As filed with the Securities and Exchange Commission on April 19, 2024
File No. 333-176657
File No. 811-8108
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒
PRE-EFFECTIVE AMENDMENT NO. ☐
POST-EFFECTIVE AMENDMENT NO. 27 ☒
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒
Amendment No. 377 ☒
Protective Variable Annuity
Separate Account
(Exact Name of Registrant)
Protective Life Insurance Company
(Name of Depositor)
2801 Highway 280 South
Birmingham, Alabama 35223
(Address of Depositor’s Principal Executive Offices)
(205) 268-1000
Depositor’s Telephone Number, including Area Code
BRANDON J. CAGE, Esquire
Protective Life Insurance Company
2801 Highway 280 South
Birmingham, Alabama 35223
(Name and Address of Agent for Services)
Copy to:
STEPHEN E. ROTH, Esquire
THOMAS E. BISSET, Esquire
Eversheds Sutherland (US) LLP
700 Sixth Street, N.W., Suite 700
Washington, DC 20001-3980
It is proposed that this filing will become effective (check appropriate box):
☐ Immediately upon filing pursuant to paragraph (b) of Rule 485
☒ On May 1, 2024 pursuant to paragraph (b) of Rule 485
☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
☐ On pursuant to paragraph (a)(1) of Rule 485
Title of Securities Being Registered: Interests in a separate
account issued through variable annuity contracts.
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Protective Dimensions
A VARIABLE ANNUITY (Contracts issued on or after December 3, 2012)
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Protective Life Insurance Company
Protective Variable Annuity Separate Account P.O. Box 10648 Birmingham, Alabama 35202‑0648 Telephone: 1‑800‑456‑6330 www.protective.com |
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FEES AND EXPENSES
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Charges for Early Withdrawals
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If you surrender or make a withdrawal from your Contract within seven (7) years following your last Purchase Payment and before the Annuity Date, you will be assessed a surrender charge of up to 7% on the amount of the withdrawal minus the annual free withdrawal amount. The surrender charge starts at 7% and declines to 0% over seven (7) years.
For example, assume you purchased a Contract with a single Purchase Payment of $100,000 and surrendered the Contract during the first Contract Year. Your free withdrawal amount is $10,000 (10% x $100,000) and is not subject to a surrender charge. You will be assessed a surrender charge of up to $6,300 (7% x $90,000) on the remaining amount of your surrender request.
For additional information about charges for surrenders and early withdrawals, see “CHARGES AND DEDUCTIONS – Surrender Charge (Contingent Deferred Sales Charge)” and “FEE TABLE -- Transactions Expenses” in the Prospectus.
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Transaction Charges
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In addition to surrender charges, you may also be assessed a Premium Based Charge after making a Purchase Payment, a fee for each transfer after the first 12 transfers in a Contract Year, and a SecurePay Medical Evaluation Fee if you request an increase in the Annual Withdrawal Amount under the SecurePay rider.
For additional information about transaction charges, see “FEE TABLE - Transaction Expenses” and “CHARGES AND DEDUCTIONS” in the 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 Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. | |
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Annual Fee
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Minimum
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Maximum
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| Base contract (1) | | |
1.45%
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1.45%
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| Investment options (Fund fees and expenses) (2) | | |
0.35%
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2.38%
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| Optional benefits available for an additional charge | | | | | | | |
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Monthly Maximum Anniversary Value Death Benefit Fee (3)
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0.20%
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0.20%
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SecurePay FX riders issued on or after May 1, 2014 (4)
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1.10%
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2.20%
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SecurePay FX riders issued before May 1, 2014 (4)
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1.00%
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2.20%
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Lowest Annual Cost:
$1,463 |
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Highest Annual Cost:
$5,254 |
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| Assumes: | | | Assumes: | |
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•
Investment of $100,000
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5% annual appreciation
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Least expensive combination of Fund fees and expenses
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No optional benefits
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No sales charges
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No additional Purchase Payments, transfers or withdrawals
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•
Investment of $100,000
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5% annual appreciation
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Most expensive combination of optional benefits and Fund fees and expenses
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No sales charges
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No additional Purchase Payments, transfers, or withdrawals
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RISKS
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Risk of Loss
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You can lose money by investing in this Contract, including loss of principal.
For additional information about the risk of loss, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the Prospectus.
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Not a Short-Term Investment
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This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Although you are permitted to take withdrawals or surrender the Contract, surrender charges and federal and state income taxes may apply.
Surrender charges may apply for up to seven (7) years following your last Purchase Payment. Withdrawals will reduce your Contract Value and death benefit.
The benefits of tax deferral and living benefit protections also mean the Contract is less beneficial to investors with a short time horizon.
For additional information about the investment profile of the Contract, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT,” “CHARGES AND DEDUCTIONS,” ”FEDERAL TAX MATTERS,” and “TAXATION OF ANNUITIES IN GENERAL” in the Prospectus.
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Risks Associated with Investment Options
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An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract.
Each Investment Option (including the Guaranteed Account) has its own unique risks.
You should review the prospectuses for the available Funds and consult with your financial professional before making an investment decision.
For additional information about the risks associated with Investment Options, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the Prospectus.
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Insurance Company Risks
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An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Guaranteed Account), guarantees, or benefits under the Contract are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request at no charge by calling us at 1-800-456-6330 or writing us at the address shown on the cover page.
For additional information about Company risks, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT,” and “THE COMPANY, VARIABLE ACCOUNT AND FUNDS” in the Prospectus.
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RESTRICTIONS
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Investments
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Currently, there is no charge when you transfer Contract Value among Investment Options. However, we reserve the right to charge $25 for each transfer after the first 12 transfers in any Contract Year in the future.
We reserve the right to remove or substitute Funds as Investment Options that are available under the Contract. We also reserve the right to restrict the allocation of additional Purchase Payments and/or transfers of Contract Value to a Fund if we determine the Fund no longer meets one or more of our Fund selection criteria and/or if a Fund has not attracted significant contract owner assets.
For additional information about Investment Options, see “CHARGES AND DEDUCTIONS – Transfer Fee” and “THE COMPANY, VARIABLE ACCOUNT AND FUNDS – Selection of Funds – Addition, Deletion or Substitution of Investments” in the Prospectus.
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Optional Benefits
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If you select a Protected Lifetime Income Benefit rider:
•
The Investment Options available to you under the Contract will be limited.
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You may not make additional Purchase Payments two years or more after the Rider Issue Date or on or after the Benefit Election Date, whichever comes first.
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Withdrawals from Contract Value that exceed the Annual Withdrawal Amount under the rider may significantly reduce or eliminate the rider benefits.
We may stop offering an optional benefit rider at any time.
If you purchase an optional death benefit, withdrawals may reduce the benefit by an amount greater than the value withdrawn.
For additional information about the optional benefits, see "PROTECTED LIFETIME INCOME BENEFITS ("SECUREPAY FX")" and “DEATH BENEFIT - Selecting a Death Benefit” in the Prospectus.
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TAXES
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Tax Implications
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You should consult with a qualified tax advisor regarding the federal tax implications of an investment in, payments received under, and other transactions in connection with this Contract.
If you purchase the Contract through a tax-qualified plan or individual retirement arrangement (IRA), you do not get any additional tax deferral. Generally, all earnings on the investments underlying the Contract are tax-deferred until distributed or deemed distributed. A distribution from a non-Qualified Contract, which includes a surrender, withdrawal, payment of a death benefit, or annuity income payments, will generally result in taxable income if there has been an increase in the Contract Value. In the case of a Qualified Contract, a distribution generally will result in taxable income even if there has not been an increase in the Contract Value. In certain circumstances, a 10% additional tax may also apply if the Owner takes a withdrawal before age 59½. All amounts includable in income with respect to the Contract are taxed as ordinary income; no amounts are taxed at the special lower rates applicable to long term capital gains and corporate dividends.
For additional information about tax implications, see “FEDERAL TAX MATTERS” and “TAXATION OF ANNUITIES IN GENERAL” in the Prospectus.
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CONFLICTS OF INTEREST
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Investment Professional Compensation
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We pay compensation, in the form of commissions, non-cash compensation, and asset-based compensation, to broker-dealers in connection with the promotion and sale of the Contracts. A portion of any payments made to the broker-dealers may be passed on to their registered representatives in accordance with their internal compensation programs. The prospect of receiving, or the receipt of, asset-based compensation may provide broker-dealers and/or their registered representatives with an incentive to recommend initial or continued investment in the Contracts over other variable insurance products (or other investments). You may wish to take such compensation arrangements into account when considering and evaluating any recommendation relating to the Contracts.
For additional information about compensation, see “DISTRIBUTION OF THE CONTRACTS” in the Prospectus.
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Exchanges
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Some investment professionals may have a financial incentive to offer you a new contract in place of the contract you already own. You should only exchange your current contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
For additional information about exchanges, see “TAXATION OF ANNUITIES IN GENERAL – Exchanges of Annuity Contracts” in the Prospectus.
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Maximum Surrender Charge (as a % of amount surrendered) (1)
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7%
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Transfer Fee (2)
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$25
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SecurePay Medical Evaluation Fee (3)
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$300
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Maximum Annual Premium Based Charge (as an annualized percentage of each Purchase Payment, deducted quarterly)(4)
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0.70%
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Administrative Expenses(1)
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$50
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Base Contract Expenses (as a percentage of average Variable Account value)(2)
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0.90%
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Monthly Maximum Anniversary Value Death Benefit Fee (as an annualized percentage of the death benefit value on each Monthly Anniversary Date, beginning on the 1st Monthly Anniversary Date)(3)
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0.20%
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Maximum
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Current
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SecurePay FX riders issued on or after May 1, 2014
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2.20%
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1.10%
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SecurePay FX riders issued before May 1, 2014
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2.20%
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1.00%
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Minimum
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Maximum
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Annual Fund Expenses
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| | | | 0.35% | | | | | | – | | | | | | 2.38% (1) | | |
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)
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1 year
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3 years
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5 years
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10 years
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Maximum Fund Expenses
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| | | $ | 12,560 | | | | | $ | 24,382 | | | | | $ | 35,672 | | | | | $ | 64,421 | | |
Minimum Fund Expenses
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| | | $ | 10,750 | | | | | $ | 19,079 | | | | | $ | 26,965 | | | | | $ | 47,953 | | |
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1 year
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3 years
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5 years
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10 years
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Maximum Fund Expenses
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| | | $ | 6,354 | | | | | $ | 19,247 | | | | | $ | 32,394 | | | | | $ | 64,421 | | |
Minimum Fund Expenses
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| | | $ | 4,420 | | | | | $ | 13,616 | | | | | $ | 23,316 | | | | | $ | 47,953 | | |
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1 year
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3 years
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5 years
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10 years
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Maximum Fund Expenses
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| | | $ | 11,530 | | | | | $ | 21,219 | | | | | $ | 30,211 | | | | | $ | 52,535 | | |
Minimum Fund Expenses
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| | | $ | 9,712 | | | | | $ | 15,832 | | | | | $ | 21,257 | | | | | $ | 34,938 | | |
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1 year
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3 years
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5 years
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10 years
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Maximum Fund Expenses
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| | | $ | 5,254 | | | | | $ | 15,889 | | | | | $ | 26,701 | | | | | $ | 52,535 | | |
Minimum Fund Expenses
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| | | $ | 3,310 | | | | | $ | 10,170 | | | | | $ | 17,367 | | | | | $ | 34,938 | | |
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1 year
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3 years
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5 years
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10 years
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Maximum Fund Expenses
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| | | $ | 10,512 | | | | | $ | 18,095 | | | | | $ | 24,824 | | | | | $ | 40,847 | | |
Minimum Fund Expenses
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| | | $ | 8,685 | | | | | $ | 12,619 | | | | | $ | 15,607 | | | | | $ | 22,054 | | |
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1 year
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3 years
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5 years
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10 years
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Maximum Fund Expenses
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| | | $ | 4,165 | | | | | $ | 12,573 | | | | | $ | 21,086 | | | | | $ | 40,847 | | |
Minimum Fund Expenses
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| | | $ | 2,212 | | | | | $ | 6,759 | | | | | $ | 11,477 | | | | | $ | 22,054 | | |
Fund
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Maximum
12b-1 fee |
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Paid to us: | | | | | | | |
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
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0.25%
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Fidelity Variable Insurance Products
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0.25%
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Franklin Templeton Variable Insurance Products Trust
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0.25%
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Goldman Sachs Variable Insurance Trust
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0.25%
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Legg Mason Partners Variable Equity Trust
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0.25%
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MFS Variable Insurance Trust
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0.25%
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MFS Variable Insurance Trust II
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0.25%
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PIMCO Variable Insurance Trust
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0.25%
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Royce Capital Fund
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0.25%
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Name of Benefit
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Purpose
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Is Benefit
Standard or Optional? |
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Maximum Fee
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Brief Description of
Restrictions/Limitations |
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Return of Purchase Payments Death Benefit
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Equal to the greatest of:
1.
the Contract Value, or
2.
the aggregate Purchase Payments less an adjustment for each withdrawal (adjustment for each withdrawal is the amount that reduces the Return of Purchase Payments Death Benefit at the time of the withdrawal in the same proportion that the amount withdrawn, including any associated surrender charges, reduces the Contract Value.)
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| | Standard | | | No charge | | |
•
May only be elected at Contract purchase.
•
Death Benefit will never be more than the Contract Value plus $1,000,000.
•
Withdrawals can reduce the value of the Death Benefit by more than the amount withdrawn.
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Maximum Anniversary Value Death Benefit
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Equal to the greatest of:
1.
the Contract Value,
2.
the aggregate Purchase Payments less an adjustment for each withdrawal (adjustment reduces the Maximum Anniversary Value Death Benefit at the time of the withdrawal in the same proportion that the amount withdrawn, including any surrender charges, reduces the Contract Value), or
3.
the greatest anniversary value attained prior to the older Owner’s 80th birthday.
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| | Optional | | | 0.20% (as an annualized percentage of the death benefit value on each Monthly Anniversary Date) | | |
•
Available only at Contract purchase.
•
Death Benefit will never be more than the Contract Value plus $1,000,000.
•
It is possible that this Death Benefit will be no greater than the Return of Purchase Payments Death Benefit, for which we do not assess a fee.
•
Withdrawals may reduce the value of the benefit by an amount greater than the amount withdrawn.
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Cannot be elected if the oldest Owner is 76 or older.
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Name of Benefit
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Purpose
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Maximum Fee
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Current Fee
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Brief Description of
Restrictions/Limitations |
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SecurePay FX rider(rider issued on or after May 1, 2014)
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| | Provides an Annual Withdrawal Amount that is guaranteed for life, even if Contract Value is reduced to zero, and provides for potential increases in the Benefit Base (“roll-up percentage”) of up to 5.0% each Contract Anniversary during the roll-up period, even if the Contract Value has not increased | | | 2.20% (as an annualized percentage of the Benefit Base on each Monthly Anniversary) | | | 1.10% (as an annualized percentage of the Benefit Base on each Monthly Anniversary) | | |
•
Available only at Contract purchase.
•
Benefit limits available investment options
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No Purchase Payments two years or more after Rider Issue Date or on or after Benefit Election Date, whichever comes first
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Excess Withdrawals may significantly reduce or eliminate value of benefit
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Available to Contract Owners ages 60 to 75
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| SecurePay FX rider (rider issued before May 1, 2014) | | | Provides an Annual Withdrawal Amount that is guaranteed for life, even if Contract Value is reduced to zero, and provides for potential increases in the Benefit Base (“roll-up percentage”) of up to 5.0% each Contract Anniversary during the roll-up period, even if Contract Value has not increased | | | 2.20% (as an annualized percentage of the Benefit Base on each Monthly Anniversary) | | | 1.00% (as an annualized percentage of the Benefit Base on each Monthly Anniversary) | | |
•
Available only at Contract purchase
•
Benefit limits available investment options
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No Purchase Payments two years or more after Rider Issue Date or on or after Benefit Election Date, whichever comes first
•
Excess Withdrawals may significantly reduce or eliminate value of benefit
•
Available to Contract Owners ages 60 to 75
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Single Life Coverage
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Joint Life Coverage
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| Single Owner/Non-spouse Beneficiary | | | Covered Person is the Owner. SecurePay FX rider expires upon death of Covered Person following the Benefit Election Date. | | | Not applicable. | |
| Single Owner/Spouse Beneficiary | | | Covered Person is the Owner. SecurePay FX rider expires upon death of Covered Person following the Benefit Election Date. Upon death of Covered Person following the Benefit Election Date, the surviving spouse may purchase a new SecurePay FX rider if he or she continues the Contract under the spousal continuation provisions and certain conditions are met. | | | Both are Covered Persons. SecurePay FX rider expires upon death of last surviving Covered Person following the Benefit Election Date. If the surviving spouse continues the Contract, SecurePay Withdrawals will continue unless modified or declined. | |
| Joint Owner/Non-spouse 2nd Owner | | | Covered Person is older Owner. SecurePay FX rider expires upon the death of the Covered Person following the Benefit Election Date. | | | Not applicable. | |
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Single Life Coverage
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Joint Life Coverage
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| Joint Owner/Spouse 2nd Owner | | | Covered Person is older Owner. SecurePay FX rider expires upon death of Covered Person following the Benefit Election Date. Upon death of older Owner, the surviving spouse may purchase a new SecurePay FX rider if he or she continues the Contract under the spousal continuation provisions and certain conditions are met. | | | Both are Covered Persons. SecurePay FX rider expires upon death of last surviving Covered Person following the Benefit Election Date. If the surviving spouse continues the Contract, SecurePay Withdrawals will continue unless modified or declined. | |
Age of (Younger) Covered Person(s) on Benefit Election Date
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Maximum
Withdrawal Percentage |
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60 through 64 (SecurePay for two spouses)
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| | | | 3.50% | | |
60 through 64 (SecurePay for one person)
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| | | | 4.00% | | |
65 and older (SecurePay for two spouses)
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| | | | 4.50% | | |
65 and older (SecurePay for one person)
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| | | | 5.00% | | |
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Name of Benefit
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Purpose
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Maximum Fee
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Brief Description of
Restrictions/Limitations |
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Portfolio Rebalancing
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| | Automatically rebalances the Sub-Accounts you select (either quarterly, semi-annually or annually) to maintain your chosen percentage allocation of Variable Account value among the Sub-Accounts. | | |
No Charge
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•
Required if you purchase a SecurePay FX rider.
