04/26/2022 | Press release | Distributed by Public on 04/26/2022 10:01
special TERMS
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important INFORMATION you should consider about the policy
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Overview of the policy
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Benefits Available Under the Policy
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buying the policy
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surrendering your policy or making withdrawals: accessing the Money in Your Policy
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additional information about fees
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APPENDIX | |
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY
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APPENDIX | |
Designated Investment Options
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• | premium payments; minus |
• | withdrawals; plus |
• | accumulated gains in the Separate Account; minus |
• | accumulated losses in the Separate Account; minus |
• | service charges, premium taxes, and other charges, if any. |
FEES AND EXPENSES |
Location in Prospectus |
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Charges for Early Withdrawal | There are no surrender charges. | Annuity Policy Fee Tables and Expense Examples |
Transaction Charges |
You may be assessed a special service fee. Special Service Fee. We reserve the right to deduct a charge for special services, including overnight delivery, duplicate policies, handling insufficient checks on new business, duplicate Form 1099 and Form 5498 tax forms, check copies, printing and mailing previously submitted form, and asset verification requests from mortgage companies. |
Annuity Policy Fee Tables and Expense Examples Expenses - Transaction Expenses |
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Policy specifications page for information about the specific fees You will pay each year based on the options You have elected. |
Annuity Policy Fee Tables and Expense Examples Base Contract Expenses Appendix - Portfolio Companies Available Under the Policy |
Annual Fee | Minimum | Maximum |
Base Policy1 | 0.30% | 2.30% |
Portfolio Company (fund fees and expenses)2 | 0.10% | 0.50% |
Optional Benefit Expenses (if elected)1 | 0.20% | |
1 As a percentage of average Policy Value. | ||
2 As a percentage of Portfolio Company assets. | ||
Because Your Policy is customizable, the choices You make affect how much You will pay. To help You understand the cost of owning Your Policy, 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 Policy. | ||
Lowest Annual Cost $435 |
Highest Annual Cost $435 |
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Assumes: | Assumes: | |
• Investment of $100,000• 5% annual appreciation• Least expensive Portfolio Company fees and expenses• No optional benefits• No sales charges• No additional purchase payments, transfers, or withdrawals | • Investment of $100,000• 5% annual appreciation• Most expensive combination of optional benefits and Portfolio Company fees and expenses• No sales charges• No additional purchase payments, transfers, or withdrawals | |
RISKS |
Location in Prospectus |
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Risk of Loss | You can lose money by investing in this Policy. | Principal Risks of Investing in the Policy |
RISKS |
Location in Prospectus |
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Not a Short-Term Investment |
This Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral and living benefit protection also means the Policy is more beneficial to investors with a long time horizon. |
Principal Risks of Investing in the Policy Tax Information |
Risks Associated with Investment Options | • An investment in this Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy.• Each Investment Option, has its own unique risks.• You should review the prospectuses for the available Portfolio Companies before making an investment decision. |
Principal Risks of Investing in the Policy Appendix: Portfolio Companies Available Under the Policy |
Insurance Company Risks | Any obligations, guarantees, and benefits under the Policy are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to You. More information about Transamerica Life Insurance Company or Transamerica Financial Life Insurance Company, including our financial strength ratings, is available by visiting transamerica.com or by calling toll-free (800)525-6205. |
Principal Risks of Investing in the Policy Information About Us Financial Condition |
RESTRICTIONS |
Location in Prospectus |
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Investments | • We reserve the right to limit transfers in circumstances of large or frequent transfers.• We reserve the right to remove or substitute the Portfolio Companies that are available as Investment Options under the Policy. | Market Timing and Disruptive Trading |
