05.16, 06.16, 07.16, 08.16, 09.16, 10.16
If you have a version of Investment Protector listed immediately above, you may allocate your Contract Value to the Investment Options in Table 1 below, subject to the limitations set forth in Table 2 thereafter. 
TABLE 1: Available Investment Option Groups
Equity Group
AZL Balanced Index Strategy Fund
AZL DFA Multi-Strategy Fund
AZL Fidelity Institutional Asset Management® Multi-Strategy Fund
AZL International Index Fund
AZL Mid Cap Index Fund
AZL Moderate Index Strategy Fund
AZL MSCI Global Equity Index Fund
AZL MVP Balanced Index Strategy Fund
AZL MVP Growth Index Strategy Fund
AZL Russell 1000 Growth Index Fund
AZL Russell 1000 Value Index Fund
AZL S&P 500 Index Fund
AZL T. Rowe Price Capital Appreciation Fund
PIMCO Balanced Allocation Portfolio
PIMCO StocksPLUS® Global Portfolio
 
Fixed Income Group
AZL Enhanced Bond Index Fund
AZL Fidelity Institutional Asset Management® Total Bond Fund
AZL Government Money Market Fund
Franklin U.S. Government Securities VIP Fund*
LVIP JPMorgan Core Bond Fund
MFS Total Return Bond Portfolio
PIMCO Global Core Bond (Hedged) Portfolio
PIMCO High Yield Portfolio*
PIMCO Long-Term U.S. Government Portfolio
PIMCO Real Return Portfolio*
PIMCO Total Return Portfolio
Templeton Global Bond VIP Fund*
*
Investment Options that are no longer available for selection. We will continue to move assets into and out of these Investment Options subject to Investment Protector’s automatic quarterly asset rebalancing unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options, and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you.
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Appendix E
 95 
On the Rider Effective Date and subsequent Quarterly Anniversaries, Table 2 determines the maximum Contract Value you can allocate to Investment Options in the Equity Group based on the number of Rider Years* until the initial Target Value Date and the comparison of Contract Value (CV) to Target Value (TV). We then subtract the Table 2 value from 100% to determine the minimum Contract Value required in the Fixed Income Group. For example, on the Rider Effective Date if your initial Target Value Date is the 12th Rider Anniversary, you can allocate up to 70% of your Contract Value to Investment Options in the Equity Group and you must have at least 30% in the Fixed Income Group. 
TABLE 2: Maximum Contract Value Allowed in the Equity Group
Number of
Rider
Years* to
the Initial
Target
Value Date
CV =
94%+
of TV
CV =
88%
to ˂
94%
of TV
CV =
82%
to ˂
88%
of TV
CV =
76%
to ˂
82%
of TV
CV =
70%
to ˂
76%
of TV
CV =
64%
to ˂
70%
of TV
CV =
58%
to ˂
64%
of TV
CV =
52%
to ˂
58%
of TV
CV =
46%
to ˂
52%
of TV
CV =
40%
to ˂
46%
of TV
CV =
34%
to ˂
40%
of TV
CV =
28%
to ˂
34%
of TV
CV =
22%
to ˂
28%
of TV
CV =
16%
to ˂
22%
of TV
CV =
10%
to ˂
16%
of TV
CV =
4%
to ˂
10%
of TV
CV ˂
4%
of TV
33+
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
32
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
31
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
30
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
29
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
28
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
27
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
26
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
25
95%
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
24
95%
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
23
95%
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
22
95%
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
21
95%
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
20
95%
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
19
95%
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
18
95%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
17
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
16
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
15
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
14
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
13
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
12
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
11
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
9
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
8
50%
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
7
45%
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
6
40%
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
5
35%
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
4
30%
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
3
25%
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
2
20%
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
1
15%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
Initial Target
Value Date
and beyond
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
*
We round the number of years until the initial Target Value Date up to the next whole number. For example, when you are seven Rider Years and four months away from your initial Target Value Date, in this table you are eight Rider Years from the initial Target Value Date.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix E
 96 
If your future allocation instructions allocate 10% or less to the Investment Options in the Equity group, we rebalance according to your future allocation instructions. Otherwise, we determine your required Investment Option allocations on each Quarterly Anniversary (or the next Business Day if the Quarterly Anniversary is not a Business Day) as follows:
1.
We determine the new maximum allowed allocation for the Equity group. It is the lesser of the maximum allowed allocation from the prior Quarterly Anniversary, or as set out in Table 2 (which appears earlier in this appendix).
2.
If your current future allocation instructions comply with this new maximum allowed allocation for the Equity group, there is no change to your future allocation instructions and we rebalance your Contract Value according to these instructions.
3.
If your current future allocation instructions are greater than the new maximum allowed allocation for the Equity group we decrease the required allocation for the Equity group to this new lower amount. We then subtract this new percentage from 100% to determine the new required minimum allocation for the Fixed Income group. Lastly we rebalance your Investment Options’ Contract Value using the formula: a x (b / c) where:
 
a
=
The new required group allocation on the current Quarterly Anniversary.
b
=
The required allocation for each Investment Option at the end of the prior Business Day.
c
=
The required group allocation at the end of the prior Business Day.
We round your required allocation to the nearest whole percentage. The current required Investment Option allocations then become your future Purchase Payment allocation instructions. These allocation instructions remain in place until the earlier of the next Quarterly Anniversary, or the Business Day we process any new future Purchase Payment allocation instructions. 
 
● In any twelve-month period, we cannot reduce the maximum allowed Contract Value allocation in the Equity group
by more than 15%.
● Unless the maximum allowed allocation for the Equity group changes, the minimum required allocation for the Fixed
Income group does not change.
● We may move all of your Contract Value out of one or more of your selected Investment Options. However, we send
you a transaction confirmation each time we move Contract Value between Investment Options.
● Unless you reset the initial Target Value Date, the maximum allowed in the Equity group never increases.
● The maximum allowed allocation to the Equity group reduces with negative Investment Option performance and as
the time until the initial Target Value Date decreases. If you allocate less than the maximum allowed to the Equity
group, you may be subject to fewer Investment Option reallocations resulting from negative Investment Option
performance.
When Investment Protector Ends
Investment Protector ends upon the earliest of the following.
● 
The Business Day we process your request to remove this benefit from your Contract (the rider termination date).
● 
The date of death of any Owner (or Annuitant, if the Contract is owned by a non-individual), unless the surviving spouse elects to continue the Contract. However, if an Owner (or Annuitant, if the Contract is owned by a non-individual) dies and the surviving spouse elects to receive payout of the death benefit, then this benefit ends at the end of the Business Day we receive a Valid Claim.
● 
The Business Day before the Annuity Date.
● 
The Business Day we process your request for a full withdrawal.
● 
The Business Day the Contract ends.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix E
 97 
Appendix F – Charge Lock Option Examples
These hypothetical examples show how Income Protector and Income Focus may be affected if you select the Charge Lock Option rider. These examples are intended to help you understand the Charge Lock Option rider and are not intended to display values specific to any Contract.
Income Protector
This hypothetical example assumes you have yet not begun Lifetime Plus Payments, and do not choose to do so on the Charge Lock Date. Your Benefit Base on the Charge Lock Date (which is also your Last Increase Date) is $100,000, and the simple interest on your Annual Increase is 6%. Your current Income Protector rider charge is 1.20%, and we notify you that we intend to increase your rider charge to 1.45% beginning next year. Assuming your Contract Value is never greater than your Annual Increase, the amount you would pay for the rider charge for one year would be $1,227 based on a 1.20% rider charge for the current year and a 6% simple interest increase to the Benefit Base. You are the only Covered Person, your current age is 66, and the current payment percentage for ages 65-79 is 4.5%.
If you accept the rider charge increase, your Annual Increase continues receiving 6% annual simple interest, 1.5% each quarter. Assuming your Contract Value is never greater than your Annual Increase, your Benefit Base on the next rider anniversary will be $106,000 and the available annual maximum Lifetime Plus Payment at that time would be $4,770 (4.5% x $106,000). The amount you pay for the annual rider charge for this next year will increase to $1,570 based on the 6% simple interest increase to your Benefit Base and the increase to the rider charge.
If instead you select the Charge Lock Option rider, we subtract 1% from the current payment percentage, so the new payment percentage for ages 65-79 will be 3.5%. Your Annual Increase will not receive simple interest after the Charge Lock Date. If you were to exercise Income Protector your annual maximum Lifetime Plus Payment will be $3,500 (3.5% x $100,000). This is a loss in payment of $1,270, and these Lifetime Plus Payments can never increase. Finally, the amount you pay for the annual rider charge will be $1,200 (1.20% x $100,000) and your rider charge percentage will never change.
In this example, if you select the Charge Lock Option rider instead of accepting the rider charge increase, your rider charge does not increase ($370 savings). However, your Lifetime Plus Payment decreases by $1,270.
Income Focus
This hypothetical example assumes you are the sole Covered Person, and you have already begun taking Income Focus Payments. On the Last Performance Increase Date you have one Income Value of $100,000 and its Income Value Percentage after application of the Performance Increase is 5.75%, so your annual maximum Income Focus Payment is $5,750 (5.75% x $100,000). Your current Income Focus rider charge is 1.30%, and we notify you that we intend to increase your rider charge to 1.55%. The amount you are currently paying for the annual rider charge before the increase is $1,300 (1.30% x $100,000).
If you accept the rider charge increase, your Income Value Percentage continues to be eligible for future Performance Increases and, assuming you take no Excess Withdrawals, you continue to be eligible to receive an annual maximum Income Focus Payment of at least $5,750 (5.75% x $100,000) for the rest of your life. The amount you pay for the annual rider charge will increase to $1,550 (1.55% x $100,000).
If instead you select the Charge Lock Option rider, we reduce your Income Value Percentage to 4.75%, which reduces your annual maximum Income Focus to $4,750 (4.75% x $100,000). This is a loss in payment of $1,000, and these Income Focus Payments can never increase. The amount you pay for the annual rider charge remains $1,300 and your rider charge percentage will never change.
In this example, if you select the Charge Lock Option rider instead of accepting the rider charge increase, your rider charge does not increase ($250 savings). However, your Income Focus Payment decreases by $1,000.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix F
 98 
Appendix G – Material Contract Variations by State and Issue Date
Your Contract is subject to the law of the state in which it is issued. Some of the features of your Contract may differ from the features of a Contract issued in another state because of state-specific legal requirements. In addition, not all features and benefits are approved in all states. All material state and Issue Date variations in the Contract are disclosed in this appendix. If you would like more information regarding state or Issue Date specific Contract provisions, you should contact your Financial Professional or contact our Service Center at the toll-free telephone number listed at the back of this prospectus.
Closed Investment Options
The following Investment Options were closed effective October 16, 2017, and are no longer available for selection. Assets in closed Investment Options will remain in those Investment Options until we receive alternate instructions from you, or in the event that we elect to effect a substitution into alternate Investment Options. Closed Investment Options are treated differently in Contracts that include one of the following optional living benefits: Investment Protector, or Income Protector versions available on or before October 13, 2017.
● 
If your Contract does not include one of these optional living benefits, we no longer allow assets to move into a closed Investment Option either by Purchase Payment or transfer.
● 
If your Contract includes one of these optional living benefits, closed Investment Options remain in your future Purchase Payment allocation instructions, continue to be subject to the automatic quarterly asset rebalancing transfers associated with your living benefit, and remain in an active AIP program unless you provide us with alternate instructions. However, you cannot request to transfer into these closed Investment Options and if you change your future Purchase Payment allocation instructions, the closed Investment Options will no longer be available to you.
Material State Contract Variations 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
California
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We cannot restrict assignments or changes of ownership
 