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Dollar Cost Averaging
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| | Automatically transfers a specific amount of money from the DCA Account or the Fixed Account to the Sub-Accounts you select, on a monthly basis over a specific period of time. | | |
No Charge
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•
None
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Automatic Withdrawal Plan (“AWP”)
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| | Automatically withdraws a level dollar amount from the Contract on a monthly or quarterly basis before the Annuity Date. | | |
No Charge
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•
Requires a minimum Contract Value of $5,000.
•
May not be elected with the automatic purchase payment plan.
•
Income taxes, including a 10% additional tax if you are younger than age 59 1/2, may apply.
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Current Purchase Payment Plus All Prior Purchase Payments Applied to the Contract
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Quarterly Premium
Based Charge Percentage (as a percentage of each Purchase Payment) |
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Annual Equivalent
of Premium Based Charge Percentage |
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Less than $50,000
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| | | | 0.1750% | | | | | | 0.70% | | |
Current Purchase Payment Plus All Prior Purchase Payments Applied to the Contract
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Quarterly Premium
Based Charge Percentage (as a percentage of each Purchase Payment) |
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Annual Equivalent
of Premium Based Charge Percentage |
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At least $50,000, but less than $100,000
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| | | | 0.1500% | | | | | | 0.60% | | |
At least $100,000, but less than $250,000
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| | | | 0.1250% | | | | | | 0.50% | | |
At least $250,000, but less than $500,000
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| | | | 0.0875% | | | | | | 0.35% | | |
At least $500,000, but less than $1,000,000
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| | | | 0.0625% | | | | | | 0.25% | | |
$1,000,000 or more
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| | | | 0.0375% | | | | | | 0.15% | | |
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Current Purchase
Payment Plus All Prior Purchase Payments Applied to the Contract |
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Number of Complete Years Elapsed Between the Date the Purchase Payment was Applied
to the Contract and the Withdrawal or Surrender Date |
| |||||||||||||||||||||||||||||||||||||||||||||
|
0
|
| |
1
|
| |
2
|
| |
3
|
| |
4
|
| |
5
|
| |
6
|
| |
7+
|
| |||||||||||||||||||||||||||
|
Less than $50,000
|
| | | | 7.0% | | | | | | 6.0% | | | | | | 6.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 0% | | |
|
At least $50,000 but
less than $100,000 |
| | | | 6.0% | | | | | | 5.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $100,000 but less than $250,000
|
| | | | 5.0% | | | | | | 4.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $250,000 but less than $500,000
|
| | | | 4.0% | | | | | | 3.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $500,000 but less than $1,000,000
|
| | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0% | | |
|
$1,000,000 or more
|
| | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0.5% | | | | | | 0% | | |
If you were born...
|
| |
Your “applicable age” is....
|
| |||
Before July 1, 1949
|
| | | | 70½ | | |
After June 30, 1949 and before 1951
|
| | | | 72 | | |
After 1950 and before 1960 (1)
|
| | | | 73 (1) | | |
After 1958 (1)
|
| | | | 75 (1) | | |
Fiscal Year Ended
|
| |
Amount Paid to IDI
|
| |||
December 31, 2021
|
| | | $ | 45,344,875 | | |
December 31, 2022
|
| | | $ | 37,339,184 | | |
December 31, 2023
|
| | | $ | 37,105,641 | | |
| |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser; Sub-
Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay
Life Rider Allocation Investment Category(2) |
| | ||||||||
|
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| |
U.S. Equity
|
| | |
ClearBridge Variable Mid Cap Portfolio - Class II - ClearBridge Investments, LLC
|
| | |
1.08%
|
| | |
12.62%
|
| | |
10.46%
|
| | |
6.83%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
ClearBridge Variable Small Cap Growth Portfolio - Class II - ClearBridge Investments, LLC
|
| | |
1.05%
|
| | |
8.12%
|
| | |
9.29%
|
| | |
7.62%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Fidelity® VIP Contrafund® Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.81%
|
| | |
33.12%
|
| | |
16.36%
|
| | |
11.33%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Fidelity® VIP Index 500 Portfolio - Service Class 2 - Geode Capital Management, LLC
|
| | |
0.35%
|
| | |
25.88%
|
| | |
15.27%
|
| | |
11.64%
|
| | |
2
|
| |
| |
Taxable Bond
|
| | |
Fidelity® VIP Investment Grade Bond Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.63%
|
| | |
6.00%
|
| | |
1.72%
|
| | |
2.08%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | |
Fidelity® VIP Mid Cap Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.82%
|
| | |
14.80%
|
| | |
12.17%
|
| | |
7.85%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Franklin DynaTech VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.90%
|
| | |
43.77%
|
| | |
13.76%
|
| | |
10.37%
|
| | |
3
|
| |
| |
Allocation
|
| | |
Franklin Income VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.71%
|
| | |
8.62%
|
| | |
6.98%
|
| | |
5.01%
|
| | |
2
|
| |
| |
Allocation
|
| | |
Franklin Mutual Shares VIP Fund - Class 2 - Franklin Mutual Advisers, LLC
|
| | |
0.93%
|
| | |
13.46%
|
| | |
7.82%
|
| | |
5.43%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Franklin Rising Dividends VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.90%
|
| | |
12.08%
|
| | |
13.75%
|
| | |
10.23%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Franklin Small Cap Value VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(1)
|
| | |
0.91%
|
| | |
12.75%
|
| | |
11.06%
|
| | |
7.04%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Franklin Small-Mid Cap Growth VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
1.08%
|
| | |
26.74%
|
| | |
13.51%
|
| | |
8.96%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
Franklin U.S. Government Securities VIP Fund ‑
Class 2 ‑ Franklin Advisers, Inc. |
| | |
0.77%
|
| | |
4.47%
|
| | |
0.22%
|
| | |
0.73%
|
| | |
1
|
| |
| |
International
Equity |
| | |
Goldman Sachs VIT International Equity Insights Fund - Service Class(1)
|
| | |
1.07%
|
| | |
18.43%
|
| | |
7.55%
|
| | |
3.19%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Mid Cap Growth Fund - Service Class(1)
|
| | |
0.99%
|
| | |
18.45%
|
| | |
13.48%
|
| | |
9.33%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Mid Cap Value Fund - Service Class(1)
|
| | |
1.09%
|
| | |
11.11%
|
| | |
13.06%
|
| | |
7.82%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Strategic Growth Fund - Service Class(1)
|
| | |
1.00%
|
| | |
41.65%
|
| | |
17.05%
|
| | |
12.88%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. American Value Fund - Series II | | | |
1.14%
|
| | |
15.29%
|
| | |
12.45%
|
| | |
6.98%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Capital Appreciation Fund - Series II(1) | | | |
1.05%
|
| | |
35.03%
|
| | |
16.10%
|
| | |
11.28%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Comstock Fund - Series II | | | |
1.00%
|
| | |
12.10%
|
| | |
13.20%
|
| | |
8.65%
|
| | |
2
|
| |
| |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser; Sub-
Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay
Life Rider Allocation Investment Category(2) |
| | ||||||||
|
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| |
U.S. Equity
|
| | |
Invesco® V.I. Discovery Mid Cap Growth Fund ‑
Series II |
| | |
1.12%
|
| | |
12.85%
|
| | |
12.47%
|
| | |
9.52%
|
| | |
3
|
| |
| |
Allocation
|
| | | Invesco® V.I. Equity and Income Fund - Series II | | | |
0.82%
|
| | |
10.24%
|
| | |
9.64%
|
| | |
6.78%
|
| | |
2
|
| |
| |
International
Equity |
| | |
Invesco® V.I. EQV International Equity Fund - Series II
|
| | |
1.15%
|
| | |
17.86%
|
| | |
8.15%
|
| | |
4.07%
|
| | |
3
|
| |
| |
International
Equity |
| | | Invesco® V.I. Global Fund - Series II | | | |
1.07%
|
| | |
34.45%
|
| | |
12.02%
|
| | |
8.21%
|
| | |
3
|
| |
| |
Sector Equity
|
| | |
Invesco® V.I. Global Real Estate Fund - Series II - Invesco Asset Management Limited
|
| | |
1.27%
|
| | |
8.82%
|
| | |
1.85%
|
| | |
2.84%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
Invesco® V.I. Global Strategic Income Fund ‑
Series II(1) |
| | |
1.17%
|
| | |
8.60%
|
| | |
1.04%
|
| | |
1.25%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | Invesco® V.I. Government Securities Fund - Series II | | | |
0.94%
|
| | |
4.46%
|
| | |
0.42%
|
| | |
0.90%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Growth and Income Fund - Series II | | | |
1.00%
|
| | |
12.41%
|
| | |
11.49%
|
| | |
7.98%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Main Street Fund® - Series II(1) | | | |
1.05%
|
| | |
22.83%
|
| | |
13.28%
|
| | |
9.74%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Small Cap Equity Fund - Series II | | | |
1.20%
|
| | |
16.26%
|
| | |
12.14%
|
| | |
6.28%
|
| | |
3
|
| |
| |
Money Market
|
| | |
Invesco® V.I. U.S. Government Money Portfolio - Series I
|
| | |
0.63%
|
| | |
4.53%
|
| | |
1.53%
|
| | |
0.94%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | |
Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC
|
| | |
0.90%
|
| | |
6.34%
|
| | |
3.20%
|
| | |
3.51%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Dividend Growth Portfolio - Class VC(1)
|
| | |
0.99%
|
| | |
15.94%
|
| | |
13.20%
|
| | |
10.20%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Fundamental Equity Portfolio - Class VC(1)
|
| | |
1.08%
|
| | |
14.33%
|
| | |
9.90%
|
| | |
7.06%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Growth Opportunities Portfolio - Class VC
|
| | |
1.16%
|
| | |
10.40%
|
| | |
8.85%
|
| | |
7.20%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC
|
| | |
1.15%
|
| | |
14.97%
|
| | |
10.87%
|
| | |
6.57%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Growth Series - Service Class(1)(3)
|
| | |
0.98%
|
| | |
35.51%
|
| | |
15.59%
|
| | |
12.69%
|
| | |
2
|
| |
| |
International
Equity |
| | |
MFS® VIT II Emerging Markets Equity Portfolio - Service Class(1)(3)
|
| | |
1.48%
|
| | |
10.71%
|
| | |
1.79%
|
| | |
1.31%
|
| | |
3
|
| |
| |
International
Equity |
| | |
MFS® VIT II International Intrinsic Value Portfolio - Service Class(1)(3)
|
| | |
1.14%
|
| | |
17.37%
|
| | |
8.31%
|
| | |
6.66%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT II Massachusetts Investors Growth Stock Portfolio - Service Class(1)(3)
|
| | |
0.98%
|
| | |
23.70%
|
| | |
16.39%
|
| | |
12.44%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Investors Trust Series - Service Class(1)(3)
|
| | |
1.03%
|
| | |
18.66%
|
| | |
13.27%
|
| | |
10.00%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT New Discovery Series - Service Class(1)(3)
|
| | |
1.12%
|
| | |
14.25%
|
| | |
10.81%
|
| | |
7.41%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Research Series - Service Class(1)(3)
|
| | |
1.04%
|
| | |
22.12%
|
| | |
14.13%
|
| | |
10.55%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
MFS® VIT Total Return Bond Series - Service Class(1)(3)
|
| | |
0.78%
|
| | |
7.13%
|
| | |
1.58%
|
| | |
1.96%
|
| | |
1
|
| |
| |
Allocation
|
| | |
MFS® VIT Total Return Series - Service Class(1)(3)
|
| | |
0.86%
|
| | |
10.22%
|
| | |
8.27%
|
| | |
6.27%
|
| | |
2
|
| |
| |
Sector Equity
|
| | |
MFS® VIT Utilities Series - Service Class(1)(3)
|
| | |
1.04%
|
| | |
-2.33%
|
| | |
8.05%
|
| | |
6.13%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Value Series - Service Class(1)(3)
|
| | |
0.94%
|
| | |
7.63%
|
| | |
11.07%
|
| | |
8.25%
|
| | |
2
|
| |
| |
Allocation
|
| | |
PIMCO VIT All Asset Portfolio - Advisor Class - Research Affiliates LLC(1)
|
| | |
2.29%
|
| | |
8.02%
|
| | |
5.90%
|
| | |
3.93%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
PIMCO VIT Long-Term U.S. Government Portfolio - Advisor Class
|
| | |
2.11%
|
| | |
3.88%
|
| | |
-1.40%
|
| | |
1.96%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Low Duration Portfolio - Advisor Class | | | |
0.79%
|
| | |
4.87%
|
| | |
0.88%
|
| | |
0.82%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Real Return Portfolio - Advisor Class | | | |
0.94%
|
| | |
3.57%
|
| | |
3.05%
|
| | |
2.15%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Short-Term Portfolio - Advisor Class | | | |
0.76%
|
| | |
5.80%
|
| | |
2.02%
|
| | |
1.76%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Total Return Portfolio - Advisor Class | | | |
0.85%
|
| | |
5.83%
|
| | |
0.98%
|
| | |
1.60%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | | Royce Capital Micro-Cap Portfolio - Service Class | | | |
1.46%
|
| | |
18.56%
|
| | |
11.84%
|
| | |
5.28%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | | Royce Capital Small-Cap Portfolio - Service Class | | | |
1.39%
|
| | |
25.53%
|
| | |
9.90%
|
| | |
5.35%
|
| | |
3
|
| |
| |
International
Equity |
| | |
Templeton Developing Markets VIP Fund - Class 2 - Franklin Templeton Investment Management, Ltd(1)
|
| | |
1.35%
|
| | |
12.62%
|
| | |
4.22%
|
| | |
2.32%
|
| | |
3
|
| |
| |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser; Sub-
Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay
Life Rider Allocation Investment Category(2) |
| | ||||||||
|
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| |
International
Equity |
| | |
Templeton Foreign VIP Fund - Class 2 - Templeton Investment Counsel, LLC(1)
|
| | |
1.07%
|
| | |
20.76%
|
| | |
5.27%
|
| | |
1.28%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
Templeton Global Bond VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.75%
|
| | |
2.88%
|
| | |
-2.13%
|
| | |
-0.66%
|
| | |
1
|
| |
| |
International
Equity |
| | |
Templeton Growth VIP Fund - Class 2 - Templeton Global Advisors, Ltd.; Templeton Asset Management(1)
|
| | |
1.12%
|
| | |
21.01%
|
| | |
6.47%
|
| | |
3.24%
|
| | |
3
|
| |
|
Investment Category
|
| |
Minimum Allocation
|
| |
Maximum Allocation
|
| |||||||||
| | | 1 | | | | | | 35% | | | | | | 100% | | |
| | | 2 | | | | | | 0% | | | | | | 65% | | |
| | | 3 | | | | | | 0% | | | | | | 30% | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Benefit
Base |
| |
Adjusted
Withdrawal Amount |
| |
Return of
Purchase Payments Death Benefit |
| |||||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (A) | | | | | | N/A | | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (B) | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | | | | | — | | | | | | 120,000 | | |
|
5/15/21
|
| |
Purchase Payment
|
| | | | 130,000 | | | | | | 80,000 (C) | | | | | | — | | | | | | 210,000 (D) | | | | | | 210,000 | | | | | | — | | | | | | 210,000 | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 202,000 | | | | | | — | | | | | | — | | | | | | 202,000 | | | | | | 220,500 | | | | | | — | | | | | | 202,000 | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 208,000 | | | | | | — | | | | | | 25,000 (E) | | | | | | 183,000 (F) | | | | | | 203,697 | | | | | | 21,635 (G) | | | | | | 183,000 (H) | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 190,000 | | | | | | — | | | | | | — | | | | | | 190,000 | | | | | | 213,882 | | | | | | — | | | | | | 190,000 | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 180,000 | | | | | | — | | | | | | — | | | | | | 180,000 | | | | | | 224,576 | | | | | | — | | | | | | 180,000 | | |
|
11/30/24
|
| |
SecurePay WD
|
| | | | 175,000 | | | | | | — | | | | | | 11,229 (I) | | | | | | 163,771 | | | | | | 224,576 | | | | | | 11,229 (J) | | | | | | 163,771 (K) | | |
|
1/1/25
|
| |
SecurePay WD
|
| | | | 165,000 | | | | | | | | | | | | 11,229 (L) | | | | | | 153,771 | | | | | | 224,576 | | | | | | 11,229 | | | | | | 153,771 | | |
|
3/31/25
|
| |
Excess Withdrawal
|
| | | | 158,000 | | | | | | — | | | | | | 16,000 (M) | | | | | | 142,000 | | | | | | 217,795 | | | | | | 14,900 (N) | | | | | | 142,000 (O) | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 125,000 (P) | | | | | | — | | | | | | — | | | | | | 125,000 | | | | | | 217,795 | | | | | | — | | | | | | 125,000 (Q) | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Benefit
Base |
| |
Adjusted
Withdrawal Amount |
| |
Anniversary
Value (A) |
| |
Maximum
Anniversary Value Death Benefit |
| ||||||||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (B) | | | | | | N/A | | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (C) | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | | | | | — | | | | | | 135,336 | | | | | | — | | |
|
5/15/21
|
| |
Purchase Payment
|
