04/25/2024 | Press release | Distributed by Public on 04/25/2024 13:48
special TERMS_____________________________________________________________________
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1
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summary of policy features that have changed_____________________________________
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1
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important INFORMATION you should consider about the policy_______________________
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2
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APPENDIX
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PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY_________________________________
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6
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FEES AND EXPENSES
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Location in
Prospectus
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Charges for Early
Withdrawal
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If You withdraw money during a specified number of Policy Years
following each premium payment being withdrawn, You may be assessed a
surrender charge. The surrender charge is assessed for 5 years with a
maximum of 5% under Principium III. The surrender charge is eliminated
when You select the Access Rider under Principium III.
For example, if You make an early withdrawal, You could pay a surrender
charge on a $100,000 investment of up to $5,000.
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Annuity Policy Fee
Tables and Expense
Examples
Transaction Expenses
- Surrender Charge
Access to Your Money
Surrenders
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Transaction Charges
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In addition to surrender charges, You also may be assessed a transfer fee
and special services fee.
Transfer Fee. We reserve the right to charge for transfers among Investment
Options after the first 12 transfers per Policy Year. For each such
additional transfer, we may impose a transfer fee of $10. Currently, we do
not charge a transfer fee, but reserve the right to do so.
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 forms,
and asset verification requests from mortgage companies. For policies
issued prior to May 1, 2015, the special services fee may be up to $25.
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Annuity Policy Fee
Tables and Expense
Examples
Expenses -
Transaction Expenses
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FEES AND EXPENSES
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Location in
Prospectus
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Ongoing Fees and
Expenses
(annual charges)
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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.
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Annuity Policy Fee
Tables and Expense
Examples
Base Contract Expenses
Appendix - Portfolio
Companies Available
Under the Policy
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Annual Fee
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Minimum
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Maximum
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Base Policy1
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0.85%
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2.85%
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Portfolio Company (fund fees and
expenses)2
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0.39%
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1.28%
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Optional Benefit Expenses (if elected)
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0.15%1
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2.50%3
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1 As a percentage of average Separate Account Value.
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2 As a percentage of Portfolio Company assets.
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3 As a percentage of the Withdrawal Base.
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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, which could add surrender charges
that substantially increase costs.
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Lowest Annual Cost
$1,276
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Highest Annual Cost
$6,180
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Assumes:
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Assumes:
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•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
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•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
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RISKS
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Location in
Prospectus
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Risk of Loss
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You can lose money by investing in this Policy.
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Principal Risks of
Investing in the Policy
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Not a Short-Term
Investment
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This Policy is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
Surrender charges may apply for several years under the Policy,. Surrender
charges will reduce the value of Your Policy if You withdraw money during
that time.
The benefits of tax deferral and living benefit protection also means the
Policy is more beneficial to investors with a long-term time horizon.
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Principal Risks of
Investing in the Policy
Transaction Expenses -
Surrender Charges
Tax Information
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RISKS
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Location in
Prospectus
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Risks Associated with
Investment Options
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•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, including the Fixed Account, has its own
unique risks.
•You should review the prospectuses for the available Portfolio
Companies before making an investment decision.
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Principal Risks of
Investing in the Policy
Investment Options
Appendix: Portfolio
Companies Available
Under the Policy
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Insurance Company
Risks
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Any obligations (including under the Fixed Account), 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.
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Principal Risks of
Investing in the Policy
Information About Us
Financial Condition
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RESTRICTIONS
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Location in
Prospectus
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Investments
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•We reserve the right to impose a charge for transfers in excess of 12
transfers per Policy Year.
•We reserve the right to limit transfers in circumstances of large or
frequent transfers.
•The Fixed Account option may not be available for investment
depending on when You applied for Your Policy and when it was issued.
•We reserve the right to remove or substitute the Portfolio Companies
that are available as Investment Options under the Policy.
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Transaction Expenses
Investment Option -
Transfers
Market Timing and
Disruptive Trading
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Optional Benefits
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•Certain optional benefits limit or restrict the Investment Options that
You may select under the Policy. We reserve the right to change these
restrictions in the future.