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus and you assign the
Contract and the Covered Person(s) who was previously an Owner(s) no
longer has that position, your selected benefit and any lifetime
payments may end even if the Covered Person is still alive.
 
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through October 11, 2013.
 
• Traditional Death Benefit version 2 was not available before October 11,
2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through October 11, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before October
11, 2013.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 99 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
California
(continued)
When Income Protector Ends
See section 10
An assignment or change of ownership does not change the Covered
Person(s). After an assignment or change of ownership, if a Covered
Person who was previously an Owner or Annuitant no longer has that
position, Income Protector ends on the earlier of the date of death of an
individual Owner (or Annuitant if the Owner is a non-individual), or last
surviving Covered Person. Upon the death of an individual Owner (or
Annuitant if the Owner is a non-individual), if the deceased’s spouse is a
sole Beneficiary and continues the Contract, Income Protector ends on the
earlier of the date of death of the surviving spouse or last surviving Covered
Person. If a surviving spouse instead elects to receive payment of the death
benefit, Income Protector ends on the Business Day we receive his or her
Valid Claim. This means that Lifetime Plus Payments may end even if a
Covered Person is still alive.
 
When Income Focus Ends
See Appendix D
An assignment or change of ownership does not change the Covered
Person(s). After an assignment or change of ownership, if a Covered
Person who was previously an Owner or Annuitant no longer has that
position, Income Focus ends on the earlier of the date of death of an
individual Owner (or Annuitant if the Owner is a non-individual), or last
surviving Covered Person. Upon the death of an individual Owner (or
Annuitant if the Owner is a non-individual), if the deceased’s spouse is a
sole Beneficiary and continues the Contract, Income Focus ends on the
earlier of the date of death of the surviving spouse or last surviving Covered
Person. If a surviving spouse instead elects to receive payment of the death
benefit, Income Focus ends on the Business Day we receive his or her Valid
Claim. This means that Income Focus Payments may end even if a
Covered Person is still alive.
Connecticut
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We can only restrict assignments to settlement companies and
institutional investors as defined in your Contract.
 
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus and you assign the
Contract and the Covered Person(s) who was previously an Owner(s) no
longer has that position, your selected benefit and any lifetime
payments may end even if the Covered Person is still alive.
 
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 100 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
Connecticut
(continued)
When Income Protector Ends
See section 10
An assignment or change of ownership does not change the Covered
Person(s). After an assignment or change of ownership, if a Covered
Person who was previously an Owner or Annuitant no longer has that
position, Income Protector ends on the earlier of the date of death of an
individual Owner (or Annuitant if the Owner is a non-individual), or last
surviving Covered Person. Upon the death of an individual Owner (or
Annuitant if the Owner is a non-individual), if the deceased’s spouse is a
sole Beneficiary and continues the Contract, Income Protector ends on the
earlier of the date of death of the surviving spouse or last surviving Covered
Person. If a surviving spouse instead elects to receive payment of the death
benefit, Income Protector ends on the Business Day we receive his or her
Valid Claim. This means that Lifetime Plus Payments may end even if a
Covered Person is still alive.
 
Bonus Option
See section 11
Not available.
 
When Income Focus Ends
See Appendix D
An assignment or change of ownership does not change the Covered
Person(s). After an assignment or change of ownership, if a Covered
Person who was previously an Owner or Annuitant no longer has that
position, Income Focus ends on the earlier of the date of death of an
individual Owner (or Annuitant if the Owner is a non-individual), or last
surviving Covered Person. Upon the death of an individual Owner (or
Annuitant if the Owner is a non-individual), if the deceased’s spouse is a
sole Beneficiary and continues the Contract, Income Focus ends on the
earlier of the date of death of the surviving spouse or last surviving Covered
Person. If a surviving spouse instead elects to receive payment of the death
benefit, Income Focus ends on the Business Day we receive his or her Valid
Claim. This means that Income Focus Payments may end even if a
Covered Person is still alive.
Delaware
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
Florida
Withdrawal Charge
See Fee Tables and section 6
The total withdrawal charge on a partial or full withdrawal cannot be greater
than 10% of the Contract Value withdrawn.
 
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We cannot restrict assignments or changes of ownership.
 
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus and assign the Contract
and all Covered Person(s) no longer have the required position stated in
this section, your selected benefit and any lifetime payments end.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 101 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
Florida
(continued)
Purchase Payment
Requirements
See section 3
• The maximum total Purchase Payments that we can accept is $1 million.
We must decline an additional Purchase Payment if it would cause total
Purchase Payments to be more than this amount, or if it would otherwise
violate the Purchase Payment restrictions of your Contract (for example,
the initial amount for Income Protector).
 
• If you have Investment Protector we do not accept additional Purchase
Payments on or after the third Contract Anniversary. This restriction
continues to apply even if you later remove Investment Protector from your
Contract. Contracts that include Investment Protector are issued as
individual limited purchase payment variable deferred annuity contracts.
 
When Annuity Payments
Begin
See section 8
The earliest acceptable Annuity Date is one year after the Issue Date.
 
When Income Protector Ends
See section 10
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Protector ends.
 
When Income Focus Ends
See Appendix D
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Focus ends.
Hawaii
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
Illinois
Charge Lock Option
See section 10 and Appendix D
The Charge Lock Option rider is not available.
Kentucky
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
Maryland
Purchase Payment
Requirements
See section 3
We can only decline a Purchase Payment if it would cause total Purchase
Payments to be more than $1 million, or if it would otherwise violate the
Purchase Payment restrictions for your Contract (for example, the initial
amount for Income Protector).
 
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 102 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
Massachusetts
Purchase Payment
Requirements
See section 3
If you have Investment Protector we do not accept additional Purchase
Payments on or after the third Contract Anniversary. This restriction
continues to apply even if you later remove Investment Protector from your
Contract. Contracts that include Investment Protector are issued as
individual limited purchase payment variable deferred annuity contracts.
 
Waiver of Withdrawal Charge
Benefit
See section 7
The waiver of withdrawal charge benefit is not available.
Minnesota
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
Mississippi
Withdrawal Charge Amount
See Fee Tables and section 6
The withdrawal charge for the time periods referenced in the Fee Tables and
section 6 is:
 
• 8.5%, 7.5%, 6.5%, 5.5%, 5%, 4%, 3% and 0% for the Base Contract.
 
• 8%, 8%, 8%, 8%, 7%, 6%, 5%, 3.5%, 1.5% and 0% for the Bonus
Contract.
 
Purchase Payment
Requirements
See section 3
We do not accept additional Purchase Payments on or after the first
Contract Anniversary. During the first Contract Year, we allow additional
Purchase Payments on or after the first Quarterly Anniversary and before
the first Contract Anniversary up to the initial amount described in section 3.
Montana
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
New Hampshire
Waiver of Withdrawal Charge
Benefit
See section 7
The definition of skilled nursing facility is an institution operated in
accordance with state law.
New Jersey
Joint Owners
See section 2
We allow civil union partners to be Joint Owners.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 103 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
New Jersey
(continued)
Covered Person(s) For Income
Protector and Income Focus
See section 2
• We do not remove a person as a Covered Person following an
assignment, ownership change, or Beneficiary change.
 