| | | | 130,000 | | | | | | 80,000 (D) | | | | | | — | | | | | | 210,000 (E) | | | | | | 210,000 | | | | | | — | | | | | | — | | | | | | — | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 202,000 | | | | | | — | | | | | | — | | | | | | 202,000 | | | | | | 220,500 | | | | | | — | | | | | | 137,336 | | | | | | — | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 208,000 | | | | | | — | | | | | | 25,000 (F) | | | | | | 183,000 (G) | | | | | | 203,697 | | | | | | 25,240 (H) | | | | | | — | | | | | | — | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 190,000 | | | | | | — | | | | | | — | | | | | | 190,000 | | | | | | 213,882 | | | | | | — | | | | | | 150,576 (I) | | | | | | — | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 180,000 | | | | | | — | | | | | | — | | | | | | 180,000 | | | | | | 224,576 | | | | | | — | | | | | | 140,576 | | | | | | — | | |
|
11/30/24
|
| |
SecurePay WD
|
| | | | 175,000 | | | | | | — | | | | | | 11,229 (J) | | | | | | 163,771 | | | | | | 224,576 | | | | | | 11,229 (K) | | | | | | 135,576 (L) | | | | | | — | | |
|
1/1/25
|
| |
SecurePay WD
|
| | | | 165,000 | | | | | | | | | | | | 11,229 (M) | | | | | | 153,771 | | | | | | 224,576 | | | | | | 11,229 | | | | | | 136,805 | | | | | | — | | |
|
3/31/25
|
| |
Excess Withdrawal
|
| | | | 158,000 | | | | | | — | | | | | | 16,000 (N) | | | | | | 142,000 | | | | | | 217,795 | | | | | | 16,966 (O) | | | | | | — | | | | | | — | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 125,000 (P) | | | | | | — | | | | | | — | | | | | | 125,000 | | | | | | 217,795 | | | | | | — | | | | | | — | | | | | | 150,576 (Q) | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Adjusted
Withdrawal Amount |
| |
Return of
Purchase Payments Death Benefit |
| ||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (A) | | | | | | N/A | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (B) | | | | | | | | | | | | — | | | | | | 120,000 | | | | | | — | | | | | | 120,000 | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 130,000 | | | | | | — | | | | | | — | | | | | | 130,000 | | | | | | — | | | | | | 130,000 | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 125,000 | | | | | | — | | | | | | 25,000 (C) | | | | | | 100,000 (D) | | | | | | 20,000 (E) | | | | | | 100,000 (F) | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 103,000 | | | | | | — | | | | | | — | | | | | | 103,000 | | | | | | — | | | | | | 103,000 | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 110,000 | | | | | | — | | | | | | — | | | | | | 110,000 | | | | | | — | | | | | | 110,000 | | |
|
10/1/24
|
| |
Purchase Payment
|
| | | | 85,000 | | | | | | 80,000 (G) | | | | | | — | | | | | | 165,000 | | | | | | — | | | | | | 165,000 | | |
|
11/30/24
|
| |
Withdrawal
|
| | | | 155,000 | | | | | | — | | | | | | 5,500 (H) | | | | | | 149,500 | | | | | | 5,678 (I) | | | | | | 154,322 (J) | | |
|
3/31/25
|
| |
Withdrawal
|
| | | | 160,000 | | | | | | — | | | | | | 16,000 (K) | | | | | | 144,000 | | | | | | 15,432 | | | | | | 144,000 | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 135,000 (L) | | | | | | — | | | | | | — | | | | | | 135,000 | | | | | | | | | | | | 138,890 (M) | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Adjusted
Withdrawal Amount |
| |
Anniversary
Value (A) |
| |
Maximum
Anniversary Value Death Benefit |
| |||||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (B) | | | | | | N/A | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (C) | | | | | | | | | | | | — | | | | | | 120,000 | | | | | | — | | | | | | 158,890 | | | | | | | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 130,000 | | | | | | — | | | | | | — | | | | | | 130,000 | | | | | | — | | | | | | 168,890 | | | | | | | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 125,000 | | | | | | — | | | | | | 25,000 (D) | | | | | | 100,000 (E) | | | | | | 20,000 (F) | | | | | | | | | | | | | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 103,000 | | | | | | — | | | | | | — | | | | | | 103,000 | | | | | | — | | | | | | 161,890 | | | | | | | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 110,000 | | | | | | — | | | | | | — | | | | | | 110,000 | | | | | | — | | | | | | 168,890 (G) | | | | | | | | |
|
10/1/24
|
| |
Purchase Payment
|
| | | | 85,000 | | | | | | 80,000 (H) | | | | | | — | | | | | | 165,000 | | | | | | — | | | | | | | | | | | | | | |
|
11/30/24
|
| |
Withdrawal
|
| | | | 155,000 | | | | | | — | | | | | | 5,500 (I) | | | | | | 149,500 | | | | | | 5,678 (J) | | | | | | 133,890 (K) | | | | | | | | |
|
3/31/25
|
| |
Withdrawal
|
| | | | 160,000 | | | | | | — | | | | | | 16,000 (L) | | | | | | 144,000 | | | | | | 15,432 | | | | | | | | | | | | | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 135,000 (M) | | | | | | — | | | | | | — | | | | | | 135,000 | | | | | | | | | | | | | | | | | | 168,890 (N) | | |
|
Current Purchase
Payment Plus All Prior Purchase Payments Applied to the Contract |
| |
Number of Complete Years Elapsed Between the Date the Purchase Payment was Applied
to the Contract and the Withdrawal or Surrender Date |
| |||||||||||||||||||||||||||||||||||||||||||||
|
0
|
| |
1
|
| |
2
|
| |
3
|
| |
4
|
| |
5
|
| |
6
|
| |
7+
|
| |||||||||||||||||||||||||||
|
Less than $50,000
|
| | | | 7.0% | | | | | | 6.0% | | | | | | 6.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 0% | | |
|
At least $50,000 but
less than $100,000 |
| | | | 6.0% | | | | | | 5.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $100,000 but less than $250,000
|
| | | | 5.0% | | | | | | 4.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $250,000 but less than $500,000
|
| | | | 4.0% | | | | | | 3.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $500,000 but less than $1,000,000
|
| | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0% | | |
|
$1,000,000 or more
|
| | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0.5% | | | | | | 0% | | |
| |
Step
|
| | |
$50,000 Withdrawal
|
| | |
$305,400 Full Surrender
|
| |
| |
(1)
Determination of free withdrawal amount – greatest of:
(A)
Earnings in your Contract as of the prior Contract Anniversary
(B)
10% of your cumulative Purchase Payments as of the prior Contract Anniversary
(C)
10% of the Contract Value as of the prior Contract Anniversary.
|
| | |
Greatest of:
(A)
Earnings = Contract Value – total net Purchase Payments Earnings = $270,000 – $250,000 = $20,000
(B)
10% x $250,000 = $25,000
(C)
10% x $270,000 = $27,000
Greatest value is (C), or $27,000
|
| | |
Greatest of:
(A)
Earnings = Contract Value – total net Purchase Payments Earnings = $260,000 – $227,000 = $33,000
(B)
10% x $250,000 = $25,000
(C)
10% x $260,000 = $26,000 Greatest value is (A), or $33,000
|
| |
| |
(2)
Amount subject to surrender charge: Requested amount less amount from step (1)
|
| | | $50,000 – $27,000 = $23,000 | | | | $305,400 – $33,000 = $272,400 | | |
| |
Step
|
| | |
$50,000 Withdrawal
|
| | |
$305,400 Full Surrender
|
| |
| |
(3)
Applicable surrender charge percentage based on the aggregate Purchase Payments and the number of full years that have passed:
NOTE: Withdrawals come from earliest Purchase Payment first (FIFO)
NOTE: We will add together all Purchase Payments received within 90 days of the Issue Date for the purpose of determining the surrender charge tier assigned to each of them.
|
| | |
•
$23,000 withdrawal comes from $95,000 Purchase Payment
•
4 full years have elapsed since Purchase Payment
•
$175,000 of Purchase Payments were made in the first 90 days
Surrender charge percentage = 2%
|
| | |
•
Since $23,000 was withdrawn from the first Purchase Payment of $95,000, $72,000 ($95,000 – $23,000)is allocated to the initial Purchase Payment
•
6 full years have elapsed since the first Purchase Payment
•
$175,000 of Purchase Payments were made in the first 90 days
Surrender charge percentage = 1%
•
Since the second Purchase Payment was $80,000, the entire $80,000 is allocated to the second Purchase Payment
•
5 full years have elapsed since the second Purchase Payment
•
$175,000 of Purchase Payments were made in the first 90 days
Surrender charge percentage = 2%
•
Since the third Purchase Payment was $75,000, the entire $75,000 is allocated to the third Purchase Payment
•
3 full years have elapsed since the third Purchase Payment
•
At the time the third Purchase Payment was made, cumulative Purchase Payments made = $250,000 so this band is used for determination of the surrender charge
Surrender charge percentage = 2%
•
Allocating the surrender amount to the three Purchase Payments covers only $227,000 of the eligible $272,400. So the remaining $45,400 must be allocated on a pro-rata basis to the remaining Purchase Payments:
•
$45,400 x ($72,000 / $227,000) = $14,400 (The first Purchase Payment has $86,400 ($72,000 + $14,400) allocated to it)
•
$45,400 x ($80,000 / $227,000)= $16,000 (The second Purchase Payment has $96,000 ($80,000 + $16,000) allocated to it)
•
$45,400 x ($75,000 / $227,000)= $15,000 (The third Purchase Payment has $90,000 ($75,000 + $15,000) allocated to it)
|
| |
| |
(4)
Surrender charge: Step (2) multiplied by step (3)
|
| | | $23,000 x 2% = $460 | | | | $86,400 x 1% = $864 $96,000 x 2% = $1,920 $90,000 x 2% = $1,800 $864 + $1,920 + $1,800 = $4,584 |
| |
Date
|
| |
Investment
Return During Year at 5% |
| |
Annuity
Value Before Payment |
| |
Payment
Made |
| |
Annuity
Value After Payment |
| ||||||||||||
Annuity Date
|
| | | | | | | | | $ | 100,000.00 | | | | | $ | 0.00 | | | | | $ | 100,000.00 | | |
End of 1st year
|
| | | $ | 5,000.00 | | | | | $ | 105,000.00 | | | | | $ | 23,097.48 | | | | | $ | 81,902.52 | | |
End of 2nd year
|
| | | $ | 4,095.13 | | | | | $ | 85,997.65 | | | | | $ | 23,097.48 | | | | | $ | 62,900.17 | | |
End of 3rd year
|
| | | $ | 3,145.01 | | | | | $ | 66,045.17 | | | | | $ | 23,097.48 | | | | | $ | 42,947.69 | | |
End of 4th year
|
| | | $ | 2,147.38 | | | | | $ | 45,095.08 | | | | | $ | 23,097.48 | | | | | $ | 21,997.60 | | |
End of 5th year
|
| | | $ | 1,099.88 | | | | | $ | 23,097.48 | | | | | $ | 23,097.48 | | | | | $ | 0.00 | | |
|
Contract
Year |
| |
End of
Year Attained Age |
| |
Roll Up
Percentage |
| |
Maximum
Allowed Withdrawal Percentage |
| |
Purchase
Payments |
| |
Actual
Withdrawals |
| |
Annual
Withdrawal Amount |
| |
Annual
Withdrawal Amount Balance |
| |
Excess
Withdrawal |
| |
Hypothetical
Contract Value |
| |
Highest
Quarterly Value |
| |
SecurePay
Roll-Up Value |
| |
End of
Year Benefit Base |
| ||||||||||||||||||||||||||||||||||||
|
At issue
|
| | | | 60 | | | | | | | | | | | | | | | | | | 100,000 | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | 100,000 (A) | | | | | | 100,000 (A) | | |
|
1
|
| | | | 61 | | | | | | 5% | | | | | | N/A | | | | | | 50,000 (B) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 153,975 | | | | | | 153,975 | | | | | | 155,000 (C) | | | | | | 155,000 (D) | | |
|
2
|
| | | | 62 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 161,676 | | | | | | 161,676 | | | | | | 162,750 (E) | | | | | | 162,750 (F) | | |
|
3
|
| | | | 63 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 173,698 | | | | | | 173,698 | | | | | | 170,888 (G) | | | | | | 173,698 (H) | | |
|
4
|
| | | | 64 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176,543 | | | | | | 176,543 | | | | | | 182,383 | | | | | | 182,383 (I) | | |
|
5
|
| | | | 65 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,796 | | | | | | 185,796 | | | | | | 191,502 | | | | | | 191,502 (J) | | |
|
6
|
| | | | 66 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 192,345 | | | | | | 192,345 | | | | | | 201,077 | | | | | | 201,077 (K) | | |
|
7Q1
|
| | | | 67 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 228,976 | | | | | | — | | | | | | 201,077 | | | | | | 201,077 | | |
|
7Q2
|
| | | | 67 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 230,065 | | | | | | — | | | | | | 201,077 | | | | | | 201,077 | | |
|
7Q3
|
| | | | 67 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 235,765 | | | | | | — | | | | | | 201,077 | | | | | | 201,077 | | |
|
7Q4
|
| | | | 67 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 232,976 | | | | | | 235,765 (L) | | | | | | 211,131 | | | | | | 235,765 (M) | | |
|
8
|
| | | | 68 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | 10,000 (N) | | | | | | — | | | | | | — | | | | | | — | | | | | | 228,630 | | | | | | 228,630 | | | | | | 237,179 (O) | | | | | | 237,179 (P) | | |
|
9
|
| | | | 69 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 249,675 | | | | | | 249,675 | | | | | | 249,038 | | | | | | 249,675 | | |
|
10
|
| | | | 70 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 265,498 | | | | | | 265,498 | | | | | | 262,159 | | | | | | 265,498 (Q) | | |
|
11
|
| | | | 71 | | | | | | 0% (R) | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (S) | | | | | | — | | | | | | — | | | | | | 256,438 | | | | | | 256,438 | | | | | | 262,159 | | | | | | 265,498 | | |
|
12
|
| | | | 72 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (S) | | | | | | — | | | | | | — | | | | | | 245,854 | | | | | | 245,854 | | | | | | 262,159 | | | | | | 265,498 | | |
|
13
|
| | | | 73 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (S) | | | | | | — | | | | | | — | | | | | | 243,965 | | | | | | 243,965 | | | | | | 262,159 | | | | | | 265,498 | | |
|
14
|
| | | | 74 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 5,000 (T) | | | | | | 13,275 (T) | | | | | | 8,275 (T) | | | | | | — | | | | | | 240,951 | | | | | | 240,951 | | | | | | 262,159 | | | | | | 265,498 | | |
|
15
|
| | | | 75 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (U) | | | | | | — | | | | | | — | | | | | | 236,710 | | | | | | 236,710 | | | | | | 262,159 | | | | | | 265,498 | | |
|
16
|
| | | | 76 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (U) | | | | | | — | | | | | | — | | | | | | 227,843 | | | | | | 227,843 | | | | | | 262,159 | | | | | | 265,498 | | |
|
17
|
| | | | 77 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (U) | | | | | | — | | | | | | — | | | | | | 201,496 | | | | | | 201,496 | | | | | | 262,159 | | | | | | 265,498 | | |
|
18
|
| | | | 78 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 50,000 (V) | | | | | | 13,275 (V) | | | | | | — | | | | | | 36,725 (V) | | | | | | 161,985 | | | | | | 161,985 | | | | | | 211,007 | | | | | | 213,695 (W) | | |
Contract Month |
| |
Accumulation
Unit Value |
| |
SMA12 (A)
|
| |
Is Sub-Account 1
Restricted? (B) |
| |
Hypothetical Contract Value
in Sub-Account 1 (C) |
| |
Hypothetical Contract Value
in Money Fund/VA Sub-Account (D) |
| |||||||||||||||
12
|
| | | | 6.17 | | | | | | 6.16 | | | | | | | | | | | | 10,000 | | | | | | | | |
13
|
| | | | 6.24 | | | | | | 6.17 | | | | | | No (E) | | | | | | 10,089 | | | | | | | | |
14
|
| | | | 5.76 | | | | | | 6.14 | | | | | | Yes | | | | | | — | | | | | | 9,282 (F) | | |
15
|
| | | | 5.41 | | | | | | 6.09 | | | | | | Yes | | | | | | | | | | | | 9,286 | | |
16
|
| | | | 5.35 | | | | | | 6.03 | | | | | | Yes | | | | | | | | | | | | 9,290 | | |
17
|
| | | | 4.53 | | | | | | 5.87 | | | | | | Yes | | | | | | | | | | | | 9,294 | | |
18
|
| | | | 3.73 | | | | | | 5.62 | | | | | | Yes | | | | | | | | | | | | 9,298 | | |
19
|
| | | | 2.94 | | | | | | 5.33 | | | | | | Yes | | | | | | | | | | | | 9,302 | | |
20
|
| | | | 3.33 | | | | | | 5.08 | | | | | | Yes | | | | | | | | | | | | 9,305 | | |
21
|
| | | | 3.15 | | | | | | 4.85 | | | | | | Yes | | | | | | | | | | | | 9,309 | | |
22
|
| | | | 2.98 | | | | | | 4.62 | | | | | | Yes | | | | | | | | | | | | 9,313 | | |
23
|
| | | | 3.29 | | | | | | 4.41 | | | | | | Yes | | | | | | | | | | | | 9,317 | | |
24
|
| | | | 3.81 | | | | | | 4.21 | | | | | | Yes | | | | | | | | | | | | 9,321 | | |
25
|
| | | | 4.19 | | | | | | 4.04 (G) | | | | | | No (H) | | | | | | 9,325 | | | | | | | | |
Current Purchase Payment Plus All Prior Purchase Payments Applied to the Contract
|
| |
Quarterly
Premium-Based Charge Percentage |
| |
Annual
Equivalent |
| ||||||
Less than $50,000
|
| | | | 0.1750% | | | | | | 0.70% | | |
At least $50,000 but less than $100,000
|
| | | | 0.1500% | | | | | | 0.60% | | |
At least $100,000 but less than $250,000
|
| | | | 0.1250% | | | | | | 0.50% | | |
At least $250,000 but less than $500,000
|
| | | | 0.0875% | | | | | | 0.35% | | |
At least $500,000 but less than $1,000,000
|
| | | | 0.0625% | | | | | | 0.25% | | |
At least $1,000,000
|
| | | | 0.0375% | | | | | | 0.15% | | |
|
Protective Dimensions
A VARIABLE ANNUITY (Contracts issued before December 3, 2012)
|
| |
Protective Life Insurance Company
Protective Variable Annuity Separate Account P.O. Box 10648 Birmingham, Alabama 35202‑0648 Telephone: 1‑800‑456‑6330 www.protective.com |
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FEES AND EXPENSES
|
| |||
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Charges for Early Withdrawals
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| |
If you surrender or make a withdrawal from your Contract within seven (7) years following your last Purchase Payment and before the Annuity Date, you will be assessed a surrender charge of up to 7% on the amount of the withdrawal minus the annual free withdrawal amount. The surrender charge starts at 7% and declines to 0% over seven (7) years.
