04/26/2024 | Press release | Distributed by Public on 04/26/2024 09:56
special TERMS_____________________________________________________________________
|
1
|
important INFORMATION you should consider about the policy_______________________
|
2
|
Overview of the policy____________________________________________________________
|
4
|
Benefits Available Under the Policy________________________________________________
|
5
|
buying the policy_________________________________________________________________
|
6
|
surrendering your policy or making withdrawals: accessing the Money in Your Policy_
|
7
|
additional information about fees________________________________________________
|
8
|
APPENDIX
|
|
PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY_________________________________
|
10
|
APPENDIX
|
|
Designated Investment Options_________________________________________________
|
13
|
FEES AND EXPENSES
|
Location in
Prospectus
|
|
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
|
0.11%
|
0.49%
|
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
$422
|
Highest Annual Cost
$1,012
|
|
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
|
|
Risk of Loss
|
You can lose money by investing in this Policy.
|
Principal Risks of
Investing in the Policy
|
RISKS
|
Location in
Prospectus
|
|
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
|
|
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
|
|
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
|
|
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
|
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
|
0.11%
|
Highest Gross
|
0.49%
|
1 Year
|
$1,012
|
3 Years
|
$3,159
|
5 Years
|
$5,482
|
10 Years
|
$12,154
|
Investment Objective
|
Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/22)
|
||
1 year
|
5 years
|
10 years
|
|||
To achieve long-term capital appreciation.
|
DFA VA Equity Allocation Portfolio
Advised by:Dimensional Fund Advisors LP
|
0.49%
|
20.14%
|
12.74%
|
N/A
|
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
|
0.21%
|
5.05%
|
0.58%
|
1.29%
|
To see total return consisting of capital
appreciation and current income.
|
DFA VA Global Moderate Allocation Portfolio
Advised by:Dimensional Fund Advisors LP
|
0.44%
|
14.72%
|
8.93%
|
6.07%
|
To achieve long-term capital appreciation.
|
DFA VA International Small Portfolio
Advised by:Dimensional Fund Advisors LP
|
0.40%
|
14.11%
|
7.86%
|
4.89%
|
To achieve long-term capital appreciation.
|
DFA VA International Value Portfolio
Advised by:Dimensional Fund Advisors LP
|
0.27%
|
17.86%
|
8.87%
|
4.16%
|
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
|
0.12%
|
4.98%
|
1.33%
|
1.05%
|
To achieve long-term capital appreciation.
|
DFA VA U.S. Large Value Portfolio
Advised by:Dimensional Fund Advisors LP
|
0.21%
|
10.92%
|
10.71%
|
8.10%
|
To achieve long-term capital appreciation.
|
DFA VA U.S. Targeted Value Portfolio
Advised by:Dimensional Fund Advisors LP
|
0.29%
|
20.03%
|
15.40%
|
9.00%
|
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 - Initial
Class(3)
Advised by: SSGA Funds Management, Inc.
|
0.13%
|
25.73%
|
15.20%
|
N/A
|
To provide long-term capital appreciation and
reasonable current income.
|
Vanguard® VIF Balanced Portfolio
Advised by: Wellington Management Company,
LLP
|
0.21%
|
14.33%
|
9.59%
|
7.89%
|
To provide long-term capital appreciation.
|
Vanguard® VIF Capital Growth Portfolio
Advised by:PRIMECAP Management Company
|
0.34%
|
27.98%
|
14.33%
|
12.85%
|
To provide current income and low to moderate
capital appreciation.
|
Vanguard® VIF Conservative Allocation
Portfolio
Advised by:The Vanguard Group, Inc.
|
0.13%
|
12.51%
|
5.60%
|
4.84%
|
Investment Objective
|
Underlying Fund Portfolio and
Adviser/Sub-adviser (1)
|
Current
Expenses
|
Average Annual
Total Returns
(as of 12/31/22)
|
||
1 year
|
5 years
|
10 years
|
|||
To provide long-term capital appreciation and
income.
|
Vanguard® VIF Diversified Value Portfolio
Advised by:Barrow, Hanley, Mewhinney, &
Strauss, LLC
|
0.29%
|
20.13%
|
14.28%
|
9.27%
|
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
|
0.29%
|
8.10%
|
11.57%
|
9.53%
|
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%
|
26.11%
|
15.52%
|
11.88%
|
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%
|
6.52%
|
1.00%
|
N/A
|
Seeks to provide long-term capital appreciation.
|
Vanguard® VIF Growth Portfolio
Advised by:Jackson Square Partners, Wellington
Management Company, LLP
|
0.33%
|
40.13%
|
16.08%
|
12.88%
|
Seeks to provide a high level of current income.
|
Vanguard® VIF High Yield Bond Portfolio
Advised by:Wellington Management Company,
LLP
|
0.24%
|
11.66%
|
5.13%
|
4.34%
|
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.
|
0.33%
|
14.65%
|
10.28%
|
6.80%
|
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%
|
15.83%
|
12.56%
|
9.27%
|
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.
|
0.13%
|
15.55%
|
7.78%
|
6.19%
|
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%
|
5.05%
|
1.86%
|
1.30%
|
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%
|
11.70%
|
7.18%
|
7.29%
|
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%
|
6.16%
|
2.13%
|
1.93%
|
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%
|
5.58%
|
1.04%
|
1.71%
|
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.
|
0.11%
|
15.55%
|
7.31%
|
N/A
|
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%
|
25.95%
|
14.93%
|
11.29%
|
Return of
Premium
Death
Benefit
|
|
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
|
√
|