• We allow civil union partners to be joint Covered Persons. However, civil
union partners are treated differently from persons who are recognized as
spouses under the federal tax law and this affects how long lifetime
payments continue. Upon the death of one federally recognized spouse,
the survivor can continue the Contract and lifetime payments also continue
if the survivor is a Covered Person. This type of continuation is not allowed
for a surviving civil union partner under the federal tax law. However, if the
Contract Value reduces to zero before the one year anniversary of the first
civil union partner’s death, lifetime payments can continue as Annuity
Payments if the survivor is a Covered Person and the survivor chooses
not to take the death benefit. If instead the Contract Value is positive at
this time, or if the survivor chooses to take the death benefit, lifetime
payments stop.
 
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We cannot restrict assignments or changes of ownership.
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus we do not change the
Covered Person(s) following an assignment or ownership change. If you
assign the Contract and the Covered Person(s) who was previously an
Owner(s) no longer has that position, your selected benefit and any
lifetime payments may end even if the Covered Person is still alive.
 
Purchase Payment
Requirements
See section 3
The maximum total Purchase Payments that we can accept is $1 million. We
must decline an additional Purchase Payment if it would cause total
Purchase Payments to be more than this amount, or if it would otherwise
violate the Purchase Payment restrictions of your Contract (for example, the
initial amount for Income Protector).
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 104 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
New Jersey
(continued)
When Income Protector Ends
See section 10
•  If a surviving civil union partner is the sole Beneficiary and takes the
additional death benefit payment option described in the Contract, Income
Protector ends on the Business Day before the Annuity Date.
 
• An assignment or change of ownership does not change the Covered
Person(s). After an assignment or change of ownership, if a Covered
Person who was previously an Owner or Annuitant no longer has that
position, Income Protector ends on the earlier of the date of death of an
individual Owner (or Annuitant if the Owner is a non-individual), or last
surviving Covered Person. Upon the death of an individual Owner (or
Annuitant if the Owner is a non-individual), if the deceased’s spouse is a
sole Beneficiary and continues the Contract, Income Protector ends on the
earlier of the date of death of the surviving spouse or last surviving
Covered Person. If a surviving spouse instead elects to receive payment
of the death benefit, Income Protector ends on the Business Day we
receive his or her Valid Claim. For Covered Persons who are civil union
partners, Income Protector and Lifetime Plus Payments may end even
earlier because Contract continuation is not allowed for a surviving civil
union partner. This means that Lifetime Plus Payments may end even
if a Covered Person is still alive.
 
When Income Focus Ends
See Appendix D
•  If a surviving civil union partner is the sole Beneficiary and takes the
additional death benefit payment option described in the Contract, Income
Focus ends on the Business Day before the Annuity Date.
 
• An assignment or change of ownership does not change the Covered
Person(s). After an assignment or change of ownership, if a Covered
Person who was previously an Owner or Annuitant no longer has that
position, Income Focus ends on the earlier of the date of death of an
individual Owner (or Annuitant if the Owner is a non-individual), or last
surviving Covered Person. Upon the death of an individual Owner (or
Annuitant if the Owner is a non-individual), if the deceased’s spouse is a
sole Beneficiary and continues the Contract, Income Focus ends on the
earlier of the date of death of the surviving spouse or last surviving
Covered Person. If a surviving spouse instead elects to receive payment
of the death benefit, Income Focus ends on the Business Day we receive
his or her Valid Claim. For Covered Persons who are civil union partners,
Income Focus and Income Focus Payments may end even earlier
because Contract continuation is not allowed for a surviving civil union
partner. This means that Income Focus Payments may end even if a
Covered Person is still alive.
 
When Investment Protector
Ends
See Appendix E
The termination provision regarding death is revised to allow the benefit to
continue upon the death of an Owner (or Annuitant if the Contract is owned
by a non-individual) if a surviving civil union partner elects to continue the
Contract. However, the type of Contract continuation that is available to a
surviving civil union partner is different than the type of continuation
available to a surviving federally recognized spouse. Federal tax law
requires that distribution of the death benefit must begin within one year of
the date of the Owner's death (or Annuitant's death if the Contract is owned
by a non-individual) and the benefit ends at the end of the Business Day we
receive a Valid Claim.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 105 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
Ohio
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We cannot restrict assignments or changes of ownership.
 
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus and assign the Contract
and all Covered Person(s) no longer have the required position stated in
this section, your selected benefit and any lifetime payments end.
 
When Income Protector Ends
See section 10
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Protector ends.
 
When Income Focus Ends
See Appendix D
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Focus ends.
Oregon
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We cannot restrict assignments or changes of ownership.
 
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus and assign the Contract
and all Covered Person(s) no longer have the required position stated in
this section, your selected benefit and any lifetime payments end.
 
Purchase Payment
Requirements
See section 3
We can only decline a Purchase Payment if it would cause total Purchase
Payments to be more than $1 million, or if it would otherwise violate the
Purchase Payment restrictions for your Contract (for example, the initial
amount for Income Protector).
 
Bonus Option
See section 11
Not available.
 
When Income Protector Ends
See section 10
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Protector ends.
 
When Income Focus Ends
See Appendix D
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Focus ends.
Pennsylvania
Waiver of Withdrawal Charge
Benefit
See section 7
Not available if on the Issue Date an Owner was first diagnosed with a
terminal illness. Not available until after the first Contract Anniversary.
Separate periods of confinement occurring within six months of a prior
confinement for the same purpose are considered the same confinement. A
new 90-day confinement is applied when it is for a nonrelated cause and
occurs more than six months from the most recent confinement. Licensing of
the skilled nursing facility or hospital is only required if the jurisdiction
requires it.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 106 
ISSUE STATE
FEATURE AND BENEFITS
VARIATION
Pennsylvania
(continued)
Charge Lock Option
See section 10 and Appendix D
If you change your mind about having the Charge Lock Option rider, you can
return the rider within ten days after receiving it and we treat it as if it had
never been issued. If you return the Charge Lock Option rider this means we
will increase your rider charge, but we will not reduce your guaranteed
values or payments.
Texas
Access to Your Money
See section 7
We can only treat a partial withdrawal that reduces the Contract Value below
$2,000 as a full withdrawal if you have not made an additional Purchase
Payment in the past two calendar years.
Virginia
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
Wisconsin
Assignments, Changes of
Ownership and Other
Transfers of Contract Rights
See section 2
We cannot restrict assignments or changes of ownership.
 
• The Traditional Death Benefit and Quarterly Value Death Benefit are only
available on the death of a Determining Life. If you assign the Contract
and the Determining Life (Lives) are no longer an Owner (or Annuitant if
the Owner is a non-individual) the Traditional Death Benefit or Quarterly
Value Death Benefit may not be available and your Beneficiary(ies) will
only receive the Contract Value.
 
• If you have Income Protector or Income Focus and assign the Contract
and all Covered Person(s) no longer have the required position stated in
this section, your selected benefit and any lifetime payments end.
 
When Income Protector Ends
See section 10
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Protector ends.
 
When Income Focus Ends
See D
We cannot restrict assignments or changes of ownership and if you assign
or change ownership and the Covered Persons no longer have the required
relationship as stated in section 2, Income Focus ends.
Wyoming
Death Benefit Availability
Dates
See section 1 and section 12
• Traditional Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Traditional Death Benefit version 2 was not available before July 19, 2013.
 
• Quarterly Value Death Benefit version 1 was available from April 29, 2013
through July 19, 2013.
 
• Quarterly Value Death Benefit version 2 was not available before July 19,
2013.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix G
 107 
Appendix H – Financial Intermediary Variations
This Appendix describes potential variations in the availability of Investment Options, benefits, and/or other features of the Contract described in this prospectus — including restrictions, limitations, and other variations — which may apply depending on the financial intermediary through which the Contract is sold.
Certain financial intermediaries may impose, limit, or endorse specific Investment Options or features without our knowledge. For example, your Financial Professional may choose not to recommend a particular Investment Option or Contract feature. Additionally, some financial intermediaries may not endorse—though not prohibit—certain Investment Options or features for any of their clients. We have attempted to identify all material financial intermediary variations that are known to us.
At this time, we are not aware of any variations or deviations in the offering of the Contract by any financial intermediaries. However, given the breadth of our distribution network, the particular terms of agreements with distribution partners, and changes made to our Investment Options, we cannot obtain comprehensive information about any and all financial intermediary variations—if any exist—without unreasonable effort or expense.
You should discuss with your Financial Professional any limitations, restrictions, or other variations related to the Investment Options, benefits, and/or other Contract features available to you through your Financial Professional or financial intermediary. If you have questions about any Investment Options, benefits, and/or other features of this Contract, contact our Service Center.
VisionTM Variable Annuity Prospectus – May 1, 2026
Appendix H
 108 
For Service or More Information
The Statement of Additional Information (SAI) contains additional information about the Contract, Allianz Life, and the Separate Account. The SAI is dated the same date as this prospectus, and the SAI is incorporated by reference into this prospectus. This prospectus and the SAI can be found online at https://www.allianzlife.com/what-we-offer/annuities/prospectuses. You can also request this information at no cost by calling (800) 624-0197, or by sending an email request to prospectus.request@allianzlife.com.
The SEC maintains a website https://www.sec.gov. The prospectus, the Form N-4 SAI and other information about the Contract are available on the EDGAR database on the SEC’s website. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Our Service Center
If you need customer service (for Contract changes, information on Contract Values, requesting a withdrawal or transfer, changing your allocation instructions, etc.) please contact our Service Center at (800) 624-0197.
To send a check for an additional Purchase Payment or for general customer service, please mail to the appropriate address as follows: 
To send a check for an additional Purchase Payment,
or for general customer service, please mail to the appropriate address as follows:
REGULAR MAIL
Allianz Life Insurance Company of North America
P.O. Box 59060
Minneapolis MN 55459-0060
 