For example, assume you purchased a Contract with a single Purchase Payment of $100,000 and surrendered the Contract during the first Contract Year. Your free withdrawal amount is $10,000 (10% x $100,000) and is not subject to a surrender charge. You will be assessed a surrender charge of up to $6,300 (7% x $90,000) on the remaining amount of your surrender request.
For additional information about charges for surrenders and early withdrawals, see “CHARGES AND DEDUCTIONS – Surrender Charge (Contingent Deferred Sales Charge)” and “FEE TABLE -- Transactions Expenses” in the Prospectus.
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|
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Transaction Charges
|
| |
In addition to surrender charges, you may also be assessed a Premium Based Charge after making a Purchase Payment, a fee for each transfer after the first 12 transfers in a Contract Year, and a SecurePay Medical Evaluation Fee if you request an increase in the Annual Withdrawal Amount under the SecurePay rider.
For additional information about transaction charges, see “FEE TABLE - Transaction Expenses” and “CHARGES AND DEDUCTIONS” in the Prospectus.
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|
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 Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. | |
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Annual Fee
|
| |
Minimum
|
| |
Maximum
|
|
| Base contract (1) | | |
1.46%
|
| |
1.46%
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|
| Investment options (Fund fees and expenses) (2) | | |
0.35%
|
| |
2.38%
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|
| Optional benefits available for an additional charge | | | | | | | |
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Monthly Maximum Anniversary Value Death Benefit Fee (3)
|
| |
0.20%
|
| |
0.20%
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SecurePay riders issued on or after May 1, 2012 (4)
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| | | | | | |
|
SecurePay Rider At Contract Purchase
|
| |
0.80%
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| |
1.40%
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SecurePay Rider under RightTime Option
|
| |
0.90%
|
| |
1.40%
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SecurePay FX rider at Contract Purchase
|
| |
1.00%
|
| |
2.20%
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SecurePay FX Rider Under RightTime Option
|
| |
1.10%
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| |
2.20%
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SecurePay Riders issued before May 1, 2012 (4)
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| | | | | | |
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SecurePay Rider At Contract Purchase
|
| |
0.80%
|
| |
1.40%
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SecurePay under RightTime Option
|
| |
0.90%
|
| |
1.40%
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SecurePay FX Rider at Contract Purchase
|
| |
1.00%
|
| |
2.20%
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SecurePay FX Rider under RightTime Option
|
| |
1.10%
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| |
2.20%
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Lowest Annual Cost:
$1,463 |
| |
Highest Annual Cost:
$5,254 |
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| Assumes: | | | Assumes: | |
|
•
Investment of $100,000
•
5% annual appreciation
•
Least expensive combination of Fund 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 Fund fees and expenses
•
No sales charges
•
No additional Purchase Payments, transfers, or withdrawals
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|
RISKS
|
| |||
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Risk of Loss
|
| |
You can lose money by investing in this Contract, including loss of principal.
For additional information about the risk of loss, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the Prospectus.
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|
Not a Short-Term Investment
|
| |
This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Although you are permitted to take withdrawals or surrender the Contract, surrender charges and federal and state income taxes may apply.
Surrender charges may apply for up to seven (7) years following your last Purchase Payment. Withdrawals will reduce your Contract Value and death benefit.
The benefits of tax deferral and living benefit protections also mean the Contract is less beneficial to investors with a short time horizon.
For additional information about the investment profile of the Contract, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT,” “CHARGES AND DEDUCTIONS,” ”FEDERAL TAX MATTERS,” and “TAXATION OF ANNUITIES IN GENERAL” in the Prospectus.
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Risks Associated with Investment Options
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| |
An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract.
Each Investment Option (including the Guaranteed Account) has its own unique risks.
You should review the prospectuses for the available Funds and consult with your financial professional before making an investment decision.
For additional information about the risks associated with Investment Options, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the Prospectus.
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Insurance Company Risks
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| |
An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Guaranteed Account), guarantees, or benefits under the Contract are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request at no charge by calling us at 1-800-456-6330 or writing us at the address shown on the cover page.
For additional information about Company risks, see “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT,” and “THE COMPANY, VARIABLE ACCOUNT AND FUNDS” in the Prospectus.
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RESTRICTIONS
|
| |||
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Investments
|
| |
Currently, there is no charge when you transfer Contract Value among Investment Options. However, we reserve the right to charge $25 for each transfer after the first 12 transfers in any Contract Year in the future.
We reserve the right to remove or substitute Funds as Investment Options that are available under the Contract. We also reserve the right to restrict the allocation of additional Purchase Payments and/or transfers of Contract Value to a Fund if we determine the Fund no longer meets one or more of our Fund selection criteria and/or if a Fund has not attracted significant contract owner assets.
For additional information about Investment Options, see “CHARGES AND DEDUCTIONS – Transfer Fee” and “THE COMPANY, VARIABLE ACCOUNT AND FUNDS – Selection of Funds – Addition, Deletion or Substitution of Investments” in the Prospectus.
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|
Optional Benefits
|
| |
If you select a Protected Lifetime Income Benefit rider:
•
The Investment Options available to you under the Contract will be limited.
•
You may not make additional Purchase Payments two years or more after the Rider Issue Date or on or after the Benefit Election Date, whichever comes first.
•
Withdrawals from Contract Value that exceed the Annual Withdrawal Amount under the rider may significantly reduce or eliminate the rider benefits.
We may stop offering an optional benefit rider at any time.
If you purchase an optional death benefit, withdrawals may reduce the benefit by an amount greater than the value withdrawn.
For additional information about the optional benefits, see "PROTECTED LIFETIME INCOME BENEFITS ("SECUREPAY") WITH RIGHTTIME OPTION" and “DEATH BENEFIT - Selecting a Death Benefit” in the Prospectus.
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|
TAXES
|
| |||
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Tax Implications
|
| |
You should consult with a qualified tax advisor regarding the federal tax implications of an investment in, payments received under, and other transactions in connection with this Contract.
If you purchase the Contract through a tax-qualified plan or individual retirement arrangement (IRA), you do not get any additional tax deferral. Generally, all earnings on the investments underlying the Contract are tax-deferred until distributed or deemed distributed. A distribution from a non-Qualified Contract, which includes a surrender, withdrawal, payment of a death benefit, or annuity income payments, will generally result in taxable income if there has been an increase in the Contract Value. In the case of a Qualified Contract, a distribution generally will result in taxable income even if there has not been an increase in the Contract Value. In certain circumstances, a 10% additional tax may also apply if the Owner takes a withdrawal before age 59½. All amounts includable in income with respect to the Contract are taxed as ordinary income; no amounts are taxed at the special lower rates applicable to long term capital gains and corporate dividends.
For additional information about tax implications, see “FEDERAL TAX MATTERS” and “TAXATION OF ANNUITIES IN GENERAL” in the Prospectus.
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|
|
CONFLICTS OF INTEREST
|
| |||
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Investment Professional Compensation
|
| |
We pay compensation, in the form of commissions, non-cash compensation, and asset-based compensation, to broker-dealers in connection with the promotion and sale of the Contracts. A portion of any payments made to the broker-dealers may be passed on to their registered representatives in accordance with their internal compensation programs. The prospect of receiving, or the receipt of, asset-based compensation may provide broker-dealers and/or their registered representatives with an incentive to recommend initial or continued investment in the Contracts over other variable insurance products (or other investments). You may wish to take such compensation arrangements into account when considering and evaluating any recommendation relating to the Contracts.
For additional information about compensation, see “DISTRIBUTION OF THE CONTRACTS” in the Prospectus.
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|
|
Exchanges
|
| |
Some investment professionals may have a financial incentive to offer you a new contract in place of the contract you already own. You should only exchange your current contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
For additional information about exchanges, see “TAXATION OF ANNUITIES IN GENERAL – Exchanges of Annuity Contracts” in the Prospectus.
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|
|
Maximum Surrender Charge (as a % of amount surrendered) (1)
|
| |
7%
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|
|
Transfer Fee (2)
|
| |
$25
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SecurePay Medical Evaluation Fee (3)
|
| |
$300
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|
|
Maximum Annual Premium Based Charge (as an annualized percentage of each Purchase Payment, deducted quarterly)(4)
|
| |
0.70%
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|
Administrative Expenses(1)
|
| |
$50
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|
Base Contract Expenses (as a percentage of average Variable Account value)(2)
|
| |
0.90%
|
|
|
Monthly Maximum Anniversary Value Death Benefit Fee (as an annualized percentage of the death benefit value on each Monthly Anniversary Date, beginning on the 1st Monthly Anniversary Date)(3)
|
| |
0.20%
|
|
SecurePay Riders issued on or after May 1, 2012
|
| |
Maximum
|
| |
Current
|
| ||||||
SecurePay rider at time of Contract purchase
|
| | | | 1.40% | | | | | | 0.80% | | |
SecurePay rider under RightTime option
|
| | | | 1.40% | | | | | | 0.90% | | |
SecurePay FX rider at time of Contract purchase
|
| | | | 2.20% | | | | | | 1.00% | | |
SecurePay FX rider under RightTime option
|
| | | | 2.20% | | | | | | 1.10% | | |
SecurePay Riders issued before May 1, 2012
|
| |
Maximum
|
| |
Current
|
| ||||||
SecurePay rider at time of Contract purchase
|
| | | | 1.40% | | | | | | 0.80% | | |
SecurePay rider under RightTime option
|
| | | | 1.40% | | | | | | 0.90% | | |
SecurePay FX rider at time of Contract purchase
|
| | | | 2.20% | | | | | | 1.00% | | |
SecurePay FX rider under RightTime option
|
| | | | 2.20% | | | | | | 1.10% | | |
| | |
Minimum
|
| | | | | | | |
Maximum
|
| ||||||
Annual Fund Expenses
|
| | | | 0.35% | | | | | | – | | | | | | 2.38% (1) | | |
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)
|
| | | | | | | | | | | | | | | | | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Maximum Fund Expenses
|
| | | $ | 12,560 | | | | | $ | 24,446 | | | | | $ | 35,899 | | | | | $ | 65,633 | | |
Minimum Fund Expenses
|
| | | $ | 10,750 | | | | | $ | 19,143 | | | | | $ | 27,198 | | | | | $ | 49,233 | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Maximum Fund Expenses
|
| | | $ | 6,354 | | | | | $ | 19,314 | | | | | $ | 32,630 | | | | | $ | 65,633 | | |
Minimum Fund Expenses
|
| | | $ | 4,420 | | | | | $ | 13,685 | | | | | $ | 23,559 | | | | | $ | 49,233 | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Maximum Fund Expenses
|
| | | $ | 11,530 | | | | | $ | 21,251 | | | | | $ | 30,324 | | | | | $ | 53,138 | | |
Minimum Fund Expenses
|
| | | $ | 9,712 | | | | | $ | 15,864 | | | | | $ | 21,373 | | | | | $ | 35,574 | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Maximum Fund Expenses
|
| | | $ | 5,254 | | | | | $ | 15,923 | | | | | $ | 26,819 | | | | | $ | 53,138 | | |
Minimum Fund Expenses
|
| | | $ | 3,310 | | | | | $ | 10,204 | | | | | $ | 17,487 | | | | | $ | 35,574 | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Maximum Fund Expenses
|
| | | $ | 10,512 | | | | | $ | 18,095 | | | | | $ | 24,824 | | | | | $ | 40,847 | | |
Minimum Fund Expenses
|
| | | $ | 8,685 | | | | | $ | 12,619 | | | | | $ | 15,607 | | | | | $ | 22,054 | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Maximum Fund Expenses
|
| | | $ | 4,165 | | | | | $ | 12,573 | | | | | $ | 21,086 | | | | | $ | 40,847 | | |
Minimum Fund Expenses
|
| | | $ | 2,212 | | | | | $ | 6,759 | | | | | $ | 11,477 | | | | | $ | 22,054 | | |
Fund
|
| |
Maximum
12b-1 fee |
| |||
Paid to us: | | | | | | | |
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
|
| | |
|
0.25%
|
| |
American Funds Insurance Series
|
| | |
|
0.25%
|
| |
Fidelity Variable Insurance Products
|
| | |
|
0.25%
|
| |
Franklin Templeton Variable Insurance Products Trust
|
| | |
|
0.25%
|
| |
Goldman Sachs Variable Insurance Trust
|
| | |
|
0.25%
|
| |
Legg Mason Partners Variable Equity Trust
|
| | |
|
0.25%
|
| |
MFS Variable Insurance Trust
|
| | |
|
0.25%
|
| |
MFS Variable Insurance Trust II
|
| | |
|
0.25%
|
| |
PIMCO Variable Insurance Trust
|
| | |
|
0.25%
|
| |
Royce Capital Fund
|
| | |
|
0.25%
|
| |
Morgan Stanley Variable Insurance Funds, Inc.
|
| | |
|
0.25%
|
| |
|
Name of Benefit
|
| |
Purpose
|
| |
Is Benefit
Standard or Optional? |
| |
Maximum Fee
|
| |
Brief Description of
Restrictions/Limitations |
|
|
Return of Purchase Payments Death Benefit
|
| |
Equal to the greatest of:
1.
the Contract Value, or
2.
the aggregate Purchase Payments less an adjustment for each withdrawal (adjustment for each withdrawal is the amount that reduces the Return of Purchase Payments Death Benefit at the time of the withdrawal in the same proportion that the amount withdrawn, including any associated surrender charges, reduces the Contract Value.)
|
| | Standard | | | No charge | | |
•
May only be elected at Contract purchase.