•Withdrawals that exceed limits specified by the terms of an optional
benefit 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 reserve the right to 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.
•In some cases, a benefit may not be available through all financial
intermediaries or all states. For more information on the options
available for electing a benefit, please contact Your financial
intermediary or our Administrative Office.
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Investment Restrictions
Benefits Available
Under the Policy
Optional Benefit Riders
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TAXES
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Location in
Prospectus
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Tax Implications
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•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.
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Tax Information
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CONFLICT OF INTEREST
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Location in
Prospectus
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Investment Professional
Compensation
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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.
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Distribution of the
Policies
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Exchanges
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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.
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Exchanges and/or
Reinstatements
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Investment Objective
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Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/22)
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1 year
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5 years
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10 years
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To maximize total return consistent with the
Adviser's determination of reasonable risk.
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AB Balanced Hedged Allocation Portfolio -
Class B
Advised by:AllianceBernstein L.P.
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0.99%
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12.66%
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5.92%
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5.04%
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The highest total return, composed of current
income and capital appreciation, as is consistent
with prudent investment risk.
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State Street Total Return V.I.S. Fund - Class 3
Advised by:SSGA Funds Management, Inc.
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0.90%
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15.21%
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5.90%
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4.66%
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Seeks long-term capital appreciation and
current income.
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Transamerica 60/40 Allocation VP - Service
Class
Advised by:Transamerica Asset Management,
Inc.
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0.90%
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15.95%
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8.88%
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N/A
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Seeks maximum total return consistent with
preservation of capital and prudent investment
management.
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Transamerica Aegon Bond VP - Service Class
Sub-Advised by:Pacific Investment Management
Company LLC
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0.78%
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6.18%
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0.73%
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1.44%
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Seeks a high level of current income by
investing in high-yield debt securities.
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Transamerica Aegon High Yield Bond VP -
Service Class
Sub-Advised by:Aegon USA Investment
Management, LLC
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0.90%
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10.87%
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4.47%
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4.00%
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Seeks total return gained from the combination
of dividend yield, growth of dividends and
capital appreciation.
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Transamerica Aegon Sustainable Equity Income
VP - Service Class
Sub-Advised by:Aegon Asset Management UK
plc ("AAM")
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0.98%
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6.00%
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5.44%
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5.13%
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Seeks to provide as high a level of total return as
is consistent with prudent investment strategies.
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Transamerica Aegon U.S. Government
Securities VP - Service Class
Sub-Advised by:Aegon USA Investment
Management, LLC
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0.83%
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3.69%
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0.25%
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0.79%
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Seeks as high a level of current income as is
consistent with preservation of capital and
liquidity.
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Transamerica BlackRock Government Money
Market VP - Service Class(2)
Sub-Advised by:BlackRock Investment
Management, LLC
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0.54%
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4.66%
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1.58%
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0.87%
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Seeks long term capital appreciation and capital
preservation.
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Transamerica BlackRock iShares Edge 40 VP -
Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.71%
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9.07%
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4.46%
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3.37%
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Investment Objective
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Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/22)
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1 year
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5 years
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10 years
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Seeks long-term capital appreciation and capital
preservation.
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Transamerica BlackRock iShares Edge 50 VP -
Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.69%
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9.79%
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5.19%
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N/A
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Seeks long-term capital appreciation and capital
preservation as a secondary objective.
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Transamerica BlackRock iShares Edge 75 VP -
Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.73%
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12.09%
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7.36%
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N/A
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Seeks long-term capital appreciation.
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Transamerica BlackRock iShares Edge 100 VP -
Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.81%
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14.47%
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9.34%
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N/A
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Seeks to balance capital appreciation and
income.
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Transamerica Goldman Sachs Managed Risk -
Balanced ETF VP - Service Class
Sub-Advised by:Milliman Financial Risk
Management LLC
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0.64%
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13.20%
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5.04%
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3.97%
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Seeks current income and preservation of
capital.