Optional Benefits | • Withdrawals may reduce the value of an optional benefit by an amount greater than the value withdrawn, which could significantly reduce the value or even terminate the benefit.• We may stop offering an optional benefit at any time for new sales, which includes sales to the Owners who may want to purchase the benefit after they purchase the Policy. | Benefits Available Under the Policy |
TAXES |
Location in Prospectus |
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Tax Implications | • Consult with a tax professional to determine the tax implications of an investment in and payments received under the Policy.• If You purchase the Policy as an individual retirement account or through a tax qualified plan, You do not get any additional tax benefit.• You will generally not be taxed on increases in the value of Your Policy until they are withdrawn. Earnings on Your Policy are taxed at ordinary income tax rates when withdrawn, and You may have to pay a penalty if You take a withdrawal before age 59 ½. | Tax Information |
CONFLICT OF INTEREST |
Location in Prospectus |
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Investment Professional Compensation | Your investment professional may receive compensation for selling this Policy to You, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. Our affiliate, Transamerica Capital, Inc. ("TCI") is the principal underwriter and may share the revenue we earn on this Policy with Your investment professional's firm. In addition, we may pay all or a portion of the cost of affiliates' operating and other expenses. This conflict of interest may influence Your investment professional to recommend this Policy over another investment for which the investment professional is not compensated or compensated less. | Distribution of the Policies |
Exchanges | If You already own an insurance Policy, some investment professionals may have a financial incentive to offer You a new Policy in place of the one You own. You should only exchange a Policy You already own if You determine, after comparing the features, fees, and risks of both policies, that it is better for You to purchase the new Policy rather than continue to own Your existing Policy. | Exchanges and/or Reinstatements |
• | Underlying fund portfolios available under the Policy, each of which has its own investment strategies and risks; investment adviser(s); expense ratio; and performance history; and |
• | Dollar-Cost Averaging. This service allows You to automatically transfer amounts between certain investment options on a monthly basis. |
• | Asset Rebalancing. This service automatically reallocates Your Policy Value among Your Investment Options on a periodic basis to maintain Your standing allocation instructions. |
• | Systematic Payout Options. This service allows You to receive regular automatic withdrawals from Your Policy either on a monthly, quarterly, semi-annual and annual basis.. |
• | Telephone and Electronic Transactions. This service allows You to make certain transactions by telephone or other electronic means with the appropriate authorization from You. |
Name of Benefit | Purpose |
Standard or Optional |
Maximum Annual Fee |
Brief Description of Restrictions/Limitations |
Return of Premium Death Benefit | Pays minimum death benefit equal to total premium payments (minus adjusted withdrawals as of the date of death, and minus withdrawals from the date of death to the date the death benefit is paid). | Optional | 0.20% annually of average Policy Value | • Available only at time of purchase.• Cannot change death benefit once elected.• Not available if You or Annuitant is 86 or older on Policy Date.• Must allocate 100% of Policy Value to designated Investment Options.• Withdrawals can significantly reduce benefit value or terminate benefit.• Terminates upon Annuitization.• May not be available in all states. |
Dollar Cost Averaging Program. | Allows you to automatically make transfers into one or more Subaccounts | Standard | No charge | • A minimum of $500 per transfer is required.• Minimum and maximum number of transfers.• May not be available in all states. |
Asset Rebalancing | Automatically rebalances the amounts in Your Subaccounts to maintain Your desired asset allocation percentages | Standard | No charge | • Can be stopped at any time.• You can choose to rebalance monthly, quarterly, semi-annually, or annually. |
Systematic Payout Option | Provides monthly, quarterly, semi-annual or annual withdrawals. | Optional | No Charge | • Subject to $40 minimum withdrawals.• Systematic withdrawals in excess of cumulative interest credited from Guaranteed Period Options may be subject to Excess Interest Adjustment.• Systematic withdrawals can significantly reduce benefit value or terminate benefit. |
Qualified Policies | Non-Qualified Policies | |
Minimum Initial Premium Payment | $1,000 | $5,000 |