•
Death Benefit will never be more than the Contract Value plus $1,000,000.
•
Withdrawals can reduce the value of the Death Benefit by more than the amount withdrawn.
|
|
|
Maximum Anniversary Value Death Benefit
|
| |
Equal to the greatest of:
1.
the Contract Value,
2.
the aggregate Purchase Payments less an adjustment for each withdrawal (adjustment reduces the Maximum Anniversary Value Death Benefit at the time of the withdrawal in the same proportion that the amount withdrawn, including any surrender charges, reduces the Contract Value), or
3.
the greatest anniversary value attained prior to the older Owner’s 80th birthday.
|
| | Optional | | | 0.20% (as an annualized percentage of the death benefit value on each Monthly Anniversary Date) | | |
•
Available only at Contract purchase.
•
Death Benefit will never be more than the Contract Value plus $1,000,000.
•
It is possible that this Death Benefit will be no greater than the Return of Purchase Payments Death Benefit, for which we do not assess a fee.
•
Withdrawals may reduce the value of the benefit by an amount greater than the amount withdrawn.
•
Cannot be elected if the oldest Owner is 76 or older.
|
|
|
Name of Benefit
|
| |
Purpose
|
| |
Maximum Fee (1)
|
| |
Current Fee (1)
|
| |
Brief Description of
Restrictions/Limitations |
|
|
SecurePay FXrider
(rider issued on or after May 1, 2012)
|
| | Provides an Annual Withdrawal Amount that is guaranteed for life, even if Contract Value is reduced to zero, and provides for potential increases in the Benefit Base (“roll-up percentage”) of up to 6.0% each Contract Anniversary during the roll-up period, even if Contract Value has not increased | | |
2.20% (if selected at Contract purchase)
2.20 (under RightTime option)
|
| |
1.00% (if selected at Contract purchase)
1.10% (under RightTime option)
|
| |
•
Benefit limits available Investment Options
•
No Purchase Payments two years or more after Rider Issue Date or on or after Benefit Election Date, whichever comes first
•
Excess Withdrawals may significantly reduce or eliminate value of benefit
•
Available to Contract Owners ages 55 to 85
|
|
|
SecurePay rider
(rider issued on or after May 1, 2012; rider no longer available on or after August 20, 2012 even if Contract purchased before August 20, 2012)
|
| | Provides an Annual Withdrawal Amount that is guaranteed for life, even if Contract Value is reduced to zero, and provides for potential increases in the Benefit Base each Contract Anniversary | | |
1.40% (if selected at Contract purchase)
1.40% (under RightTime option)
|
| |
0.80% (if selected at Contract purchase)
0.90% (under RightTime option)
|
| |
•
Benefit limits available Investment Options
•
No Purchase Payments two years or more after Rider Issue Date or on or after Benefit Election Date, whichever comes first
•
Excess Withdrawals may significantly reduce or eliminate value of benefit
•
Available to Contract Owners ages 55 to 85
|
|
|
Name of Benefit
|
| |
Purpose
|
| |
Maximum Fee (1)
|
| |
Current Fee (1)
|
| |
Brief Description of
Restrictions/Limitations |
|
|
SecurePay rider
(rider issued before May 1, 2012; no longer available)
|
| | Provides an Annual Withdrawal Amount that is guaranteed for life, even if the Contract Value is reduced to zero, and provides for potential increases in the Benefit Base each Contract Anniversary. | | |
1.40% (if selected at Contract purchase)
1.40% (under RightTime option)
|
| |
0.80% (if selected at Contract purchase)
0.90% (under RightTime option)
|
| |
•
Benefit limits available Investment Options
•
No Purchase Payments two years or more after Rider Issue Date or on or after Benefit Election Date, whichever comes first
•
Excess Withdrawals may significantly reduce or eliminate value of benefit
•
Available to Contract Owners ages 55 to 85
|
|
|
SecurePay FXrider
(rider issued before May 1, 2012)
|
| | Provides an Annual Withdrawal Amount that is guaranteed for life, even if the Contract Value is reduced to zero, and provides for potential increases in the Benefit Base (“roll-up percentage”) of up to 5.0% each Contract Anniversary during the roll-up period, even if Contract Value has not increased | | |
2.20% (if selected at Contract purchase)
2.20 (under RightTime option)
|
| |
1.00% (if selected at Contract purchase)
1.10% (under RightTime option)
|
| |
•
Benefit limits available Investment Options
•
No Purchase Payments two years or more after Rider Issue Date or on or after Benefit Election Date, whichever comes first
•
Excess Withdrawals may significantly reduce or eliminate value of benefit
•
Available to Contract Owners ages 55 to 85
|
|
| | | |
Single Life Coverage
|
| |
Joint Life Coverage
|
|
| Single Owner/Non-spouse Beneficiary | | | Covered Person is the Owner. SecurePay rider expires upon death of Covered Person following the Benefit Election Date. | | | Not applicable. | |
| Single Owner/Spouse Beneficiary | | | Covered Person is the Owner. SecurePay rider expires upon death of Covered Person following the Benefit Election Date. Upon death of Covered Person following the Benefit Election Date, the surviving spouse may exercise the RightTimeSM option to purchase a new SecurePay FX rider if he or she continues the Contract under the spousal continuation provisions. We will waive the 5-year waiting period. | | | Both are Covered Persons. SecurePay rider expires upon death of last surviving Covered Person following the Benefit Election Date. If the surviving spouse continues the Contract, SecurePay Withdrawals will continue unless declined. | |
| Joint Owner/Non-spouse 2nd Owner | | | Covered Person is older Owner. SecurePay rider expires upon the death of the Covered Person following the Benefit Election Date. | | | Not applicable. | |
| Joint Owner/Spouse 2nd Owner | | | Covered Person is older Owner. SecurePay rider expires upon death of Covered Person following the Benefit Election Date. Upon death of older Owner, the surviving spouse may exercise the RightTime option to purchase a new SecurePay FX rider if he or she continues the Contract under the spousal continuation provisions. We will waive the 5-year waiting period. | | | Both are Covered Persons. SecurePay rider expires upon death of last surviving Covered Person following the Benefit Election Date. If the surviving spouse continues the Contract, SecurePay Withdrawals will continue unless declined. | |
Attained Age of (Younger) Covered Person(s) on Contract Anniversary
|
| |
Maximum
Withdrawal Percentage |
| |||
59½ through 74 (SecurePay for two spouses)
|
| | | | 4.5% | | |
59½ through 74 (SecurePay for one person)
|
| | | | 5.0% | | |
75 and older (SecurePay for two spouses)
|
| | | | 5.5% | | |
75 and older (SecurePay for one person)
|
| | | | 6.0% | | |
Age of (Younger) Owner(s) on Contract Anniversary
|
| |
Roll-Up
Percentage |
| |||
At least 55 but less than 75
|
| | | | 5.00% | | |
75 and older
|
| | | | 6.00% | | |
| | |
Maximum
|
| |
Current
|
| ||||||
Purchase of SecurePay rider at time of Contract purchase
|
| | | | 1.40% | | | | | | 0.80% | | |
Purchase of SecurePay rider under RightTime option
|
| | | | 1.40% | | | | | | 0.90% | | |
Purchase of SecurePay FX rider at time of Contract purchase
|
| | | | 2.20% | | | | | | 1.00% | | |
Purchase of SecurePay FX rider under RightTime option
|
| | | | 2.20% | | | | | | 1.10% | | |
| | |
Maximum
|
| |
Current
|
| ||||||
Purchase of SecurePay rider at time of Contract purchase
|
| | | | 1.40% | | | | | | 0.80% | | |
Purchase of SecurePay rider under RightTime option
|
| | | | 1.40% | | | | | | 0.90% | | |
Purchase of SecurePay FX rider at time of Contract purchase
|
| | | | 2.20% | | | | | | 1.00% | | |
Purchase of SecurePay FX rider under RightTime option
|
| | | | 2.20% | | | | | | 1.10% | | |
|
Name of Benefit
|
| |
Purpose
|
| |
Maximum Fee
|
| |
Brief Description of
Restrictions/Limitations |
|
|
Portfolio Rebalancing
|
| | Automatically rebalances the Sub-Accounts you select (either quarterly, semi-annually or annually) to maintain your chosen percentage allocation of Variable Account value among the Sub-Accounts. | | |
No Charge
|
| |
•
Required if you purchase a SecurePay rider.
|
|
|
Dollar Cost Averaging
|
| | Automatically transfers a specific amount of money from the DCA Account or the Fixed Account to the Sub-Accounts you select, on a monthly basis over a specific period of time. | | |
No Charge
|
| |
•
None
|
|
|
Automatic Withdrawal Plan (“AWP”)
|
| | Automatically withdraws a level dollar amount from the Contract on a monthly or quarterly basis before the Annuity Date. | | |
No Charge
|
| |
•
Requires a minimum Contract Value of $5,000.
•
May not be elected with the automatic purchase payment plan.
•
Income taxes, including a 10% additional tax if you are younger than age 59 1/2, may apply.
|
|
Current Purchase Payment Plus All Prior Purchase Payments Applied to the Contract
|
| |
Quarterly Premium
Based Charge Percentage (as a percentage of each Purchase Payment) |
| |
Annual Equivalent
of Premium Based Charge Percentage |
| ||||||
Less than $50,000
|
| | | | 0.1750% | | | | | | 0.70% | | |
At least $50,000, but less than $100,000
|
| | | | 0.1500% | | | | | | 0.60% | | |
At least $100,000, but less than $250,000
|
| | | | 0.1250% | | | | | | 0.50% | | |
At least $250,000, but less than $500,000
|
| | | | 0.0875% | | | | | | 0.35% | | |
At least $500,000, but less than $1,000,000
|
| | | | 0.0625% | | | | | | 0.25% | | |
$1,000,000 or more
|
| | | | 0.0375% | | | | | | 0.15% | | |
|
Current Purchase
Payment Plus All Prior Purchase Payments Applied to the Contract |
| |
Number of Complete Years Elapsed Between the Date the Purchase Payment was Applied
to the Contract and the Withdrawal or Surrender Date |
| |||||||||||||||||||||||||||||||||||||||||||||
|
0
|
| |
1
|
| |
2
|
| |
3
|
| |
4
|
| |
5
|
| |
6
|
| |
7+
|
| |||||||||||||||||||||||||||
|
Less than $50,000
|
| | | | 7.0% | | | | | | 6.0% | | | | | | 6.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 0% | | |
|
At least $50,000 but
less than $100,000 |
| | | | 6.0% | | | | | | 5.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
Current Purchase
Payment Plus All Prior Purchase Payments Applied to the Contract |
| |
Number of Complete Years Elapsed Between the Date the Purchase Payment was Applied
to the Contract and the Withdrawal or Surrender Date |
| |||||||||||||||||||||||||||||||||||||||||||||
|
0
|
| |
1
|
| |
2
|
| |
3
|
| |
4
|
| |
5
|
| |
6
|
| |
7+
|
| |||||||||||||||||||||||||||
|
At least $100,000 but less than $250,000
|
| | | | 5.0% | | | | | | 4.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $250,000 but less than $500,000
|
| | | | 4.0% | | | | | | 3.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $500,000 but less than $1,000,000
|
| | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0% | | |
|
$1,000,000 or more
|
| | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0.5% | | | | | | 0% | | |
| | |
Maximum
|
| |
Current
|
| ||||||
Purchase of SecurePay rider at time of Contract purchase
|
| | | | 1.40% | | | | | | 0.80% | | |
Purchase of SecurePay rider under RightTime option
|
| | | | 1.40% | | | | | | 0.90% | | |
Purchase of SecurePay FX rider at time of Contract purchase
|
| | | | 2.20% | | | | | | 1.00% | | |
Purchase of SecurePay FX rider under RightTime option
|
| | | | 2.20% | | | | | | 1.10% | | |
| | |
Maximum
|
| |
Current
|
| ||||||
Purchase of SecurePay rider at time of Contract purchase
|
| | | | 1.40% | | | | | | 0.80% | | |
Purchase of SecurePay rider under RightTime option
|
| | | | 1.40% | | | | | | 0.90% | | |
Purchase of SecurePay FX rider at time of Contract purchase
|
| | | | 2.20% | | | | | | 1.00% | | |
Purchase of SecurePay FX rider under RightTime option
|
| | | | 2.20% | | | | | | 1.10% | | |
If you were born...
|
| |
Your “applicable age” is....
|
| |||
Before July 1, 1949
|
| | | | 70½ | | |
After June 30, 1949 and before 1951
|
| | | | 72 | | |
After 1950 and before 1960 (1)
|
| | | | 73 (1) | | |
After 1958 (1)
|
| | | | 75 (1) | | |
Fiscal Year Ended
|
| |
Amount Paid to IDI
|
| |||
December 31, 2021
|
| | | $ | 45,344,875 | | |
December 31, 2022
|
| | | $ | 37,339,184 | | |
December 31, 2023
|
| | | $ | 37,105,641 | | |
| |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser; Sub-
Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay
Life Rider Allocation Investment Category(2) |
| | ||||||||
|
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| |
Allocation
|
| | |
American Funds Insurance Series® Asset Allocation Fund - Class 2(3)
|
| | |
0.55%
|
| | |
14.27%
|
| | |
9.20%
|
| | |
7.25%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
ClearBridge Variable Mid Cap Portfolio - Class II - ClearBridge Investments, LLC
|
| | |
1.08%
|
| | |
12.62%
|
| | |
10.46%
|
| | |
6.83%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
ClearBridge Variable Small Cap Growth Portfolio - Class II - ClearBridge Investments, LLC
|
| | |
1.05%
|
| | |
8.12%
|
| | |
9.29%
|
| | |
7.62%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Fidelity® VIP Contrafund® Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.81%
|
| | |
33.12%
|
| | |
16.36%
|
| | |
11.33%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Fidelity® VIP Index 500 Portfolio - Service Class 2 - Geode Capital Management, LLC
|
| | |
0.35%
|
| | |
25.88%
|
| | |
15.27%
|
| | |
11.64%
|
| | |
2
|
| |
| |
Taxable Bond
|
| | |
Fidelity® VIP Investment Grade Bond Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.63%
|
| | |
6.00%
|
| | |
1.72%
|
| | |
2.08%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | |
Fidelity® VIP Mid Cap Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.82%
|
| | |
14.80%
|
| | |
12.17%
|
| | |
7.85%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Franklin DynaTech VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.90%
|
| | |
43.77%
|
| | |
13.76%
|
| | |
10.37%
|
| | |
3
|
| |
| |
Allocation
|
| | |
Franklin Income VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.71%
|
| | |
8.62%
|
| | |
6.98%
|
| | |
5.01%
|
| | |
2
|
| |
| |
Allocation
|
| | |
Franklin Mutual Shares VIP Fund - Class 2 - Franklin Mutual Advisers, LLC
|
| | |
0.93%
|
| | |
13.46%
|
| | |
7.82%
|
| | |
5.43%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Franklin Rising Dividends VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.90%
|
| | |
12.08%
|
| | |
13.75%
|
| | |
10.23%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Franklin Small Cap Value VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(1)
|
| | |
0.91%
|
| | |
12.75%
|
| | |
11.06%
|
| | |
7.04%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Franklin Small-Mid Cap Growth VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
1.08%
|
| | |
26.74%
|
| | |
13.51%
|
| | |
8.96%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
Franklin U.S. Government Securities VIP Fund - Class 2 - Franklin Advisers, Inc.