OVERNIGHT, CERTIFIED, OR REGISTERED MAIL
Allianz Life Insurance Company of North America
5701 Golden Hills Drive
Minneapolis MN 55416-1297
 
Checks sent to the wrong address for additional Purchase Payments are forwarded to the 5701 Golden Hills Drive
address listed above, which may delay processing.
For general customer service by email, please use this address: prospectus.request@allianzlife.com. To send information by email, please use this address: variableannuity@send.allianzlife.com. To send information over the web, please upload to your account on our website at: https://www.allianzlife.com. If you have questions about whether you can submit certain information by email or over the web, please contact our Service Center.
EDGAR Contract ID No.: C000119016
VSN-400
VisionTM Variable Annuity Prospectus – May 1, 2026
 109 



PART B – SAI

STATEMENT OF ADDITIONAL INFORMATION
VisionTM VARIABLE ANNUITY contract issued on or after April 29, 2013
INDIVIDUAL FLEXIBLE PURCHASE PAYMENT VARIABLE DEFERRED ANNUITY CONTRACT
Issued by
Allianz Life Variable Account B (the Separate Account) and
Allianz Life Insurance Company of North America (Allianz Life, we, us, our)
This Statement of Additional Information (SAI) is incorporated by reference into the prospectus that has been filed as Part A of the Registration Statement. This SAI should be read in conjunction with the prospectus. Definitions of capitalized terms can be found in the glossary of the prospectus. The prospectus is incorporated in this SAI by reference.
The prospectus contains important information about the Contract and Allianz Life that you ought to know before investing. For a copy of the Contract’s prospectus, visit https://www.allianzlife.com/what-we-offer/annuities/prospectuses, send an email request to prospectus.request@allianzlife.com, or call or write us at:
Allianz Life Insurance Company of North America
P. O. Box 59060
Minneapolis MN 55459-0060
(800) 624-0197
Dated: May 1, 2026
VIS(ALIP)SAI-0526
TABLE OF CONTENTS
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
 2 
Allianz Life
Allianz Life is a stock life insurance company organized under the laws of the state of Minnesota in 1896. Allianz Life is a subsidiary of Allianz of America, Inc. (AZOA), a financial holding company. AZOA is a subsidiary of Allianz SE, a provider of integrated financial services. Allianz SE is headquartered in Munich, Germany, and has sales outlets throughout the world. We offer fixed and registered index-linked annuities and individual life insurance.
Allianz Life does not have a separate custodian for the assets owned through the Separate Account. Most mutual fund shares are not in certificated form, and as such, Allianz Life in effect acts as self custodian for the non-certificated shares we own through the Separate Account.
Legal Opinions
Doug Hodgson, Associate General Counsel, Senior Counsel of Allianz Life, has provided legal advice on certain matters in connection with the issuance of the Contracts.
Distributor
Allianz Life Financial Services, LLC (ALFS), a wholly owned subsidiary of Allianz Life Insurance Company of North America.
ALFS sells annuity contracts issued by Allianz Life primarily through “wholesaling,” in which ALFS sells contracts through a large group of mostly non-affiliated broker/dealer firms. Currently, ALFS has agreements with approximately 468 retail broker/dealers to sell its contracts.
As described in the prospectus, ALFS may pay marketing support payments to certain third-party firms for marketing our contracts. Currently, ALFS makes marketing support payments to approximately 81 broker-dealer firms. These payments vary in amount. In 2025, the five firms receiving the largest payments, ranging from $1,813,214.00 to $18,909,261.00 are listed below. 
Firm Name
LPL Financial LLC
Osaic Wealth, Inc.
MML Investors Services, LLC
Cetera Investment Services LLC
Park Avenue Securities, LLC
Administrative Service Fees
Allianz Life contracts with Tata Consultancy Services (Tata) to perform certain administrative services as described in prospectus section 14, Other Information – Administration/Allianz Service Center. Allianz Life paid Tata the following amounts for these services during the last three calendar years: 
Calendar Year
Total Paid to Tata
2023
$2,503,039
2024
$2,279,638
2025
$2,321,114
Annuity Payments
We base Annuity Payments on the Contract Value less the final rider charge (if applicable). We guarantee the dollar amount of Annuity Payments (equal installments) and this amount does not change except as provided under Annuity Option 3. The Contract Value you apply to Annuity Payments is placed in our general account and does not participate in the Investment Options’ performance. Annuity Payments are based on an interest rate and mortality table specified in your Contract. These rates are guaranteed and we cannot use lower rates.
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
 3 
Annuity Payments end upon the earliest of the following.
● 
Under Annuity Options 1 and 3, the death of the last surviving Annuitant.
● 
Under Annuity Options 2 and 4, the death of the last surviving Annuitant and the end of the guaranteed period.
● 
Under Annuity Option 5, the death of the Annuitant and payment of any lump sum refund.
● 
When the Contract ends.
Annuity Payment Options
The Annuity Payment Options are briefly described in prospectus section 8 – The Annuity Phase, and we included additional information that you may find helpful here.
Option 1. Life Annuity. We make Annuity Payments during the life of the Annuitant, and the last payment is the one that is due before the Annuitant’s death. If the Annuitant dies shortly after the Annuity Date, the Payee may receive less than your investment in the Contract.
Option 2. Life Annuity with Payments Over 5, 10, 15 or 20 Years Guaranteed. We make Annuity Payments during the life of the Annuitant. If the Annuitant dies before the end of the selected guaranteed period, we continue to make Annuity Payments to the Payee for the rest of the guaranteed period. If the Payee and Annuitant were the same person, we make payments to the Owner. If the Payee, Annuitant and Owner were the same person, we make payments to the Beneficiary(ies). If the Annuitant dies after the selected guaranteed period ends, the last payment is the one that is due before the Annuitant’s death.
Option 3. Joint and Last Survivor Annuity. We make Annuity Payments during the lifetimes of the Annuitant and the joint Annuitant. Upon the death of one Annuitant, Annuity Payments to the Payee continue during the lifetime of the surviving joint Annuitant, at a level of 100%, 75% or 50% selected by the Owner when he or she chose this Annuity Payment option. Annuity Payments stop with the last payment that is due before the last surviving joint Annuitant’s death. If both Annuitants die shortly after the Annuity Date, the Payee may receive less than your investment in the Contract.
Option 4. Joint and Last Survivor Annuity with Payments Over 5, 10, 15 or 20 Years Guaranteed. We make Annuity Payments during the lifetimes of the Annuitant and the joint Annuitant. Upon the death of one Annuitant, Annuity Payments continue to the Payee during the lifetime of the surviving joint Annuitant at 100% of the amount that was paid when both Annuitants were alive. However, if both joint Annuitants die before the end of the selected guaranteed period, we continue to make Annuity Payments to the Payee for the rest of the guaranteed period. If the Payee and Annuitant were the same person, we make payments to the Owner. If the Payee, Annuitant and Owner were the same person, we make payments to the Beneficiary(ies). If the last surviving joint Annuitant dies after the selected guaranteed period ends, the last payment is the one that is due before the Annuitant’s death.
Option 5. Refund Life Annuity. We make Annuity Payments during the lifetime of the Annuitant, and the last payment is the one that is due before the Annuitant’s death. After the Annuitant’s death, the Payee may receive a lump sum refund. The amount of the refund equals the amount applied to this Annuity Option minus the total paid under this option.
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
 4 
Financial Statements
The statutory financial statements of Allianz Life Insurance Company of North America as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, are incorporated herein by reference to Registrant’s Form N-VPFS (File No. 811-05618) filed with the SEC have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The financial statements of the subaccounts of Allianz Life Variable Account B of Allianz Life Insurance Company of North America as of December 31, 2025, are incorporated herein by reference to Registrant’s Form N-VPFS (File No. 811-05618) filed with the SEC have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
 5 
Appendix A – Death of the Owner and/or Annuitant
The following tables are intended to help you better understand what happens upon the death of any Owner and/or Annuitant under the different portions of the Contract.
Upon the Death of a Sole Owner
Action if the Contract is in the Accumulation Phase
● 
We pay a death benefit to the Beneficiary unless the Beneficiary is the surviving spouse and continues the Contract. If you selected Investment Protector, this benefit ends unless the Contract is continued by a surviving spouse. If you selected Income Protector or Income Focus, this benefit and any lifetime payments end unless the Contract is continued by a surviving spouse who is also both a Beneficiary and Covered Person. For a description of the death benefit and payout options, see prospectus section 12, Death Benefit - Death Benefit Payment Options During the Accumulation Phase.
● 
The death benefit is the greater of the Contract Value or the guaranteed death benefit value. The guaranteed death benefit value is the Traditional Death Benefit Value under the Traditional Death Benefit, or the Quarterly Anniversary Value under the Quarterly Value Death Benefit.
● 
If you have Traditional Death Benefit version 1, or Quarterly Value Death Benefit version 1 and the surviving spouse Beneficiary continues the Contract:
− 
we increase the Contract Value to equal the guaranteed death benefit value if greater, and the death benefit continues to be available to the surviving spouse’s Beneficiary(ies),
− 
the surviving spouse becomes the new Owner,
− 
the Accumulation Phase continues.
● 
If you have Traditional Death Benefit version 2, or Quarterly Value Death Benefit version 2 and the deceased Owner was a Determining Life and the surviving spouse Beneficiary continues the Contract:
− 
we increase the Contract Value to equal the guaranteed death benefit value if greater and available, and the death benefit ends,
− 
the surviving spouse becomes the new Owner,
− 
the Accumulation Phase continues, and
− 
upon the surviving spouse’s death, his or her Beneficiary(ies) receives the Contract Value.
● 
If you have Traditional Death Benefit version 2, or Quarterly Value Death Benefit version 2, and the deceased Owner was not the Determining Life the Traditional Death Benefit or Quarterly Value Death Benefit are not available.
Action if the Contract is in the Annuity Phase
● 
The Beneficiary becomes the Payee. If we are still required to make Annuity Payments under the selected Annuity Option, the Beneficiary also becomes the new Owner.
● 
If the deceased was not an Annuitant, Annuity Payments to the Payee continue. No death benefit is payable.
● 
If the deceased was the only surviving Annuitant, Annuity Payments end or continue as follows.
− 
Annuity Option 1 or 3, payments end.
− 
Annuity Option 2 or 4, payments end when the guaranteed period ends.
− 
Annuity Option 5, payments end and the Payee may receive a lump sum refund.
● 
If the deceased was an Annuitant and there is a surviving joint Annuitant, Annuity Payments to the Payee continue during the lifetime of the surviving joint Annuitant. No death benefit is payable.
● 
For a Qualified Contract, the Annuity Payments generally must end no later than the end of the year containing the 10th anniversary of the Owner’s death. However, in certain situations, payments may need to end earlier.
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
Appendix A
 6 
 