Minimum Subsequent Premium Payments | You are not required to make any subsequent premium payments. If You choose to make a subsequent premium payment, it must be at least $250 | You are not required to make any subsequent premium payments. If You choose to make a subsequent premium payment, it must be at least $250 |
Maximum Total Premium Payments (based on Death Benefit Chosen)* | • $5,000,000 (up to age 95) without our approval with Base Policy Value Death Benefit• $1,000,000 (Up to age 75) without our approval with the Return of Premium Death Benefit | • $5,000,000 (up to age 95) without our approval with Base Policy Value Death Benefit• $1,000,000 (Up to age 75) without our approval with the Return of Premium Death Benefit |
Minimum withdrawal amount | $500 |
Taxes | There may be tax implications when You take out money. |
Negative impact on benefits and guarantees of Your Policy | A withdrawal may have a negative impact on certain optional benefits that You may elect. It may significantly reduce the value or even terminate the benefit. |
Internal Revenue Code or Retirement Plans | Depending on the circumstances, the Internal Revenue Code or Your retirement plan may restrict Your ability to take withdrawals. |
Sales Load Imposed On Purchase Payments | 0% |
Contingent Deferred Surrender Charges (as a percentage of premium surrendered or withdrawn)(1) | 0% |
Special Service Fee(2) | $50 |
Annual Service Charge(3) | $25 |
Base Contract Expenses (as a percentage, annually, of average Policy Value) | |
Mortality and Expense Risk Fee | 0.20% |
Administrative Charge | 0.10% |
Total Base Contract Expenses | 0.30% |
Optional Benefit Expenses: | |
Return of Premium Death Benefit (as a percentage, annually, of average Policy Value)(4) | 0.20% |
Total Portfolio Annual Operating Expenses (Expenses that are deducted from portfolio assets, including management fees, distribution and/or service 12b-1 fees, and other expenses): | |
Lowest Gross | 0.10% |
Highest Gross | 0.50% |
1 Year | $ 1,045 |
3 Years | $ 3,262 |
5 Years | $ 5,659 |
10 Years | $12,536 |
Investment Objective | Underlying Fund Portfolio and Adviser/Sub-adviser (1) |
Current Expenses |
Average Annual Total Returns (as of 12/31/21) |
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1 year | 5 years | 10 years | |||
Investment Objective: To achieve long-term capital appreciation. |
DFA VA Equity Allocation Portfolio Advised by:Dimensional Fund Advisors LP |
0.50% | 24.37% | N/A | N/A |
Investment Objective: Provide a market rate of return for a fixed income portfolio with low relative volatility of returns. |
DFA VA Global Bond Portfolio - Institutional Class Advised by:Dimensional Fund Advisors LP |
0.24% | -1.04% | 1.68% | 1.90% |
Investment Objective: To see total return consisting of capital appreciation and current income. |
DFA VA Global Moderate Allocation Portfolio Advised by:Dimensional Fund Advisors LP |
0.46% | 14.20% | 9.87% | 8.11% |
Investment Objective: To achieve long-term capital appreciation. |
DFA VA International Small Portfolio Advised by:Dimensional Fund Advisors LP |
0.40% | 14.56% | 10.12% | 10.04% |
Investment Objective: To achieve long-term capital appreciation. |
DFA VA International Value Portfolio Advised by:Dimensional Fund Advisors LP |
0.28% | 18.11% | 7.00% | 6.52% |
Investment Objective: To achieve a stable real return in excess of the rate of inflation with minimum risk. |
DFA VA Short-Term Fixed Portfolio Advised by:Dimensional Fund Advisors LP |
0.21% | -0.19% | 1.10% | 0.78% |
Investment Objective: To achieve long-term capital appreciation. |
DFA VA U.S. Large Value Portfolio Advised by:Dimensional Fund Advisors LP |
0.21% | 27.04% | 10.52% | 13.50% |
Investment Objective: To achieve long-term capital appreciation. |
DFA VA U.S. Targeted Value Portfolio Advised by:Dimensional Fund Advisors LP |
0.29% | 39.68% | 10.45% | 13.60% |
Investment Objective: Seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. |
Transamerica S&P 500 Index VP - Service Class(3) Advised by: SSGA Funds Management, Inc. |
0.39% | 28.14% | N/A | N/A |
Investment Objective: To provide long-term capital appreciation and reasonable current income. |
Vanguard ® VIF Balanced Portfolio Advised by: Wellington Management Company, LLP |
0.20% | 19.01% | 12.32% | 11.40% |
Investment Objective: To provide long-term capital appreciation. |
Vanguard ® VIF Capital Growth Portfolio Advised by:PRIMECAP Management Company |
0.34% | 17.86% | 24.24% | 19.15% |
Investment Objective: To provide current income and low to moderate capital appreciation. |
Vanguard ® VIF Conservative Allocation Portfolio Advised by:The Vanguard Group, Inc. |
0.13% | 5.99% | 8.09% | 7.16% |
Investment Objective | Underlying Fund Portfolio and Adviser/Sub-adviser (1) |
Current Expenses |
Average Annual Total Returns (as of 12/31/21) |
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1 year | 5 years | 10 years | |||
Investment Objective: To provide long-term capital appreciation and income. |
Vanguard ® VIF Diversified Value Portfolio Advised by:Barrow, Hanley, Mewhinney, & Strauss, LLC |
0.28% | 30.47% | 13.52% | 13.15% |