|
| | |
0.77%
|
| | |
4.47%
|
| | |
0.22%
|
| | |
0.73%
|
| | |
1
|
| |
| |
International
Equity |
| | |
Goldman Sachs VIT International Equity Insights Fund - Service Class(1)
|
| | |
1.07%
|
| | |
18.43%
|
| | |
7.55%
|
| | |
3.19%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Large Cap Value Fund - Service Class(1)(3)
|
| | |
0.94%
|
| | |
12.71%
|
| | |
11.20%
|
| | |
7.35%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Mid Cap Growth Fund - Service Class(1)
|
| | |
0.99%
|
| | |
18.45%
|
| | |
13.48%
|
| | |
9.33%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Mid Cap Value Fund - Service Class(1)
|
| | |
1.09%
|
| | |
11.11%
|
| | |
13.06%
|
| | |
7.82%
|
| | |
3
|
| |
| |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser; Sub-
Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay
Life Rider Allocation Investment Category(2) |
| | ||||||||
|
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| |
U.S. Equity
|
| | |
Goldman Sachs VIT Strategic Growth Fund - Service Class(1)
|
| | |
1.00%
|
| | |
41.65%
|
| | |
17.05%
|
| | |
12.88%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. American Value Fund - Series II | | | |
1.14%
|
| | |
15.29%
|
| | |
12.45%
|
| | |
6.98%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Capital Appreciation Fund - Series II(1) | | | |
1.05%
|
| | |
35.03%
|
| | |
16.10%
|
| | |
11.28%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Comstock Fund - Series II | | | |
1.00%
|
| | |
12.10%
|
| | |
13.20%
|
| | |
8.65%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Invesco® V.I. Discovery Mid Cap Growth Fund - Series II
|
| | |
1.12%
|
| | |
12.85%
|
| | |
12.47%
|
| | |
9.52%
|
| | |
3
|
| |
| |
Allocation
|
| | | Invesco® V.I. Equity and Income Fund - Series II | | | |
0.82%
|
| | |
10.24%
|
| | |
9.64%
|
| | |
6.78%
|
| | |
2
|
| |
| |
International
Equity |
| | |
Invesco® V.I. EQV International Equity Fund - Series II
|
| | |
1.15%
|
| | |
17.86%
|
| | |
8.15%
|
| | |
4.07%
|
| | |
3
|
| |
| |
International
Equity |
| | | Invesco® V.I. Global Fund - Series II | | | |
1.07%
|
| | |
34.45%
|
| | |
12.02%
|
| | |
8.21%
|
| | |
3
|
| |
| |
Sector Equity
|
| | |
Invesco® V.I. Global Real Estate Fund - Series II - Invesco Asset Management Limited
|
| | |
1.27%
|
| | |
8.82%
|
| | |
1.85%
|
| | |
2.84%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
Invesco® V.I. Global Strategic Income Fund - Series II(1)
|
| | |
1.17%
|
| | |
8.60%
|
| | |
1.04%
|
| | |
1.25%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | Invesco® V.I. Government Securities Fund - Series II | | | |
0.94%
|
| | |
4.46%
|
| | |
0.42%
|
| | |
0.90%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Growth and Income Fund - Series II | | | |
1.00%
|
| | |
12.41%
|
| | |
11.49%
|
| | |
7.98%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Main Street Fund® - Series II(1) | | | |
1.05%
|
| | |
22.83%
|
| | |
13.28%
|
| | |
9.74%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | | Invesco® V.I. Small Cap Equity Fund - Series II | | | |
1.20%
|
| | |
16.26%
|
| | |
12.14%
|
| | |
6.28%
|
| | |
3
|
| |
| |
Money Market
|
| | |
Invesco® V.I. U.S. Government Money Portfolio - Series I
|
| | |
0.63%
|
| | |
4.53%
|
| | |
1.53%
|
| | |
0.94%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | |
Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC
|
| | |
0.90%
|
| | |
6.34%
|
| | |
3.20%
|
| | |
3.51%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Dividend Growth Portfolio - Class VC(1)
|
| | |
0.99%
|
| | |
15.94%
|
| | |
13.20%
|
| | |
10.20%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Fundamental Equity Portfolio - Class VC(1)
|
| | |
1.08%
|
| | |
14.33%
|
| | |
9.90%
|
| | |
7.06%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Growth and Income Portfolio - Class VC(3)
|
| | |
0.93%
|
| | |
12.95%
|
| | |
10.92%
|
| | |
7.88%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Growth Opportunities Portfolio - Class VC
|
| | |
1.16%
|
| | |
10.40%
|
| | |
8.85%
|
| | |
7.20%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC
|
| | |
1.15%
|
| | |
14.97%
|
| | |
10.87%
|
| | |
6.57%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Growth Series - Service Class(1)(4)
|
| | |
0.98%
|
| | |
35.51%
|
| | |
15.59%
|
| | |
12.69%
|
| | |
2
|
| |
| |
International
Equity |
| | |
MFS® VIT II Emerging Markets Equity Portfolio - Service Class(1)(4)
|
| | |
1.48%
|
| | |
10.71%
|
| | |
1.79%
|
| | |
1.31%
|
| | |
3
|
| |
| |
International
Equity |
| | |
MFS® VIT II International Intrinsic Value Portfolio - Service Class(1)(4)
|
| | |
1.14%
|
| | |
17.37%
|
| | |
8.31%
|
| | |
6.66%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT II Massachusetts Investors Growth Stock Portfolio - Service Class(1)(4)
|
| | |
0.98%
|
| | |
23.70%
|
| | |
16.39%
|
| | |
12.44%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Investors Trust Series - Service Class(1)(4)
|
| | |
1.03%
|
| | |
18.66%
|
| | |
13.27%
|
| | |
10.00%
|
| | |
2
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT New Discovery Series - Service Class(1)(4)
|
| | |
1.12%
|
| | |
14.25%
|
| | |
10.81%
|
| | |
7.41%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Research Series - Service Class(1)(4)
|
| | |
1.04%
|
| | |
22.12%
|
| | |
14.13%
|
| | |
10.55%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
MFS® VIT Total Return Bond Series - Service Class(1)(4)
|
| | |
0.78%
|
| | |
7.13%
|
| | |
1.58%
|
| | |
1.96%
|
| | |
1
|
| |
| |
Allocation
|
| | |
MFS® VIT Total Return Series - Service Class(1)(4)
|
| | |
0.86%
|
| | |
10.22%
|
| | |
8.27%
|
| | |
6.27%
|
| | |
2
|
| |
| |
Sector Equity
|
| | |
MFS® VIT Utilities Series - Service Class(1)(4)
|
| | |
1.04%
|
| | |
-2.33%
|
| | |
8.05%
|
| | |
6.13%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | |
MFS® VIT Value Series - Service Class(1)(4)
|
| | |
0.94%
|
| | |
7.63%
|
| | |
11.07%
|
| | |
8.25%
|
| | |
2
|
| |
| |
Sector Equity
|
| | |
Morgan Stanley VIF Global Real Estate Portfolio - Class II - Morgan Stanley Investment Management Ltd(1)(3)
|
| | |
1.10%
|
| | |
10.47%
|
| | |
0.30%
|
| | |
1.69%
|
| | |
3
|
| |
| |
Allocation
|
| | |
PIMCO VIT All Asset Portfolio - Advisor Class - Research Affiliates LLC(1)
|
| | |
2.29%
|
| | |
8.02%
|
| | |
5.90%
|
| | |
3.93%
|
| | |
3
|
| |
| |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser; Sub-
Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay
Life Rider Allocation Investment Category(2) |
| | ||||||||
|
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| |
Taxable Bond
|
| | |
PIMCO VIT Long-Term U.S. Government Portfolio - Advisor Class
|
| | |
2.11%
|
| | |
3.88%
|
| | |
-1.40%
|
| | |
1.96%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Low Duration Portfolio - Advisor Class | | | |
0.79%
|
| | |
4.87%
|
| | |
0.88%
|
| | |
0.82%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Real Return Portfolio - Advisor Class | | | |
0.94%
|
| | |
3.57%
|
| | |
3.05%
|
| | |
2.15%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Short-Term Portfolio - Advisor Class | | | |
0.76%
|
| | |
5.80%
|
| | |
2.02%
|
| | |
1.76%
|
| | |
1
|
| |
| |
Taxable Bond
|
| | | PIMCO VIT Total Return Portfolio - Advisor Class | | | |
0.85%
|
| | |
5.83%
|
| | |
0.98%
|
| | |
1.60%
|
| | |
1
|
| |
| |
U.S. Equity
|
| | | Royce Capital Micro-Cap Portfolio - Service Class | | | |
1.46%
|
| | |
18.56%
|
| | |
11.84%
|
| | |
5.28%
|
| | |
3
|
| |
| |
U.S. Equity
|
| | | Royce Capital Small-Cap Portfolio - Service Class | | | |
1.39%
|
| | |
25.53%
|
| | |
9.90%
|
| | |
5.35%
|
| | |
3
|
| |
| |
International
Equity |
| | |
Templeton Developing Markets VIP Fund - Class 2 - Franklin Templeton Investment Management, Ltd(1)
|
| | |
1.35%
|
| | |
12.62%
|
| | |
4.22%
|
| | |
2.32%
|
| | |
3
|
| |
| |
International
Equity |
| | |
Templeton Foreign VIP Fund - Class 2 - Templeton Investment Counsel, LLC(1)
|
| | |
1.07%
|
| | |
20.76%
|
| | |
5.27%
|
| | |
1.28%
|
| | |
3
|
| |
| |
Taxable Bond
|
| | |
Templeton Global Bond VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.75%
|
| | |
2.88%
|
| | |
-2.13%
|
| | |
-0.66%
|
| | |
1
|
| |
| |
International
Equity |
| | |
Templeton Growth VIP Fund - Class 2 - Templeton Global Advisors, Ltd.; Templeton Asset Management(1)
|
| | |
1.12%
|
| | |
21.01%
|
| | |
6.47%
|
| | |
3.24%
|
| | |
3
|
| |
|
Investment Category
|
| |
Minimum Allocation
|
| |
Maximum Allocation
|
| |||||||||
| | | 1 | | | | | | 35% | | | | | | 100% | | |
| | | 2 | | | | | | 0% | | | | | | 65% | | |
| | | 3 | | | | | | 0% | | | | | | 30% | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Benefit
Base |
| |
Adjusted
Withdrawal Amount |
| |
Return of
Purchase Payments Death Benefit |
| |||||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (A) | | | | | | N/A | | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (B) | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | | | | | — | | | | | | 120,000 | | |
|
5/15/21
|
| |
Purchase Payment
|
| | | | 130,000 | | | | | | 80,000 (C) | | | | | | — | | | | | | 210,000 (D) | | | | | | 210,000 | | | | | | — | | | | | | 210,000 | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 202,000 | | | | | | — | | | | | | — | | | | | | 202,000 | | | | | | 210,000 | | | | | | — | | | | | | 202,000 | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 208,000 | | | | | | — | | | | | | 25,000 (E) | | | | | | 183,000 (F) | | | | | | 184,760 | | | | | | 21,635 (G) | | | | | | 183,000 (H) | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 190,000 | | | | | | — | | | | | | — | | | | | | 190,000 | | | | | | 190,000 | | | | | | — | | | | | | 190,000 | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 180,000 | | | | | | — | | | | | | — | | | | | | 180,000 | | | | | | 190,000 | | | | | | — | | | | | | 180,000 | | |
|
11/30/24
|
| |
SecurePay WD
|
| | | | 175,000 | | | | | | — | | | | | | 9,500 (I) | | | | | | 165,500 | | | | | | 179,686 | | | | | | 9,500 (J) | | | | | | 165,500 (K) | | |
|
1/1/25
|
| |
SecurePay WD
|
| | | | 165,000 | | | | | | | | | | | | 8,984 (L) | | | | | | 156,016 | | | | | | 169,902 | | | | | | 8,984 | | | | | | 156,016 | | |
|
3/31/25
|
| |
Excess Withdrawal
|
| | | | 158,000 | | | | | | — | | | | | | 16,000 (M) | | | | | | 142,000 | | | | | | 152,697 | | | | | | 15,075 (N) | | | | | | 142,000 (O) | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 125,000 (P) | | | | | | — | | | | | | — | | | | | | 125,000 | | | | | | 152,697 | | | | | | — | | | | | | 125,000 (Q) | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Benefit
Base |
| |
Adjusted
Withdrawal Amount |
| |
Anniversary
Value (A) |
| |
Maximum
Anniversary Value Death Benefit |
| ||||||||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (B) | | | | | | N/A | | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (C) | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | | | | | — | | | | | | 138,907 | | | | | | — | | |
|
5/15/21
|
| |
Purchase Payment
|
| | | | 130,000 | | | | | | 80,000 (D) | | | | | | — | | | | | | 210,000 (E) | | | | | | 210,000 | | | | | | — | | | | | | — | | | | | | — | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 202,000 | | | | | | — | | | | | | — | | | | | | 202,000 | | | | | | 210,000 | | | | | | — | | | | | | 140,907 | | | | | | — | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 208,000 | | | | | | — | | | | | | 25,000 (F) | | | | | | 183,000 (G) | | | | | | 184,760 | | | | | | 25,240 (H) | | | | | | — | | | | | | — | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 190,000 | | | | | | — | | | | | | — | | | | | | 190,000 | | | | | | 190,000 | | | | | | — | | | | | | 154,147 (I) | | | | | | — | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 180,000 | | | | | | — | | | | | | — | | | | | | 180,000 | | | | | | 190,000 | | | | | | — | | | | | | 144,147 | | | | | | — | | |
|
11/30/24
|
| |
SecurePay WD
|
| | | | 175,000 | | | | | | — | | | | | | 9,500 (J) | | | | | | 165,500 | | | | | | 179,686 | | | | | | 9,500 (K) | | | | | | 139,147 (L) | | | | | | — | | |
|
1/1/25
|
| |
SecurePay WD
|
| | | | 165,000 | | | | | | | | | | | | 8,984 (M) | | | | | | 156,016 | | | | | | 169,902 | | | | | | 8,984 | | | | | | 138,647 | | | | | | — | | |
|
3/31/25
|
| |
Excess Withdrawal
|
| | | | 158,000 | | | | | | — | | | | | | 16,000 (N) | | | | | | 142,000 | | | | | | 152,697 | | | | | | 17,369 (O) | | | | | | — | | | | | | — | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 125,000 (P) | | | | | | — | | | | | | — | | | | | | 125,000 | | | | | | 152,697 | | | | | | — | | | | | | — | | | | | | 154,147 (Q) | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract ValueBefore Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Adjusted
Withdrawal Amount |
| |
Return of
Purchase Payments Death Benefit |
| ||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (A) | | | | | | N/A | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (B) | | | | | | | | | | | | — | | | | | | 120,000 | | | | | | — | | | | | | 120,000 | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 130,000 | | | | | | — | | | | | | — | | | | | | 130,000 | | | | | | — | | | | | | 130,000 | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 125,000 | | | | | | — | | | | | | 25,000 (C) | | | | | | 100,000 (D) | | | | | | 20,000 (E) | | | | | | 100,000 (F) | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 103,000 | | | | | | — | | | | | | — | | | | | | 103,000 | | | | | | — | | | | | | 103,000 | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 110,000 | | | | | | — | | | | | | — | | | | | | 110,000 | | | | | | — | | | | | | 110,000 | | |
|
10/1/24
|
| |
Purchase Payment
|
| | | | 85,000 | | | | | | 80,000 (G) | | | | | | — | | | | | | 165,000 | | | | | | — | | | | | | 165,000 | | |
|
11/30/24
|
| |
Withdrawal
|
| | | | 155,000 | | | | | | — | | | | | | 5,500 (H) | | | | | | 149,500 | | | | | | 5,678 (I) | | | | | | 154,322 (J) | | |
|
3/31/25
|
| |
Withdrawal
|
| | | | 160,000 | | | | | | — | | | | | | 16,000 (K) | | | | | | 144,000 | | | | | | 15,432 | | | | | | 144,000 | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 135,000 (L) | | | | | | — | | | | | | — | | | | | | 135,000 | | | | | | | | | | | | 138,890 (M) | | |
|
Transaction
Date |
| |
Transaction
Type |
| |
Hypothetical
Contract Value Before Transaction |
| |
Purchase
Payments |
| |
Net
Withdrawals |
| |
Hypothetical
Contract Value |
| |
Adjusted
Withdrawal Amount |
| |
Anniversary
Value |
| |
Maximum
Anniversary Value Death Benefit |
| |||||||||||||||||||||
|
1/1/20
|
| |
Contract Issue
|
| | | | N/A | | | | | | 100,000 (A) | | | | | | N/A | | | | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | | | |
|
1/1/21
|
| |
Anniversary
|
| | | | 120,000 (B) | | | | | | | | | | | | — | | | | | | 120,000 | | | | | | — | | | | | | 158,890 | | | | | | | | |
|
1/1/22
|
| |
Anniversary
|
| | | | 130,000 | | | | | | — | | | | | | — | | | | | | 130,000 | | | | | | — | | | | | | 168,890 | | | | | | | | |
|
4/1/22
|
| |
Withdrawal
|
| | | | 125,000 | | | | | | — | | | | | | 25,000 (C) | | | | | | 100,000 (D) | | | | | | 20,000 (E) | | | | | | | | | | | | | | |
|
1/1/23
|
| |
Anniversary
|
| | | | 103,000 | | | | | | — | | | | | | — | | | | | | 103,000 | | | | | | — | | | | | | 161,890 | | | | | | | | |
|
1/1/24
|
| |
Anniversary
|
| | | | 110,000 | | | | | | — | | | | | | — | | | | | | 110,000 | | | | | | — | | | | | | 168,890 (F) | | | | | | | | |
|
10/1/24
|
| |
Purchase Payment
|
| | | | 85,000 | | | | | | 80,000 (G) | | | | | | — | | | | | | 165,000 | | | | | | — | | | | | | | | | | | | | | |
|
11/30/24
|
| |
Withdrawal
|
| | | | 155,000 | | | | | | — | | | | | | 5,500 (H) | | | | | | 149,500 | | | | | | 5,678 (I) | | | | | | 133,890 (J) | | | | | | | | |
|
3/31/25
|
| |
Withdrawal
|
| | | | 160,000 | | | | | | — | | | | | | 16,000 (K) | | | | | | 144,000 | | | | | | 15,432 | | | | | | | | | | | | | | |
|
7/1/25
|
| |
Owner Death
|
| | | | 135,000 (L) | | | | | | — | | | | | | — | | | | | | 135,000 | | | | | | | | | | | | | | | | | | 168,890 (M) | | |
|
Current Purchase
Payment Plus All Prior Purchase Payments Applied to the Contract |
| |
Number of Complete Years Elapsed Between the Date the Purchase Payment was Applied
to the Contract and the Withdrawal or Surrender Date |
| |||||||||||||||||||||||||||||||||||||||||||||
|
0
|
| |
1
|
| |
2
|
| |
3
|
| |
4
|
| |
5
|
| |
6
|
| |
7+
|
| |||||||||||||||||||||||||||
|
Less than $50,000
|
| | | | 7.0% | | | | | | 6.0% | | | | | | 6.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 0% | | |
|
At least $50,000 but
less than $100,000 |
| | | | 6.0% | | | | | | 5.0% | | | | | | 5.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $100,000 but less than $250,000
|
| | | | 5.0% | | | | | | 4.0% | | | | | | 4.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $250,000 but less than $500,000
|
| | | | 4.0% | | | | | | 3.0% | | | | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0% | | |
|
At least $500,000 but less than $1,000,000
|
| | | | 3.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0% | | |
|
$1,000,000 or more
|
| | | | 2.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 1.0% | | | | | | 0.5% | | | | | | 0.5% | | | | | | 0% | | |
| |
Step
|
| | |
$50,000 Withdrawal
|
| | |
$305,400 Full Surrender
|
| |
| |
(1)
Determination of free withdrawal amount – greatest of:
(A)
Earnings in your Contract as of the prior Contract Anniversary
(B)
10% of your cumulative Purchase Payments as of the prior Contract Anniversary
(C)
10% of the Contract Value as of the prior Contract Anniversary.
