GUARANTEED PRINCIPAL PROTECTOR BENEFIT ENDORSEMENT
This Endorsement forms a part of the Contract to which it is attached and is
effective as of the Issue Date of the Contract. In the case of a conflict with
any provision in the Contract, the provisions of this Endorsement will control.
The following provisions have been added to the Contract:
The Guaranteed Principal Protector Benefit is a form of Guaranteed Value
Protection providing the following benefits after the fifth Contract Year:
1. Each Contract Year, you will be able to take at least 20% of the Guaranteed
Value Protection value (see below) in partial withdrawals, until your
guarantee account (see below) is exhausted.
2. You can choose to start receiving income from specified Annuity Options,
with the amount available to purchase the Annuity Option equal to at least
your guarantee account (as specified in your Contract Schedule under
"Amount Available for Annuity Payments"), less any applicable Premium Taxes
and guaranteed value protection charges. Refer to the Contract Schedule for
the guaranteed value protection charges.
3. On the tenth Contract Anniversary and every tenth Contract Year thereafter,
your Contract Value will be increased to the value of your guarantee
account, if greater.
Your Guaranteed Value Protection value and your guarantee account are
established on the fifth Contract Anniversary with an amount equal to the Net
Adjusted Purchase Payments. The guarantee account is then reduced by the
Guaranteed Value Protection adjusted partial withdrawals.
In the first five Contract Years, the Guaranteed Value Protection adjusted
partial withdrawal is the partial withdrawal (including any withdrawal charges)
multiplied by the ratio of (a) to (b), where:
(a) is the greater of the guarantee account or the Contract Value on the date
of (but prior to) the partial withdrawal;
(b) is the Contract Value on the date of (but prior to) the partial withdrawal.
After the first five Contract Years, the Guaranteed Value Protection adjusted
partial withdrawal is as described in the Contract Schedule.
GUARANTEED VALUE PROTECTION CHARGE: The guaranteed value protection charge is a
percentage of your Contract Value. This charge compensates us for the guarantee
that a minimum value is available to you regardless of your Contract Value.
During the Accumulation Period, the guaranteed value protection charge will be
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deducted from the Contract Value on the last day of each Contract Year while
this Contract is in force. The guaranteed value protection charge is shown on
the Contract Schedule.
Beginning the sixth Contract Year, the guaranteed value protection charge will
not be assessed when the average Contract Value during the Contract Year is more
than that indicated on the Contract Schedule times the minimum value guarantee
equal to the guarantee account. The average Contract Value is measured as the
sum of the Contract Values at the beginning of each Contract quarter, divided by
4.
If the Contract is terminated for any reason, or when you elect to receive
Annuity Payments, or when your guarantee account drops to zero or less, we will
deduct the guaranteed value protection charge for the period the benefit was in
effect during the Contract Year.
Your guaranteed value protection charge on the last day of the Contract Year
will be zero if your guarantee account is zero or less.
If, for any reason, you wish to terminate the Guaranteed Principal Protector
Benefit on your Contract, an Authorized Request must be made within 30 days
after the first Contract Anniversary, after the tenth Contract Anniversary or
after any subsequent tenth Contract Anniversary. If you terminate this benefit,
the guaranteed value protection charge will no longer be assessed.
Signed for Allianz Life Insurance Company of North America by:
/s/ /s/
Vice President and Secretary President
S20223