Investment Objective: To provide an above-average level of current income and reasonable long-term capital appreciation. |
Vanguard ® VIF Equity Income Portfolio Advised by:Wellington Management Company, LLP and Vanguard's Equity Investment Group |
0.30% | 25.33% | 12.35% | 13.06% |
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. |
Vanguard ® VIF Equity Index Portfolio Advised by:Wellington Management Company, LLP and Vanguard's Equity Investment Group |
0.14% | 28.55% | 18.31% | 16.39% |
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of the global, investment-grade, fixed income market. |
Vanguard ® VIF Global Bond Index Portfolio Advised by:The Vanguard Group, Inc. |
0.13% | -1.85% | N/A | N/A |
Investment Objective: Seeks to provide long-term capital appreciation. |
Vanguard ® VIF Growth Portfolio Advised by:Jackson Square Partners, Wellington Management Company, LLP |
0.41% | 17.86% | 24.24% | 19.14% |
Investment Objective: Seeks to provide a high level of current income. |
Vanguard ® VIF High Yield Bond Portfolio Advised by:Wellington Management Company, LLP |
0.26% | 3.68% | 5.69% | 6.05% |
Investment Objective: Seeks to provide long-term capital appreciation. |
Vanguard ® VIF International Portfolio Advised by:Baillie Gifford Overseas Ltd., M&G Investment Management Limited, and Schroder Investment Management North America Inc. |
0.38% | -1.54% | 20.47% | 13.57% |
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. |
Vanguard ® VIF Mid-Cap Index Portfolio Advised by:Vanguard Equity Investment Group |
0.17% | 24.36% | 15.72% | 14.97% |
Investment Objective: Seeks to provide capital appreciation and a low to moderate level of current income. |
Vanguard ® VIF Moderate Allocation Portfolio Advised by:The Vanguard Group, Inc. |
0.12% | 10.07% | 10.31% | 9.21% |
Investment Objective: Seeks to provide current income while maintaining liquidity and a stable share price of $1. |
Vanguard ® VIF Money Market Portfolio(2) Advised by:Vanguard's Fixed Income Group |
0.15% | 0.02% | 1.15% | 0.67% |
Investment Objective: Seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REIT's. |
Vanguard ® VIF Real Estate Index Portfolio Advised by:Vanguard Equity Investment Group |
0.26% | 40.21% | 11.25% | 11.43% |
Investment Objective: Seeks to provide current income while maintaining limited price volatility. |
Vanguard ® VIF Short-Term Investment-Grade Portfolio Advised by:Vanguard's Fixed Income Group |
0.14% | -0.45% | 2.74% | 2.48% |
Investment Objective: Seeks to track the performance of a broad, market-weighted bond index. |
Vanguard ® VIF Total Bond Market Index Portfolio Advised by:Vanguard's Fixed Income Group |
0.14% | -1.72% | 3.50% | 2.77% |
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. |
Vanguard ® VIF Total International Stock Market Index Portfolio Advised by:The Vanguard Group, Inc. |
0.10% | 8.53% | N/A | N/A |
Investment Objective: Seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. |
Vanguard ® VIF Total Stock Market Index Portfolio Advised by:The Vanguard Group, Inc. |
0.13% | 25.64% | 17.79% | 16.13% |
(1) | Some Subaccounts may be available for certain policies and may not be available for all policies. You should work with Your financial |
(2) | There can be no assurance that any money market portfolio offered under this policy will be able to maintain a stable net asset value per share during extended periods of low interest rates, and partly as a result of policy charges, the yield on the money market Subaccount may become extremely low and possibly negative. |
(3) | Effective on or about May 1, 2022, Transamerica S&P 500 Index VP sub-advised by SSGA Fund Management will be made available. |
Return of Premium Death Benefit |
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Subaccounts | |
DFA VA Equity Allocation Portfolio | √ |
DFA VA Global Bond Portfolio - Institutional Class | √ |
DFA VA Global Moderate Allocation Portfolio | √ |
DFA VA International Small Portfolio | √ |
DFA VA International Value Portfolio | √ |
DFA VA Short-Term Fixed Portfolio | √ |
DFA VA U.S. Large Value Portfolio | √ |
DFA VA U.S. Large Value Portfolio | √ |
Vanguard ® VIF Balanced Portfolio | √ |
Vanguard ® VIF Capital Growth Portfolio | √ |
Vanguard ® VIF Conservative Allocation Portfolio | √ |
Vanguard ® VIF Diversified Value Portfolio | √ |
Vanguard ® VIF Equity Income Portfolio | √ |
Vanguard ® VIF Equity Index Portfolio | √ |
Vanguard ® VIF Global Bond Index Portfolio | √ |
Vanguard ® VIF Growth Portfolio | √ |
Vanguard ® VIF High Yield Bond Portfolio | √ |
Vanguard ® VIF International Portfolio | √ |
Vanguard ® VIF Mid-Cap Index Portfolio | √ |
Vanguard ® VIF Moderate Allocation Portfolio | √ |
Vanguard ® VIF Money Market Portfolio | √ |
Vanguard ® VIF Real Estate Index Portfolio | √ |
Vanguard ® VIF Short-Term Investment-Grade Portfolio | √ |
Vanguard ® VIF Total Bond Market Index Portfolio | √ |
Vanguard ® VIF Total International Stock Market Index Portfolio | √ |
Vanguard ® VIF Total Stock Market Index Portfolio | √ |