UPON THE DEATH OF A JOINT OWNER
Action if the Contract is in the Accumulation Phase
Action if the Contract is in the Annuity Phase
● Surviving Joint Owner is the sole primary Beneficiary and if
Joint Owners were spouses there may be contingent
Beneficiaries.
● We pay the surviving Joint Owner a death benefit unless they
are the surviving spouse and continue the Contract. If you
have Investment Protector, this benefit ends unless the
Contract is continued by the surviving spouse Joint Owner. If
you have Income Protector or Income Focus, this benefit and
any lifetime payments end unless the Contract is continued
by the surviving spouse Joint Owner who is also a Covered
Person. This means lifetime payments may end even if a
Covered Person is still alive. For a description of the death
benefit and payout options, see prospectus section 12, Death
Benefit - Death Benefit Payment Options During the
Accumulation Phase.
● The death benefit is the greater of the Contract Value or the
guaranteed death benefit value. The guaranteed death
benefit value is the Traditional Death Benefit Value under the
Traditional Death Benefit, or the Quarterly Anniversary Value
under the Quarterly Value Death Benefit.
● If the deceased Joint Owner was not a Determining Life the
Traditional Death Benefit or Quarterly Value Death Benefit
end and the Beneficiary(ies) receive the Contract Value.
● If you have Traditional Death Benefit version 1, or Quarterly
Value Death Benefit version 1 and the surviving Joint Owner
who is also a surviving spouse Beneficiary continues the
Contract:
– we increase the Contract Value to equal the guaranteed
death benefit value if greater, and the death benefit
continues to be available to the surviving spouse’s
Beneficiary(ies),
– the surviving Joint Owner/spouse becomes the new
Owner,
– the Accumulation Phase continues.
● If you have Traditional Death Benefit version 2, or Quarterly
Value Death Benefit version 2 and the deceased Joint Owner
was a Determining Life and the surviving Joint Owner who is
also a surviving spouse Beneficiary continues the Contract:
– we increase the Contract Value to equal the guaranteed
death benefit value if greater and available, and the death
benefit ends,
– the surviving Joint Owner/spouse becomes the new
Owner,
– the Accumulation Phase continues, and
– upon the surviving Joint Owner/spouse’s death, his or her
Beneficiary(ies) receives the Contract Value.
● If you have Traditional Death Benefit version 2, or Quarterly
Value Death Benefit version 2, and the deceased Joint Owner
was not the Determining Life the Traditional Death Benefit or
Quarterly Value Death Benefit are not available.
● If we are still required to make Annuity Payments under the
selected Annuity Option, the surviving Joint Owner becomes
the sole Owner.
● If the deceased was not an Annuitant, Annuity Payments to
the Payee continue. No death benefit is payable.
● If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option 1 or 3, payments end.
– Annuity Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity Option 5, payments end and the Payee may
receive a lump sum refund.
● If the deceased was an Annuitant and there is a surviving
joint Annuitant, Annuity Payments to the Payee continue
during the lifetime of the surviving joint Annuitant. No death
benefit is payable.
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
Appendix A
 7 
 
UPON THE DEATH OF AN ANNUITANT AND THERE IS NO SURVIVING JOINT ANNUITANT
Action if the Contract is in the Accumulation Phase
Action if the Contract is in the Annuity Phase
● If the deceased Annuitant was not an Owner, and the
Contract is owned only by an individual(s), we do not pay a
death benefit. The Owner can name a new Annuitant subject
to our approval.
● If the deceased Annuitant was a sole Owner, we pay a death
benefit as discussed in the “Upon the Death of a Sole Owner”
table. If the Contract is continued by a surviving spouse, the
new surviving spouse Owner can name a new Annuitant
subject to our approval.
● If the deceased Annuitant was a Joint Owner, we pay a death
benefit as discussed in the “Upon the Death of a Joint Owner”
table. If the Contract is continued by a surviving Joint Owner
who is also a surviving spouse, the surviving spouse Joint
Owner can name a new Annuitant subject to our approval.
● If the Contract is owned by a non-individual, we treat the
death of the Annuitant as the death of a sole Owner, and we
pay a death benefit as discussed in the “Upon the Death of a
Sole Owner” table. NOTE: For non-individually owned
Contracts, spousal continuation is only available if the
Contract is Qualified, owned by a qualified plan or a
custodian, and the surviving spouse is named as the
sole primary beneficiary under the qualified plan or
custodial account.
● No death benefit is payable.
● If the deceased was the only surviving Annuitant, Annuity
Payments end or continue as follows.
– Annuity Option 1 or 3, payments end.
– Annuity Option 2 or 4, payments end when the
guaranteed period ends.
– Annuity Option 5, payments end and the Payee may
receive a lump sum refund.
● If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a sole Owner,
the Beneficiary becomes the new sole Owner.
● If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a Joint
Owner, the surviving Joint Owner becomes the sole Owner.
 
UPON THE DEATH OF THE ANNUITANT DURING THE ANNUITY PHASE AND THERE IS A SURVIVING JOINT ANNUITANT
● Only Annuity Options 3 and 4 allow joint Annuitants. Under
Annuity Options 3 and 4, Annuity Payments to the Payee
continue during the lifetime of the surviving joint Annuitant
and, for Annuity Option 4, during any remaining guaranteed
period of time.
● No death benefit is payable.
● If we are still required to make Annuity Payments under the
selected Annuity Option and the deceased was a sole Owner,
the Beneficiary becomes the new Owner.
– If we are still required to make Annuity Payments under
the selected Annuity Option and the deceased was a
Joint Owner, the surviving Joint Owner becomes the sole
Owner.
VisionTM Variable Annuity Statement of Additional Information – May 1, 2026
Appendix A
 8 




PART C – OTHER INFORMATION

ITEM 27. EXHIBITS
(a)
Resolution of Board of Directors of the Insurance Company authorizing the establishment of the Separate Account, dated May 31, 1985 incorporated by reference as exhibit EX-99.B1. from Registered Separate Account’s initial filing on Form N-4 (File Nos. 333-06709 and 811-05618), electronically filed on June 25, 1996.
(b)
Not Applicable
(c)
1.
Principal Underwriter Agreement by and between North American Life and Casualty Company on behalf of NALAC Variable Account B and NALAC Financial Plans, Inc. dated September 14, 1988 incorporated by reference as exhibit EX-99.B3 from Pre-Effective Amendment No.1 to Registered Separate Account’s Form N-4 (File Nos. 333-06709 and 811-05618), electronically filed on December 13, 1996.
(North American Life and Casualty Company is the predecessor to Allianz Life Insurance Company of North America. NALAC Financial Plans, Inc., is the predecessor to USAllianz Investor Services, LLC, which is the predecessor to Allianz Life Financial Services, LLC. NALAC Variable Account B is the predecessor of Allianz Life Variable Account B.)
 
2.
Broker-Dealer Agreement (amended and restated) between Allianz Life Insurance Company of North America and Allianz Life Financial Services, LLC, dated June 1, 2010 incorporated by reference as exhibit EX-99B3b. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-166408 and 811-05618), electronically filed on September 24, 2010.
 
3.
The current specimen of the selling agreement between Allianz Life Financial Services, LLC, the principal underwriter for the Contracts, and retail brokers which offer and sell the Contracts to the public, is incorporated by reference as exhibit EX-27(C)3. from Post-Effective Amendment No. 25 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 26, 2024.
(d)
1.
Individual Variable Annuity "Base" Contract-L40534 incorporated by reference as exhibit EX-99.B4.a. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
2.*
 
3.
Individual Variable Annuity "Bonus" Contract-L40535 incorporated by reference as exhibit EX-99.B4.b. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
4.*
 
5.
Income Protector Rider-S40844 incorporated by reference as exhibit EX-99.B4.c. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
6.
Income Protector Charge Lock Option Rider-S40882 and Contract Schedule-S40884 incorporated by reference as exhibit EX-99.B4.d. from Post-Effective Amendment No. 5 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on May 1, 2013.
 