|
| | |
Greatest of:
(A)
Earnings = Contract Value – total net Purchase Payments Earnings = $270,000 – $250,000 = $20,000
(B)
10% x $250,000 = $25,000
(C)
10% x $270,000 = $27,000
Greatest value is (C), or $27,000
|
| | |
Greatest of:
(A)
Earnings = Contract Value – total net Purchase Payments Earnings = $260,000 – $227,000 = $33,000
(B)
10% x $250,000 = $25,000
(C)
10% x $260,000 = $26,000 Greatest value is (A), or $33,000
|
| |
| |
(2)
Amount subject to surrender charge: Requested amount less amount from step (1)
|
| | | $50,000 – $27,000 = $23,000 | | | | $305,400 – $33,000 = $272,400 | | |
| |
Step
|
| | |
$50,000 Withdrawal
|
| | |
$305,400 Full Surrender
|
| |
| |
(3)
Applicable surrender charge percentage based on the aggregate Purchase Payments and the number of full years that have passed:
NOTE: Withdrawals come from earliest Purchase Payment first (FIFO)
NOTE: We will add together all Purchase Payments received within 90 days of the Issue Date for the purpose of determining the surrender charge tier assigned to each of them.
|
| | |
•
$23,000 withdrawal comes from $95,000 Purchase Payment
•
4 full years have elapsed since Purchase Payment
•
$175,000 of Purchase Payments were made in the first 90 days
Surrender charge percentage = 2%
|
| | |
•
Since $23,000 was withdrawn from the first Purchase Payment of $95,000, $72,000 ($95,000 – $23,000)is allocated to the initial Purchase Payment
•
6 full years have elapsed since the first Purchase Payment
•
$175,000 of Purchase Payments were made in the first 90 days
Surrender charge percentage = 1%
•
Since the second Purchase Payment was $80,000, the entire $80,000 is allocated to the second Purchase Payment
•
5 full years have elapsed since the second Purchase Payment
•
$175,000 of Purchase Payments were made in the first 90 days
Surrender charge percentage = 2%
•
Since the third Purchase Payment was $75,000, the entire $75,000 is allocated to the third Purchase Payment
•
3 full years have elapsed since the third Purchase Payment
•
At the time the third Purchase Payment was made, cumulative Purchase Payments made = $250,000 so this band is used for determination of the surrender charge
Surrender charge percentage = 2%
•
Allocating the surrender amount to the three Purchase Payments covers only $227,000 of the eligible $272,400. So the remaining $45,400 must be allocated on a pro-rata basis to the remaining Purchase Payments:
•
$45,400 x ($72,000 / $227,000) = $14,400 (The first Purchase Payment has $86,400 ($72,000 + $14,400) allocated to it)
•
$45,400 x ($80,000 / $227,000)= $16,000 (The second Purchase Payment has $96,000 ($80,000 + $16,000) allocated to it)
•
$45,400 x ($75,000 / $227,000)= $15,000 (The third Purchase Payment has $90,000 ($75,000 + $15,000) allocated to it)
|
| |
| |
(4)
Surrender charge: Step (2) multiplied by step (3)
|
| | | $23,000 x 2% = $460 | | | | $86,400 x 1% = $864 $96,000 x 2% = $1,920 $90,000 x 2% = $1,800 $864 + $1,920 + $1,800 = $4,584 |
| |
Date
|
| |
Investment
Return During Year at 5% |
| |
Annuity
Value Before Payment |
| |
Payment
Made |
| |
Annuity
Value After Payment |
| ||||||||||||
Annuity Date
|
| | | | | | | | | $ | 100,000.00 | | | | | $ | 0.00 | | | | | $ | 100,000.00 | | |
End of 1st year
|
| | | $ | 5,000.00 | | | | | $ | 105,000.00 | | | | | $ | 23,097.48 | | | | | $ | 81,902.52 | | |
End of 2nd year
|
| | | $ | 4,095.13 | | | | | $ | 85,997.65 | | | | | $ | 23,097.48 | | | | | $ | 62,900.17 | | |
End of 3rd year
|
| | | $ | 3,145.01 | | | | | $ | 66,045.17 | | | | | $ | 23,097.48 | | | | | $ | 42,947.69 | | |
End of 4th year
|
| | | $ | 2,147.38 | | | | | $ | 45,095.08 | | | | | $ | 23,097.48 | | | | | $ | 21,997.60 | | |
End of 5th year
|
| | | $ | 1,099.88 | | | | | $ | 23,097.48 | | | | | $ | 23,097.48 | | | | | $ | 0.00 | | |
|
Contract
Year |
| |
End of
Year Attained Age |
| |
Roll Up
Percentage |
| |
Maximum
Allowed Withdrawal Percentage |
| |
Purchase
Payments |
| |
Actual
Withdrawals |
| |
Annual
Withdrawal Amount |
| |
Annual
Withdrawal Amount Balance |
| |
Withdrawal
|
| |
Excess
Hypothetical Contract Value |
| |
Highest
Quarterly Value |
| |
SecurePay
Roll-Up Value |
| |
End of
Year Benefit Base |
| ||||||||||||||||||||||||||||||||||||
|
At issue
|
| | | | 55 | | | | | | | | | | | | | | | | | | 100,000 | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | 100,000 (A) | | | | | | 100,000 (A) | | |
|
1
|
| | | | 56 | | | | | | 5% | | | | | | N/A | | | | | | 50,000 (B) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 153,975 | | | | | | 153,975 | | | | | | 155,000 (C) | | | | | | 155,000 (D) | | |
|
2
|
| | | | 57 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 161,676 | | | | | | 161,676 | | | | | | 162,750 (E) | | | | | | 162,750 (F) | | |
|
3
|
| | | | 58 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 173,698 | | | | | | 173,698 | | | | | | 170,888 (G) | | | | | | 173,698 (H) | | |
|
4
|
| | | | 59 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176,543 | | | | | | 176,543 | | | | | | 182,383 | | | | | | 182,383 (I) | | |
|
5
|
| | | | 60 | | | | | | 5% | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,796 | | | | | | 185,796 | | | | | | 191,502 | | | | | | 191,502 (J) | | |
|
6
|
| | | | 61 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 192,345 | | | | | | 192,345 | | | | | | 201,077 | | | | | | 201,077 (K) | | |
|
7Q1
|
| | | | 62 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 228,976 | | | | | | — | | | | | | 201,077 | | | | | | 201,077 | | |
|
7Q2
|
| | | | 62 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 230,065 | | | | | | — | | | | | | 201,077 | | | | | | 201,077 | | |
|
7Q3
|
| | | | 62 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 235,765 | | | | | | — | | | | | | 201,077 | | | | | | 201,077 | | |
|
7Q4
|
| | | | 62 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 232,976 | | | | | | 235,765 (L) | | | | | | 211,131 | | | | | | 235,765 (M) | | |
|
8
|
| | | | 63 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | 10,000 (N) | | | | | | — | | | | | | — | | | | | | — | | | | | | 228,630 | | | | | | 228,630 | | | | | | 237,179 (O) | | | | | | 237,179 (P) | | |
|
9
|
| | | | 64 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 249,675 | | | | | | 249,675 | | | | | | 249,038 | | | | | | 249,675 | | |
|
10
|
| | | | 65 | | | | | | 5% | | | | | | 5% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 265,498 | | | | | | 265,498 | | | | | | 262,159 | | | | | | 265,498 (Q) | | |
|
11
|
| | | | 66 | | | | | | 0% (R) | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (S) | | | | | | — | | | | | | — | | | | | | 256,438 | | | | | | 256,438 | | | | | | 262,159 | | | | | | 265,498 | | |
|
12
|
| | | | 67 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (S) | | | | | | — | | | | | | — | | | | | | 245,854 | | | | | | 245,854 | | | | | | 262,159 | | | | | | 265,498 | | |
|
13
|
| | | | 68 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (S) | | | | | | — | | | | | | — | | | | | | 243,965 | | | | | | 243,965 | | | | | | 262,159 | | | | | | 265,498 | | |
|
14
|
| | | | 69 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 5,000 (T) | | | | | | 13,275 (T) | | | | | | 8,275 (T) | | | | | | — | | | | | | 240,951 | | | | | | 240,951 | | | | | | 262,159 | | | | | | 265,498 | | |
|
15
|
| | | | 70 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (U) | | | | | | — | | | | | | — | | | | | | 236,710 | | | | | | 236,710 | | | | | | 262,159 | | | | | | 265,498 | | |
|
16
|
| | | | 71 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (U) | | | | | | — | | | | | | — | | | | | | 227,843 | | | | | | 227,843 | | | | | | 262,159 | | | | | | 265,498 | | |
|
17
|
| | | | 72 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 13,275 | | | | | | 13,275 (U) | | | | | | — | | | | | | — | | | | | | 201,496 | | | | | | 201,496 | | | | | | 262,159 | | | | | | 265,498 | | |
|
18
|
| | | | 73 | | | | | | 0% | | | | | | 5% | | | | | | — | | | | | | 50,000 (V) | | | | | | 13,275 (V) | | | | | | — | | | | | | 36,725 (V) | | | | | | 161,985 | | | | | | 161,985 | | | | | | 211,007 | | | | | | 213,695 (W) | | |
|
Contract
Year |
| |
Purchase
Payments |
| |
Actual
Withdrawals |
| |
Annual
Withdrawal Amount |
| |
Annual
Withdrawal Amount Balance |
| |
Excess
Withdrawal |
| |
Hypothetical
Contract Value |
| |
End of
Year Benefit Base |
| |||||||||||||||||||||
|
At issue
|
| | | | 100,000 | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | 100,000 | | | | | | 100,000 (A) | | |
|
1
|
| | | | 50,000 (B) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 153,975 | | | | | | 153,975 (C) | | |
|
2
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 161,676 | | | | | | 161,676 (D) | | |
|
3
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 173,698 | | | | | | 173,698 | | |
|
4
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176,543 | | | | | | 176,543 | | |
|
5
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,796 | | | | | | 185,796 | | |
|
6
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 192,345 | | | | | | 192,345 | | |
|
7
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 228,976 | | | | | | 228,976 | | |
|
8
|
| | | | — | | | | | | 10,000 (E) | | | | | | — | | | | | | — | | | | | | — | | | | | | 228,630 | | | | | | 228,630 (F) | | |
|
9
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 249,675 | | | | | | 249,675 (G) | | |
|
10
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 265,498 | | | | | | 265,498 (H) | | |
|
11
|
| | | | — | | | | | | 13,275 | | | | | | 13,275 (I) | | | | | | — | | | | | | — | | | | | | 256,438 | | | | | | 265,498 (J) | | |
|
12
|
| | | | — | | | | | | 13,275 | | | | | | 13,275 (I) | | | | | | — | | | | | | — | | | | | | 245,854 | | | | | | 265,498 | | |
|
13
|
| | | | — | | | | | | 13,275 | | | | | | 13,275 (I) | | | | | | — | | | | | | — | | | | | | 243,965 | | | | | | 265,498 | | |
|
14
|
| | | | — | | | | | | 5,000 (K) | | | | | | 13,275 (K) | | | | | | 8,275 (K) | | | | | | — | | | | | | 240,951 | | | | | | 265,498 | | |
|
15
|
| | | | — | | | | | | 13,275 | | | | | | 13,275 (L) | | | | | | — | | | | | | — | | | | | | 236,710 | | | | | | 265,498 | | |
|
16
|
| | | | — | | | | | | 13,275 | | | | | | 13,275 (L) | | | | | | — | | | | | | — | | | | | | 227,843 | | | | | | 265,498 | | |
|
17
|
| | | | — | | | | | | 13,275 | | | | | | 13,275 (L) | | | | | | — | | | | | | — | | | | | | 201,496 | | | | | | 265,498 | | |
|
18
|
| | | | — | | | | | | 50,000 (M) | | | | | | 13,275 (M) | | | | | | — | | | | | | 36,725 (M) | | | | | | 161,985 | | | | | | 213,695 (N) | | |
Contract Month |
| |
Accumulation
Unit Value |
| |
SMA12 (A)
|
| |
Is Sub-Account 1
Restricted? (B) |
| |
Hypothetical Contract Value
in Sub-Account 1 (C) |
| |
Hypothetical Contract Value
in Money Fund/VA Sub-Account (D) |
| |||||||||||||||
12
|
| | | | 6.17 | | | | | | 6.16 | | | | | | | | | | | | 10,000 | | | | | | | | |
13
|
| | | | 6.24 | | | | | | 6.17 | | | | | | No (E) | | | | | | 10,089 | | | | | | | | |
14
|
| | | | 5.76 | | | | | | 6.14 | | | | | | Yes | | | | | | — | | | | | | 9,282 (F) | | |
15
|
| | | | 5.41 | | | | | | 6.09 | | | | | | Yes | | | | | | | | | | | | 9,286 | | |
16
|
| | | | 5.35 | | | | | | 6.03 | | | | | | Yes | | | | | | | | | | | | 9,290 | | |
17
|
| | | | 4.53 | | | | | | 5.87 | | | | | | Yes | | | | | | | | | | | | 9,294 | | |
18
|
| | | | 3.73 | | | | | | 5.62 | | | | | | Yes | | | | | | | | | | | | 9,298 | | |
19
|
| | | | 2.94 | | | | | | 5.33 | | | | | | Yes | | | | | | | | | | | | 9,302 | | |
20
|
| | | | 3.33 | | | | | | 5.08 | | | | | | Yes | | | | | | | | | | | | 9,305 | | |
21
|
| | | | 3.15 | | | | | | 4.85 | | | | | | Yes | | | | | | | | | | | | 9,309 | | |
22
|
| | | | 2.98 | | | | | | 4.62 | | | | | | Yes | | | | | | | | | | | | 9,313 | | |
23
|
| | | | 3.29 | | | | | | 4.41 | | | | | | Yes | | | | | | | | | | | | 9,317 | | |
24
|
| | | | 3.81 | | | | | | 4.21 | | | | | | Yes | | | | | | | | | | | | 9,321 | | |
25
|
| | | | 4.19 | | | | | | 4.04 (G) | | | | | | No (H) | | | | | | 9,325 | | | | | | | | |
Current Purchase Payment Plus All Prior Purchase Payments Applied to the Contract
|
| |
Quarterly
Premium-Based Charge Percentage |
| |
Annual
Equivalent |
| ||||||
Less than $50,000
|
| | | | 0.1750% | | | | | | 0.70% | | |
At least $50,000 but less than $100,000
|
| | | | 0.1500% | | | | | | 0.60% | | |
At least $100,000 but less than $250,000
|
| | | | 0.1250% | | | | | | 0.50% | | |
At least $250,000 but less than $500,000
|
| | | | 0.0875% | | | | | | 0.35% | | |
At least $500,000 but less than $1,000,000
|
| | | | 0.0625% | | | | | | 0.25% | | |
At least $1,000,000
|
| | | | 0.0375% | | | | | | 0.15% | | |
PROTECTIVE LIFE INSURANCE COMPANY
P.O. Box 10648
Birmingham, Alabama 35202-0648
Telephone: 1-800-456-6330
STATEMENT OF ADDITIONAL INFORMATION
PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT
A FLEXIBLE PREMIUM
DEFERRED VARIABLE AND FIXED ANNUITY CONTRACT
This Statement of Additional Information ("SAI") contains information in addition to the information described in the Prospectus for the individual flexible premium deferred variable and fixed annuity contract (the "Contract") offered by Protective Life Insurance Company (the "Company"). This Statement of Additional Information is not a prospectus. It should be read only in conjunction with the Prospectus for the Contract and the prospectuses for the Funds. Those prospectuses provide detailed information concerning the Contract and the variable investment options that fund the Contract. Each variable investment option is a subaccount of the Company's Protective Variable Annuity Separate Account. Definitions of special terms used in the SAI are found in the Prospectus for the Contract. The Prospectus for the Contract is dated May 1, 2024. You may obtain a copy of the Prospectus by writing us at P.O. Box 10648, Birmingham, Alabama 35202-0648 or calling us toll free at 1-800-456-6330.
