IVA provides a blend of traditional variable options with an index strategy as well as downside protection with a built-in death benefit.
Allianz Life chief distribution officer Tom Burns said: "Allianz Index Advantage New York gives customers an opportunity to build a solid retirement foundation by offering balance for their portfolio.
Go deeper with GlobalData
"Our IVA is a significant addition to the New York variable annuity market because it offers unique opportunities for growth and protection."
Equipped with index performance strategy, the IVA offers customers a level of asset protection for the principal investment while maintaining the potential for higher performance.
Furthermore, the index performance strategy also allows accumulation-focused customers to carry out the accumulation strategy that suits them each year whether there is positive or negative performance.
With this new IVA, customers have the opportunity for a greater return than traditional fixed index annuities by offering higher limits or caps.
