GUARANTEED MINIMUM INCOME BENEFIT ENDORSEMENT
OPTION 2
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 hereby supplements the section of the Contract entitled "Annuity
Provisions."
GUARANTEED MINIMUM INCOME BENEFIT (GMIB): The GMIB guarantees that the Contract
Owner may annuitize the Contract under a fixed payment option*, as of any
Contract Anniversary, beginning with the 7th Contract Anniversary, with payments
to be determined as follows:
The guaranteed fixed annuitization rates in this Contract will be applied to the
GMIB Value.
The GMIB Value is the greater of (A) or (B) where:
(A) The sum of all Purchase Payments made less any surrenders and any
Contingent Deferred Sales Charge paid on such surrenders.
(B) The greatest Anniversary Value. The Anniversary Value is equal to the
Contract Value on a Contract Anniversary, increased by the dollar amount of
any Purchase Payments made since that Contract Anniversary and decreased by
the dollar amount of any surrenders and Contingent Deferred Sales Charges
paid on such surrenders since that Contract Anniversary. Contract
Anniversaries occurring on or after the Owner's 81st birthday or date of
death will not be taken into consideration in determining this benefit.
The GMIB is effective only when the Contract is annuitized within 30 days
following a Contract Anniversary.
If Joint Owners are named, the Age of the oldest Contract Owner will be used to
determine the GMIB Value. If a non-natural person owns the Contract, then
Contract Owner shall mean Annuitant.
*Any Annuity Option available under this Contract may be used for this benefit.
However, the Annuity Payments can only be made under a Fixed Annuity for the
GMIB. If the Annuity Option chosen for the GMIB involves a period certain, the
duration of the period certain must be at least 10 years.
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Vice President and Secretary President