7.
Income Focus Rider –S40848 incorporated by reference as exhibit EX-99.B4.d. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
8.
Income Focus Charge Lock Option Rider-S40881 and Contract Schedule-S40883 incorporated by reference as exhibit EX-99.B4.f. from Post-Effective Amendment No. 5 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on May 1, 2013.
 
9.
Investment Protector Rider-S408052 incorporated by reference as exhibit EX-99.B4.e. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
10.
Quarterly Value Death Benefit Rider-S40857 incorporated by reference as exhibit EX-99.B4.f. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
11.
Vision Contract Schedules-S40832, S40833, S40834, S40835, S40845, S40849, S40854, S40858 combined incorporated by reference as exhibit EX-99.B4.g. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
12.
Investment Option Contract Schedules- S40847, S40851, S40856, S40860 combined incorporated by reference as exhibit EX-99.B4.h. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.



 
13.
Asset Allocation Rider-Investment Protector-S40853 incorporated by reference as exhibit EX-99.B4.i. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
 
14.
Waiver of Withdrawal Charge Rider-S40749 incorporated by reference as exhibit EX-99.B4.f. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 9, 2007.
 
15.
Inherited IRA/Roth IRA Endorsement-S40713 incorporated by reference as exhibit EX-99.B4.q. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-134267 and 811-05618), electronically filed on September 25, 2006.
 
16.
Roth IRA Endorsement-S40342 incorporated by reference as exhibit EX-99.B4.l. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-134267 and 811-05618), electronically filed on September 25, 2006.
 
17.
IRA Endorsement-S40014 incorporated by reference as exhibit EX-99.B4.g. from Pre-Effective Amendment No.1 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.
 
18.
Unisex Endorsement-(S20146) incorporated by reference as exhibit EX-99.B4.h. from Pre-Effective Amendment No.1 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.
 
19.
403(b) Endorsement-S30072(4-99) incorporated by reference as exhibit EX-99.B4.k. from Pre-Effective Amendment No.1 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.
(e)
1.
Application for Ind. Var. Annuity Contract-F60002 incorporated by reference as exhibit EX-99.B5.a. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on November 19, 2012.
(f)
1.
Articles of Incorporation, as amended and restated August 1, 2006, of Allianz Life Insurance Company of North    America, filed on January 3, 2013 as Exhibit 3(a) to Insurance Company’s initial registration on Form S-1 (File No. 333-185864), is incorporated by reference.
 
2.
Bylaws, as amended and restated August 1, 2006, of Allianz Life Insurance Company of North America, filed on January 3, 2013 as Exhibit 3(b) to Insurance Company’s initial registration on Form S-1 (File No. 333-185864), is incorporated by reference.
(g)
Not Applicable
(h)
1.
Participation Agreement between BlackRock Series Fund, Inc., BlackRock Distributors, Inc., Allianz Life Insurance Co. of North America, and Allianz Life Financial Services, LLC, dated May 1, 2008 incorporated by reference as exhibit EX-99.B8.c. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 3, 2009.
 
2.
Participation Agreement between Davis Variable Account Fund, Inc., Davis Distributors, LLC and Allianz Life Insurance Company of North America, dated 11/1/1999 incorporated by reference as exhibit EX-99.B8.e. from Pre-Effective Amendment No.1 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.
 
3.
-
Amendment to Participation Agreement between Davis Variable Account Fund, Inc., Davis Distributors, LLC and Allianz Life Insurance Company of North America dated 5/1/08 incorporated by reference as exhibit EX-99.B8.f. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 3, 2009.
 
4.
-
Amendment  to Participation Agreement pursuant to the requirements of Rule 498 for Summary Prospectus between Davis Variable Account Fund, Inc., Davis Distributors, LLC and Allianz Life Insurance Company of North America dated 9/3/2015 incorporated by reference as exhibit EX-99.B8.g. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 19, 2016.
 
5.
Participation Agreement & Amendment between Fidelity Distributors Corporation and Allianz Life Insurance Company of North America, dated 09/29/10 incorporated by reference as exhibit EX-99.B8.q. from Post-Effective Amendment No. 17 to Registered Separate Account’s Form N-4 (File Nos. 333-145866 and 811-05618), electronically filed on December 20, 2010.
 
6.
-
Amendment  to Participation Agreement pursuant to the requirements of Rule 498 for Summary Prospectus between Fidelity Distributors Corporation and Allianz Life Insurance Company of North America, dated 9-1-2015 incorporated by reference as exhibit EX-99.B8.i. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 19, 2016.



 
7.
Participation Agreement between Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of North America and USAllianz Investor Services, LLC (the predecessor to Allianz Life Financial Services, LLC.), and dated 10/1/2003 incorporated by reference as exhibit EX-99.B8.h. from Pre-Effective Amendment No.2 to Registered Separate Account’s Form N-4 (File Nos. 333-120181 and 811-05618), electronically filed on March 30, 2005.
 
8.
-
Amendment to Participation Agreement between Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of North America and USAllianz Investor Services, LLC (the predecessor to Allianz Life Financial Services, LLC.), dated 5/1/08 incorporated by reference as exhibit EX-99.B8.j. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 3, 2009.
 
9.
-
Amendment to Participation Agreement between Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of North America and Allianz Life Financial Services, LLC., dated January 16, 2014 incorporated by reference as exhibit EX-99.B8.l. from Post-Effective Amendment No. 11 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 28, 2014.
 
10.
-
Amendment  to Participation Agreement pursuant to the requirements of Rule 498 for Summary Prospectus between Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Allianz Life Insurance Company of North America and Allianz Life Financial Services, LLC., dated 9/1/2015 incorporated by reference as exhibit EX-99.B8.p. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 19, 2016.
 
11.
Participation Agreement between Allianz Life Insurance Company of North America, JPMorgan Insurance Trust, JPMorgan Investment Advisers Inc., JPMorgan Investment Management Inc., and JPMorgan Funds Management Inc., dated April 24, 2009 incorporated by reference as exhibit EX-99.B8.v. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-180720 and 811-05618) electronically filed on July 27, 2012.
 
12.
-
Amendment to Participation Agreement between Allianz Life Insurance Company of North America, JPMorgan Insurance Trust, JPMorgan Investment Advisers Inc., JPMorgan Investment Management Inc., and JPMorgan Funds Management Inc., dated January 1, 2010 incorporated by reference as exhibit EX-99.B8.aa. from Post-Effective Amendment No. 5 to Registered Separate Account’s Form N-4 (File Nos. 333-166408 and 811-05618) electronically filed on April 24, 2013.
 
13.
-
Amendment  to Participation Agreement pursuant to the requirements of Rule 498 for Summary Prospectus between JPMorgan Insurance Trust, J. P. Morgan Investment Management Inc., JPMorgan Funds Management, Inc., and Allianz Life Insurance Company of North America, dated 9/1/2015 incorporated by reference as exhibit EX-99.B8.s. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 19, 2016.
 
14.
Participation Agreement between Allianz Life Insurance Company of North America, MFS Variable Insurance Trust, MFS Variable Insurance Trust II and MFS Fund Distributors, Inc., dated August 1, 2012 incorporated by reference as exhibit EX-99.B8.ag. from Post-Effective Amendment No. 5 to Registered Separate Account’s Form N-4 (File Nos. 333-166408 and 811-05618) electronically filed on April 24, 2013.
 
15.
-
Fund/SERV and Networking Supplement to Participation Agreement between Allianz Life Insurance Company of North America, MFS Variable Insurance Trust, MFS Variable Insurance Trust II and MFS Fund Distributors, Inc., dated August 1, 2012 incorporated by reference as exhibit EX-99.B8.ah. from Post-Effective Amendment No. 5 to Registered Separate Account’s Form N-4 (File Nos. 333-166408 and 811-05618) electronically filed on April 24, 2013.
 
16.
-
Amendment  to Participation Agreement pursuant to the requirements of Rule 498 for Summary Prospectus between MFS Variable Insurance Trust, MFS Variable Insurance Trust II, MFS Fund Distributors, Inc., and Allianz Life Insurance Company of North America, dated 9/1/2015 incorporated by reference as exhibit EX-99.B8.w. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 19, 2016..
 
17.
Participation Agreement between Allianz Life Insurance Company of North America, PIMCO Variable Insurance Trust, and PIMCO Funds Distributors LLC, dated 12/1/1999 incorporated by reference as exhibit EX-99.B8.i. from Pre-Effective Amendment No.1 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on December 30, 1999.



 
18.
-
Amendments to Participation Agreement between Allianz Life Insurance Company of North America, PIMCO Variable Insurance Trust, and PIMCO Funds Distributors LLC, dated 4/1/00, 11/5/01, 5/1/02, 5/1/03, 4/30/04, 4/29/05 incorporated by reference as exhibit EX-99.B8.w. from Post-Effective Amendment No. 18 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on April 23, 2007.
 
19.
-
Amendment dated May 1, 2011 to the Participation Agreement dated December 1, 1999, between Allianz Life Insurance Company of North America, PIMCO Variable Insurance Trust, and PIMCO Investments LLC, incorporated by reference as exhibit EX-99.B8.p. from Post-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-171427 and 811-05618), electronically filed on October 17, 2011.
 