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Transamerica Goldman Sachs Managed Risk -
Conservative ETF VP - Service Class
Sub-Advised by:Milliman Financial Risk
Management LLC
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0.66%
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10.59%
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3.35%
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3.22%
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Seeks capital appreciation as a primary objective
and income as a secondary objective.
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Transamerica Goldman Sachs Managed Risk -
Growth ETF VP - Service Class
Sub-Advised by:Milliman Financial Risk
Management LLC
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0.67%
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17.68%
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7.38%
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5.13%
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Seeks long-term capital appreciation.
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Transamerica Great Lakes Advisors Large Cap
Value VP - Service Class
(3)
Sub-Advised by:Great Lakes Advisors LLC
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0.97%
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12.78%
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9.66%
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N/A
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Seeks high total return through the
combination of income and capital
appreciation.
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Transamerica Madison Diversified Income VP -
Service Class
Sub-Advised by:Madison Asset Management.
LLC
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1.08%
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3.97%
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4.51%
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4.38%
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Seeks to track the investment results of an index
composed of large- and mid-capitalization
developed market equities, excluding the U.S.
and Canada.
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Transamerica MSCI EAFE Index VP - Service
Class
Sub-Advised by:SSGA Funds Management, Inc.
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0.61%
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17.46%
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7.80%
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N/A
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Seeks to provide a high total investment return
through investments in a broadly diversified
portfolio of stock, bonds and money market
instruments.
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Transamerica Multi-Managed Balanced VP -
Service Class
Sub-Advised by:J.P. Morgan Investment
Management Inc. and Aegon USA Investment
Management, LLC
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0.89%
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18.44%
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10.16%
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7.75%
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Seeks maximum real return, consistent with
appreciation of capital.
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Transamerica PineBridge Inflation
Opportunities VP - Service Class
Sub-Advised by:PineBridge Investments LLC
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0.78%
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5.44%
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2.87%
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2.00%
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Seeks to provide investment results that, before
expenses, correspond generally to the price and
yield performance of the S&P 500® Index.
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Transamerica S&P 500 Index VP - Service Class
Sub-Advised by:SSGA Funds Management, Inc.
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0.39%
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25.73%
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15.20%
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N/A
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Seeks long-term growth of capital by investing
primarily in common stocks of small growth
companies.
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Transamerica T. Rowe Price Small Cap VP -
Service Class
Sub-Advised by:T. Rowe Price Associates, Inc.
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1.09%
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20.88%
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11.15%
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8.74%
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Investment Objective
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Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/22)
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1 year
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5 years
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10 years
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Seeks to maximize long-term growth.
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Transamerica WMC US Growth VP - Service
Class
(4)
Sub-Advised by:Wellington Management
Company, LLP
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0.91%
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41.72%
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17.45%
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13.31%
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Investment Objective
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Underlying Fund Portfolio and
Adviser/Sub-adviser
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Current
Expenses
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Average Annual
Total Returns
(as of 12/31/22)
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1 year
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5 years
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10 years
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Seeks current income and preservation of
capital.
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Transamerica BlackRock iShares Active Asset
Allocation - Conservative VP - Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.92%
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9.96%
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3.16%
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2.79%
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Seeks capital appreciation and current income.
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Transamerica BlackRock iShares Active Asset
Allocation - Moderate VP - Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.88%
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13.37%
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3.15%
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2.73%
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Seeks capital appreciation with current income
as secondary objective.
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Transamerica BlackRock iShares Active Asset
Allocation - Moderate Growth VP - Service
Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.91%
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17.62%
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2.43%
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2.30%
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Seeks capital appreciation and income.
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Transamerica BlackRock iShares Dynamic
Allocation - Balanced VP - Service Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.89%
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12.66%
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3.61%
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3.01%
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Seeks capital appreciation and income.
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Transamerica BlackRock iShares Dynamic
Allocation - Moderate Growth VP - Service
Class
Sub-Advised by:BlackRock Investment
Management, LLC
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0.89%
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17.28%
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4.96%
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3.63%
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