20.
-
Amendment dated April 30, 2012 to Participation Agreement between Allianz Life Insurance Company of North America, PIMCO Variable Insurance Trust and PIMCO Investments LLC (formerly Allianz Global Investors Distributiors LLC) dated December 1, 1999 incorporated by reference as exhibit EX-99.B8.q. from Post-Effective Amendment No. 7 to Registered Separate Account’s Form N-4 (File Nos. 333-171427 and 811-05618) electronically filed on April 6, 2012.
 
21.
-
Amendment dated September 1, 2012 to Participation Agreement between Allianz Life Insurance Company of North America, PIMCO Variable Insurance Trust and PIMCO Investments LLC (formerly Allianz Global Investors Distributiors LLC) dated December 1, 1999 incorporated by reference as exhibit EX-99.B8.y. from Post-Effective Amendment No. 34 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618) electronically filed on February 4, 2013.
 
22.
-
Amendments to Participation Agreement pursuant to the requirements of Rule 498 for Summary Prospectus between PIMCO Variable Insurance Trust, PIMCO Equity Series VI, PIMCO Investments LLC, and Allianz Life Insurance Company of North America, dated 10/12/2015 incorporated by reference as exhibit EX-99.B8.ae. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-182987 and 811-05618), electronically filed on April 19, 2016.
 
23.
Investor Services Agreement between Pacific Investment Management Company (PIMCO) and Allianz Life Insurance Company of North America, dated June 1, 2009 and Amendment dated 5-1-2011 incorporated by reference as exhibit EX-99.B8.t. from Post-Effective Amendment No. 7 to Registered Separate Account’s Form N-4 (File Nos. 333-171427 and 811-05618) electronically filed on April 6, 2012.
 
24.
-
Amendment  dated 4-30-2012 to Investor Services Agreement between Pacific Investment Management Company (PIMCO) and Allianz Life Insurance Company of North America, dated June 1, 2009 incorporated by reference as exhibit EX-99.B8.u. from Post-Effective Amendment No. 7 to Registered Separate Account’s Form N-4 (File Nos. 333-171427 and 811-05618) electronically filed on April 6, 2012.
 
25.
-
Amendment  dated September 1, 2012 to Investor Services Agreement between Pacific Investment Management Company (PIMCO) and Allianz Life Insurance Company of North America, dated June 1, 2009 incorporated by reference as exhibit EX-99.B8.z. from Post-Effective Amendment No. 34 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618) electronically filed on February 4, 2013.
 
26.
Amended and Restated Participation Agreement dated November 1, 2015, between Allianz Variable Insurance Products Trust, Allianz Life Insurance Company of North America, and Allianz Life Financial Services, LLC, filed on February 12, 2016 as Exhibit (e)(2) to Investment Company’s Post-Effective Amendment No. 53 (File Nos. 333-83423 and 811-09491), is incorporated by reference.
 
27.
Amended and Restated Participation Agreement, dated November 1, 2015, between Allianz Variable Insurance Products Fund of Funds Trust, Allianz Life Insurance Company of North America, and Allianz Life Financial Services, LLC, filed on April 18, 2016, as Exhibit (e)(2) to Investment Company’s Post-Effective Amendment No. 28 (File Nos. 333-119867 and 811-21624), is incorporated by reference.
(i)
1.
Administrative Services Agreement between BlackRock Advisors, LLC and Allianz Life, dated May 1, 2008 incorporated by reference as exhibit EX-99.B8.d. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 3, 2009.
 
2.
Administrative Services Agreement between Franklin Templeton Services LLC and Allianz Life Insurance Company of North America, dated 10/1/2003 incorporated by reference as exhibit EX-99.B8.ac. from Registered Separate Account’s from Pre-Effective Amendment No. 2  on Form N-4 (File Nos. 333-120181 and 811-05618), electronically filed on March 30, 2005.



 
3.
-
Amendment to Administrative Services Agreement between Franklin Templeton Services LLC and Allianz Life Insurance Company of North America, dated 8/08/2008 incorporated by reference as exhibit EX-99.B8.h. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 3, 2009.
 
4.
-
Amendment to Administrative Services Agreement between Franklin Templeton Services LLC and Allianz Life Insurance Company of North America, dated July 16, 2012 incorporated by reference as exhibit EX-99.B8.h. from Post-Effective Amendment No. 4 to Registered Separate Account’s Form N-4 (File Nos. 333-166408 and 811-05618) electronically filed on August 21, 2012.
 
5.
-
Amendment to Administrative Services Agreement between Franklin Templeton Services LLC and Allianz Life Insurance Company of North America, dated August 17, 2022 incorporated by reference as 27(i)(5) from Post-Effective Amendment No. 24 to Registered Separate Account’s Form N-4 (File Nos.333-182987 and 811-05618), electronically filed April 27, 2023.
 
6.
Administrative Services Agreement between PIMCO Variable Insurance Trust and Allianz Life Insurance Company of North America dated December 4, 2009 and Amendment dated April 1, 2012 incorporated by reference as exhibit EX-99.B8.v. from Post-Effective Amendment No. 9 to Registered Separate Account’s Form N-4 (File Nos. 333-171427 and 811-05618), electronically filed on June 7, 2012.
 
7.
Master Professional Services Agreement effective January 1, 2020 between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited, incorporated by reference as exhibit 27(i)(1). from Post-Effective Amendment No. 23 to Registered Separate Account’s Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 18, 2022.
 
8.
BPO Service Description and Statement of Work of the Master Professional Serives Agreement between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited effective January 1, 2020, incorporated by reference as exhibit 27(i)(2). from Post-Effective Amendment No. 23 to Registered Separate Account’s Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 18, 2022.
 
9.
Attachment 2-F to BPO Schedule 2 of the BPO Service Description and Statement of Work of the Master Professional Serives Agreement between Allianz Life Insurance Company of North America and Tata Consultancy Services Limited effective January 1, 2020, incorporated by reference as exhibit 27(i)(3). from Post-Effective Amendment No. 23 to Registered Separate Account’s Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 15, 2022.
 
10.
Service Agreement between Allianz Life Insurance Company of North America, JPMorgan Investment Advisers Inc., and JPMorgan Investment Management Inc., dated April 24, 2009 incorporated by reference as exhibit EX-99.B8.w. from Pre-Effective Amendment No. 1 to Registered Separate Account’s Form N-4 (File Nos. 333-180720 and 811-05618) electronically filed on July 27, 2012.
(j)
1.
22c-2 Agreements incorporated by reference as exhibit EX-99.B8.a. from Post-Effective Amendment No. 20 to Registered Separate Account’s Form N-4 (File Nos. 333-82329 and 811-05618), electronically filed on April 24, 2008.
 
2.
22c-2 Agreement-BlackRock Distributors, Inc. incorporated by reference as exhibit EX-99.B8.b. from Post-Effective Amendment No. 14 to Registered Separate Account’s Form N-4 (File Nos. 333-139701 and 811-05618), electronically filed on April 3, 2009.
(k)*
(l)*
(m)
Not Applicable
(n)
Not Applicable
(o)
Not Applicable
(p)
Powers of Attorney incorporated by reference as exhibit 27(p) from Post-Effective Amendment No. 16 to Allianz Life of North America’s Form N-4 (File No. 333-264349), electronically filed on July 22, 2025.
(q)
Not Applicable
(r)
Not Applicable
   
*
Filed herewith
**
To be filed by amendment


ITEM 28. DIRECTORS AND OFFICERS OF THE INSURANCE COMPANY
Unless noted otherwise, all officers and directors have the following principal business address:
5701 Golden Hills Drive
Minneapolis, MN 55416-1297
The following are the Officers and Directors of the Insurance Company:
 
Name and Principal Business Address
Positions and Offices with Insurance Company
Jasmine M. Jirele
Director, President, and Chief Executive Officer
Andreas G. Wimmer
Allianz SE
Königinstraße 28
Munich, Germany 80802
Director and Board Chair
William E. Gaumond
Director, Executive Vice President, Chief Financial Officer, and Treasurer
Eric J. Thomes
Executive Vice President, Chief Distribution Officer
Adam Brown
Executive Vice President, Chief Actuary
Gretchen Cepek
Executive Vice President, Chief Legal Officer and Corporate Secretary
Jean-Roch P.F. Sibille
Executive Vice President, Chief Investment Officer
Rebecca Wysocki
Senior Vice President, Controller and Assistant Treasurer
Jenny L. Guldseth
Executive Vice President, Chief People and Culture Officer
Emmanuelle Thommerot
Executive Vice President, Chief Marketing and Strategy Officer
Luca Gallo
Executive Vice President, Chief Operating Officer
Walter R. White
Director
Udo Frank
Director
Kevin E. Walker
Director
Howard E. Woolley
Director
Lauren Kathryn Day
Allianz SE
Koeniginstraße 28
Munich, Germany 80802
Director

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR REGISTERED SEPARATE ACCOUNT
The Insurance Company organizational chart, dated December 31, 2025, is incorporated by reference as exhibit EX-29. from Post-Effective Amendment No. 27 to Registered Separate Account’s Form N-4 (File Nos. 333-185866 and 811-05618), electronically filed on April 22, 2026.

ITEM 30. INDEMNIFICATION
Indemnification provision, as required by the ’33 Act, Rule 484
The Bylaws of the Insurance Company provide:
ARTICLE XI. INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES
SECTION 1. RIGHT TO INDEMNIFICATION:
(a)
Subject to the conditions of this Article and any conditions or limitations imposed by applicable law, the Corporation shall indemnify any employee, director or officer of the Corporation (an "Indemnified Person") who was, is, or in the sole opinion of the Corporation, may reasonably become a party to or otherwise involved in any Proceeding by reason of the fact that such Indemnified Person is or was:
 
(i)
a director of the Corporation; or
 
(ii)
acting in the course and scope of his or her duties as an officer or employee of the Corporation; or
 
(iii)
rendering Professional Services at the request of and for the benefit of the Corporation; or
 
(iv)
serving at the request of the Corporation as an officer, director, fiduciary or member of another corporation, association, committee, partnership, joint venture, trust, employee benefit plan or other enterprise (an "Outside Organization").
(b)
Notwithstanding the foregoing, no officer, director or employee shall be indemnified pursuant to these bylaws under the following circumstances:
 
(i)
in connection with a Proceeding initiated by such person, in his or her own personal capacity, unless such initiation was authorized by the Board of Directors;
 
(ii)
if a court of competent jurisdiction finally determines that any indemnification hereunder is unlawful;
 
(iii)
for acts or omissions involving intentional misconduct or knowing and culpable violation of law;
 
(iv)
for acts or omissions that the Indemnified Person believes to be contrary to the best interests of the Corporation or its shareholders or that involve the absence of good faith on the part of the Indemnified Person;
 
(v)
for any transaction for which the Indemnified Person derived an improper personal benefit;
 
(vi)
for acts or omissions that show a reckless disregard for the Indemnified Person's duty to the Corporation or its shareholders in circumstances in which the Indemnified Person was aware or should have been aware, in the ordinary course of performing the Indemnified Person's duties, of the risk of serious injury to the Corporation or its shareholders;
 
(vii)
for acts or omissions that constitute an unexcused pattern of inattention that amounts to an abdication of the Indemnified Person's duties to the Corporation or its shareholders;
 
(viii)
in circumstances where indemnification is prohibited by applicable law;
 
(ix)
in the case of service as an officer, director, fiduciary or member of an Outside Organization, where the Indemnified Person was aware or should have been aware that the conduct in question was outside the scope of the assignment as contemplated by the Corporation.
SECTION 2. SCOPE OF INDEMNIFICATION:
(a)
Indemnification provided pursuant to Section 1(a)(iv) shall be secondary and subordinate to indemnification or insurance provided to an Indemnified Person by an Outside Organization or other source, if any.
(b)
Indemnification shall apply to all reasonable expenses, liability and losses, actually incurred or suffered by an Indemnified Person in connection with a Proceeding, including without limitation, attorneys' fees and any expenses of establishing a right to indemnification or advancement under this article, judgments, fines, ERISA excise taxes or penalties, amounts paid or to be paid in settlement and all interest, assessments and other charges paid or payable in connection with or in respect of such expense, liability and loss.
(c)
Such indemnification shall continue as to any Indemnified Person who has ceased to be an employee, director or officer of the Corporation and shall inure to the benefit of his or her heirs, estate, executors and administrators.
SECTION 3. DEFINITIONS:
(a)
"Corporation" for the purpose of Article XI shall mean Allianz Life Insurance Company of North America and all of its subsidiaries.
(b)
"Proceeding" shall mean any threatened, pending, or completed action, suit or proceeding whether civil, criminal, administrative, investigative or otherwise, including actions by or in the right of the Corporation to procure a judgment in its favor.
(c)
"Professional Services" shall mean services rendered pursuant to (i) a professional actuarial designation, (ii) a license to engage in the practice of law issued by a State Bar Institution or (iii) a Certified Public Accountant designation issued by the American Institute of Certified Public Accountants.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted for directors and officers or controlling persons of the Insurance Company pursuant to the foregoing, or otherwise, the Insurance Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Insurance Company of expenses incurred or paid by a director, officer or controlling person of the Insurance Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Insurance Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.


ITEM 31. PRINCIPAL UNDERWRITERS
Allianz Life Financial Services, LLC (previously USAllianz Investor Services, LLC) is the principal underwriter for the following investment companies other than Allianz Life Variable Account B:
Allianz Life Variable Account A
Allianz Life of NY Variable Account C
Allianz Funds
The following are the officers (managers) and directors (Board of Governors) of Allianz Life Financial Services, LLC. All officers and directors have the following principal business address:
5701 Golden Hills Drive
Minneapolis, MN 55416-1297
 
Name
Positions and Offices with Underwriter
Corey J. Walther
Governor and President
Eric J. Thomes
Governor, Chief Executive Officer, and Chief Manager
William E. Gaumond
Governor
Daniel R. Eberhard
Chief Financial Officer and Treasurer
John C. Helmen
Assistant Vice President, Distribution National Accounts
Matthew C. Dian
Chief Compliance Officer
Kristine M. Lord-Krahn
Chief Legal Officer and Secretary
   
(c) For the period 1-1-2025 to 12-31-2025
Name of Principal Underwriter
Net Underwriting Discounts and Commissions
Compensation on Redemption
Brokerage Commissions
Compensation
Allianz Life Financial Services, LLC
$600,264,172.97
$0
$0
$0
 
The $600,264,172.97 that Allianz Life Financial Services, LLC received from Allianz Life as commissions on the sale of Contracts issued under Allianz Life Variable Account B was subsequently paid entirely to the third party broker/dealers that perform the retail distribution of the Contracts and, therefore, no commission or compensation was retained by Allianz Life Financial Services, LLC.
ITEM 31A. INFORMATION ABOUT CONTRACTS WITH INDEX-LINKED OPTIONS AND FIXED OPTIONS SUBJECT TO A CONTRACT ADJUSTMENT
Not Applicable
ITEM 32. LOCATION OF ACCOUNTS AND RECORDS
Incorporated by reference as Item B3 on form N-CEN, filed by the Registered Separate Account on March 11, 2026.
ITEM 33. MANAGEMENT SERVICES
Not Applicable
ITEM 34. FEE REPRESENTATION AND UNDERTAKINGS
a)
 Allianz Life Insurance Company of North America ("Insurance Company") hereby represents that the fees and charges deducted under the Contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Insurance Company.
b)
 Not Applicable
The Insurance Company hereby represents that it is relying upon a No Action Letter issued to the American Council of Life Insurance, dated November 28, 1988 (Commission ref. IP-6-88), and that the following provisions have been complied with:
1.
Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in each registration statement, including the prospectus, used in connection with the offer of the Contract;
2.
Include appropriate disclosure regarding the redemption restrictions imposed by Section 403(b)(11) in any sales literature used in connection with the offer of the Contract;
3.
Instruct sales representatives who solicit participants to purchase the contract specifically to bring the redemption restrictions imposed by Section 403(b)(11) to the attention of the potential participants;
4.
Obtain from each plan participant who purchases a Section 403(b) annuity contract, prior to or at the time of such purchase, a signed statement acknowledging the participant's understanding of (1) the restrictions on redemption imposed by Section 403(b)(11), and (2) other investment alternatives available under the employer's Section 403(b) arrangement to which the participant may elect to transfer his contract value.

SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registered Separate Account certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Minneapolis and State of Minnesota, on this 27th day of April, 2026.
 
ALLIANZ LIFE VARIABLE ACCOUNT B
(Registered Separate Account)
 
 
 
By:
Jasmine M. Jirele*
   
Jasmine M. Jirele
   
President and Chief Executive Officer

 
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
(Insurance Company)
 
 
 
By:
Jasmine M. Jirele*
   
Jasmine M. Jirele
   
President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Signature
  
Title
  
Date
         
/s/ Jasmine M. Jirele*
  
Director, President and Chief Executive Officer (principal executive officer)
  
April 27, 2026
Jasmine M. Jirele
      
         
/s/ Andreas G. Wimmer*
  
Director and Board Chair
  
April 27, 2026
Andreas G. Wimmer
      
         
/s/ William E. Gaumond*
  
Director, Executive Vice President, Chief Financial Officer and Treasurer
(principal financial officer and principal accounting officer)
  
April 27, 2026
William E. Gaumond
      
         
/s/ Howard E. Woolley*
  
Director
  
April 27, 2026
Howard E. Woolley
      
         
/s/ Udo Frank*
  
Director
  
April 27, 2026
Udo Frank
      
         
/s/ Kevin E. Walker*
  
Director
  
April 27, 2026
Kevin E. Walker
      
         
/s/ Walter R. White*
  
Director
  
April 27, 2026
Walter R. White
      
         
/s/ Lauren Kathryn Day*
  
Director
  
April 27, 2026
Lauren Kathryn Day
      

* By Power of Attorney, dated July 2025, incorporated by reference as EX-99.27(p) from Post-Effective Amendment No. 16 to Allianz Life Insurance Company’s Form N-4 (File Nos. 333-264349) electronically filed on July 22, 2025.

*By:
/s/ Doug Hodgson
  
 
Doug Hodgson
 
Senior Counsel, Associate General Counsel
Pursuant to Power of Attorney
File Nos. 333-182987; 811-05618


EXHIBITS TO
POST-EFFECTIVE AMENDMENT NO. 27
TO FORM N-4
(FILE NOS. 333-182987 AND 811-05618)
 ALLIANZ LIFE VARIABLE ACCOUNT B
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
                                   INDEX TO EXHIBITS
27(d)2   
Individual Variable Annuity "Base" Contract - L40534-01
27(d)4   
Individual Variable Annuity "Bonus" Contract - L40535-01
27(k)   
Opinion and Consent of Counsel
27(l)    
Consent of Independent Registered Public Accounting Firm