THE DATE OF THIS STATEMENT OF ADDITIONAL INFORMATION IS MAY 1, 2024.
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
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THE COMPANY | 1 | ||||||
SAFEKEEPING OF ACCOUNT ASSETS |
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RECORDS AND REPORTS |
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EXPERTS |
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FINANCIAL STATEMENTS |
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THE COMPANY
We are Protective Life Insurance Company (the "Company", "we," "our," "us" and "Protective Life"), a Tennessee corporation. Protective Life is the principal operating subsidiary of Protective Life Corporation ("PLC"), a U.S. insurance holding company and a wholly-owned subsidiary of Dai-ichi Life Holdings, Inc. ("Dai-ichi"). Dai-ichi's stock is traded on the Tokyo Stock Exchange. No other company has any legal responsibility to pay amounts that the Company owes under the Contracts. The Company is solely responsible for paying all amounts owed to you under the Contract.
SAFEKEEPING OF ACCOUNT ASSETS
Title to the assets of the Variable Account is held by Protective Life. The assets are kept physically segregated and held separate and apart from the Company's general account assets and from the assets in any other separate account.
Records are maintained of all purchases and redemptions of Fund shares held by each of the Sub-Accounts.
The officers and employees of Protective Life are covered by an insurance company blanket bond issued in the amount of $50 million dollars. The bond insures against dishonest and fraudulent acts of officers and employees.
RECORDS AND REPORTS
Protective Life will maintain all records and accounts relating to the Variable Account. As presently required by the 1940 Act and regulations promulgated thereunder, reports containing such information as may be required under the Act or by any other applicable law or regulation will be sent to Owner(s) periodically at the last known address.
EXPERTS
The financial statements of the subaccounts that comprise Protective Variable Annuity Separate Account as of December 31, 2023, and for each of the years or periods presented, have been incorporated by reference in this Statement of Additional Information in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
The statutory financial statements and financial statement schedules of Protective Life Insurance Company as of December 31, 2023 and 2022, and for each of the years in the three-year period ended December 31, 2023, have been incorporated by reference in this Statement of Additional Information in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
The audit report covering the December 31, 2023 statutory financial statements includes explanatory language that states that the financial statements are prepared by Protective Life Insurance Company using statutory accounting practices prescribed or permitted by the Department of Commerce and Insurance of the State of Tennessee, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the audit report states that the financial statements are not intended to be and, therefore, are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those financial statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Department of Commerce and Insurance of the State of Tennessee.
The business address for KPMG LLP is 420 20th Street North, Suite 1800, Birmingham, Alabama 35203.
FINANCIAL STATEMENTS
The audited statements of assets and liabilities of the subaccounts of Protective Variable Annuity Separate Account as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the years or periods presented as well as the Report of Independent Registered Public Accounting Firm are incorporated into the Statement of Additional Information by reference to the Variable Account's Form N-VPFS, File No. 811-08108 filed with the SEC on April 12, 2024.
PART C
OTHER INFORMATION
Item 27. Exhibits.
(a) Board of Directors Resolutions
(a) (1) Resolution of the Board of Directors of Protective Life Insurance Company authorizing establishment of the Protective Variable Annuity Separate Account is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-233415), filed with the Commission on August 22, 2019.
(b) Custodial Agreements - Not Applicable
(c) Underwriting Contracts
(c) (1) Distribution Agreement among Protective Life Insurance Company, Investment Distributors, Inc. and the Protective Variable Annuity Separate Account is incorporated herein by reference to the Form N-4 Registration Statement, (File No. 333-233415), filed with the Commission on August 22, 2019.
(c) (2) Distribution Agreement between Investment Distributors, Inc. and broker-dealers is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-233415), filed with the Commission on August 22, 2019.
(c) (3) Distribution Agreement between IDI and PLICO is incorporated herein by reference to Post-Effective Amendment No. 8 to the Form N-4 Registration Statement (File No. 333-153041), filed with the Commission on September 16, 2011.
(c) (3) (i) Second Amended Distribution Agreement dated October 24, 2013 (PLICO-IDI) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-190294), filed with the Commission on April 25, 2014.
(c) (3) (ii) Revised Second Amended Distribution Agreement dated June 1, 2018 (PLICO-IDI) is incorporated herein by reference to Post-Effective Amendment No. 26 to the Form N-4 Registration Statement (File No. 333-112892), filed with the Commission on July 20, 2018.
(c) (3) (iii) Amendment No. 1 to the Second Amended Distribution Agreement (PLICO-IDI) is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-240102), filed with the Commission on July 27, 2020.
(c) (3) (iv) Revised Schedule to Second Amended Distribution Agreement between IDI and PLICO is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-240102), filed with the Commission on November 25, 2020.
(d) Contracts (including Riders and Endorsements)
(d) (1) Protective Dimensions Contract is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (2) Maximum Anniversary Value Death Benefit is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (3) Guaranteed Account Endorsement is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (4) Waiver of Surrender Charge Endorsement is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (5) Return of Purchase Payments Death Benefit Rider is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (6) Annuity Option Bonus Endorsement is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (7) Benefit Based Fee Endorsement is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (8) SecurePay Rider is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (9) SecurePay FX Rider is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (9) (i) Revised SecurePay FX Rider is incorporated herein by reference to Post-Effective Amendment No. 3 to the Form N-4 Registration Statement (File No. 333-176657) filed with the Commission on June 20, 2012.
(d) (9) (ii) Revised SecurePay FX Rider is incorporated herein by reference to Post-Effective Amendment No. 6 to the Form N-4 Registration Statement (File No. 333-176657) filed with the Commission on November 16, 2012.
(d) (10) Roth IRA Endorsement is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (11) Traditional IRA Endorsement is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (12) Medical Evaluation is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (13) Increased Withdrawal Percentage is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(d) (14) Enhanced Death Benefit is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011
(e) Applications
(e) (1) Protective Dimensions Application is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on September 2, 2011.
(f) Depositor's Certificate of Incorporation and By-Laws
(f) (1) 2002 Amended and Restated Charter of Protective Life Insurance Company is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(f) (1) (i) 2011 Amended and Restated Charter of Protective Life Insurance Company is incorporated herein by reference to Post-Effective Amendment No. 8 to the Form N-4 Registration Statement (File No. 333-153041), filed with the Commission on September 16, 2011.
(f) (1) (ii) 2020 Amended and Restated Charter of Protective Life Insurance Company is incorporated herein by reference to Post-Effective Amendment No. 9 to the Form N-4 Registration Statement (File No. 333-201919), filed with the Commission on February 11, 2021.
(f) (2) 2002 Amended and Restated By-Laws of Protective Life Insurance Company is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(f) (2) (i) 2011 Amended and Restated By-laws of Protective Life Insurance Company is incorporated herein by reference to Post-Effective Amendment No. 8 to the Form N-4 Registration Statement (File No. 333-153041), filed with the Commission on September 16, 2011.
(f) (2) (ii) 2020 Amended and Restated By-laws of Protective Life Insurance Company is incorporated herein by reference to Post-Effective Amendment No. 9 to the Form N-4 Registration Statement (File No. 333-201919), filed with the Commission on February 11, 2021.
(g) Reinsurance Contracts - Not applicable.
(h) Participation Agreements
(h) (1) Participation Agreement dated May 1, 1997 (Oppenheimer Variable Account Funds) is incorporated herein by reference to Post-Effective Amendment No. 5 to the Form N-4 Registration Statement, (File No. 33-70984), filed with the Commission on April 30, 1997.
(h) (1) (i) Participation Agreement for Service Class Shares (Oppenheimer Variable Account Funds) is incorporated herein by reference to Post-Effective Amendment No. 5 to the Form N-4 Registration Statement, (File No. 333-94047), filed with the Commission on April 30, 2003.
(h) (1) (ii) Rule 22c-2 Shareholder Information Agreement (Oppenheimer Variable Account Funds) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (2) Participation Agreement dated May 1, 2012 (MFS Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 12 to the Form N-4 Registration Statement (File No. 333-190294), as filed with the Commission on April 28, 2021.
(h) (2) (i) Rule 22c-2 Shareholder Information Agreement (MFS Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (2) (ii) Amendment dated October 1, 2020 to Participation Agreement (MFS Variable Insurance Trust) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-6 Registration Statement (File No. 333-248236), filed with the Commission on December 16, 2020.
(h) (2) (iii) Amendment dated March 22, 2022 to Participation Agreement (MFS Variable Insurance Trust) - filed herein.
(h) (2) (iv) Amendment dated August 11, 2022 to Participation Agreement (MFS Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on April 20, 2023.
(h) (3) Participation Agreement dated May 1, 2000 (Van Kampen Life Investment Trust) is incorporated herein by reference to Post-Effective Amendment No. 9 to the Form N-4 Registration Statement, (File No. 33-70984) filed with the Commission on April 20, 2000.
(h) (3) (i) Participation Agreement dated October 1, 2000 (Van Kampen Life Investment Trust) is incorporated herein by reference to Post-Effective Amendment No. 5 to the Form N-4 Registration Statement, (File No. 333-94047), filed with the Commission on April 30, 2003.
(h) (3) (ii) Rule 22c-2 Shareholder Information Agreement (Van Kampen Life Investment Trust) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (4) Participation Agreement dated April 30, 2002 (Lord Abbett Series Fund) is incorporated herein by reference to Post-Effective Amendment No. 3 to the Form N-4 Registration Statement (File No. 333-94047), filed with the Commission on April 25, 2002.
(h) (4) (i) Rule 22c-2 Shareholder Information Agreement (Lord Abbett Series Fund) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (4) (ii) Amendment dated April 28, 2022 (Lord Abbett Series Fund) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the N-4 Registration Statement (File No. 333-261426), filed July 5, 2022.
(h) (5) Participation Agreement dated May 1, 2003 (Morgan Stanley - UIF) is incorporated herein by reference to Post-Effective Amendment No. 5 to the Form N-4 Registration Statement, (File No. 333-94047), filed with the Commission on April 30, 2003.
(h) (5) (i) Rule 22c-2 Shareholder Information Agreement (Morgan Stanley - UIF) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (5) (ii) Amendment dated March 11, 2022 to Participation Agreement (Morgan Stanley - UIF) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240102), filed with the Commission on April 15, 2022.
(h) (5) (iii) Amendment dated April 15, 2023 to Participation Agreement (Morgan Stanley - UIF) is incorporated herein by reference to Post-Effective Amendment No. 3 to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on August 7, 2023.
(h) (6) Participation Agreement dated December 19, 2003 (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-112892), filed with the Commission on February 17, 2004.
(h) (6) (i) Rule 22c-2 Shareholder Information Agreement dated April 11, 2007 (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (6) (ii) Amendment dated April 12, 2011 to Participation Agreement re Summary Prospectus (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 19 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on April 25, 2011.
(h) (6) (iii) Amendment dated December 22, 2020 to Participation Agreement (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on April 16, 2021.
(h) (6) (iv) Amendment dated April 12, 2021 to Participation Agreement (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on April 16, 2021.
(h) (6) (v) Amendment dated March 24, 2022 to Participation Agreement (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240102), filed with the Commission on April 15, 2022.
(h) (6) (vi) Amendment dated December 15, 2022 to Participation Agreement (Goldman Sachs Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on April 20, 2023.
(h) (7) Participation Agreement dated April 11, 2007 (Fidelity Variable Insurance Products) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (7) (i) Rule 22c-2 Shareholder Information Agreement (Fidelity Variable Insurance Products) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (7) (ii) Amendment dated October 15, 2020 to Participation Agreement (Fidelity Variable Insurance Products) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (7) (iii) Amendment dated October 11, 2021 to Participation Agreement (Fidelity Variable Insurance Products) is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on November 30, 2021.
(h) (7) (iv) Amendment dated March 10, 2022 to Participation Agreement (Fidelity Variable Insurance Products) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240102), filed with the Commission on April 15, 2022.
(h) (7) (v) Amendment dated December 15, 2022 to Participation Agreement (Fidelity Variable Insurance Products) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on April 20, 2023.
(h) (8) Participation Agreement (and Amendment No. 1) dated May 1, 2006 (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-116813), filed with the Commission on April 28, 2006.
(h) (8) (i) Rule 22c-2 Shareholder Information Agreement (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 17 to the Form N-4 Registration Statement (File No. 33-70984), filed with the Commission on April 27, 2007.
(h) (8) (ii) Amendment dated August 16, 2010 to Participation Agreement re Summary Prospectus (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 19 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on April 25, 2011.
(h) (8) (iii) Participation Agreement dated February 1, 2015 (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 12 to the Form N-4 Registration Statement (File No. 333-190294), as filed with the Commission on April 28, 2021.
(h) (8) (iv) Participation Agreement dated November 30, 2020 (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 9 to the Form N-4 Registration Statement (File No. 333-201919), filed with the Commission on February 11, 2021.
(h) (8) (v) Addendum dated November 30, 2020 to Participation Agreement (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 9 to the Form N-4 Registration Statement (File No. 333-201919), filed with the Commission on February 11, 2021.
(h) (8) (vi) Amendment dated March 31, 2021 to Participation Agreement (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on April 16, 2021.
(h) (8) (vii) Amendment dated April 1, 2022 to Participation Agreement (Franklin Templeton Variable Insurance Products Trust)is incorporated herein by reference to Pre-Effective Amendment No. 2 to the N-4 Registration Statement (File No. 333-261426), filed July 5, 2022.
(h) (8) (viii) Amendment dated November 1, 2022 to Participation Agreement (Franklin Templeton Variable Insurance Products Trust) is incorporated herein by reference to Post-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on April 20, 2023.
(h) (9) Participation Agreement dated April 1, 2008 (American Funds) is incorporated herein by reference to Post-Effective Amendment No. 11 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on April 30, 2008.
(h) (9) (i) Rule 22c-2 Shareholder Information Agreement (American Funds) is incorporated herein by reference to Post-Effective Amendment No. 11 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on April 30, 2008.
(h) (9) (ii) Participation Agreement dated June 18, 2015 (American Funds) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (9) (iii) Amendment dated October 1, 2019 to Participation Agreement (American Funds) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (9) (iv) Amendment dated November 25, 2020 to Participation Agreement (American Funds) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-6 Registration Statement (File No. 333-248236), filed with the Commission on December 16, 2020.
(h) (9) (v) Amendment dated March 22, 2021 to Participation Agreement (American Funds) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File 333-240192), filed with the Commission on April 16, 2021.
(h) (9) (vi) Amendment dated April 29, 2022 to Participation Agreement (American Funds) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the N-4 Registration Statement (File No. 333-261426), filed July 5, 2022.
(h) (9) (vii) Amendment dated August 1, 2022 to Participation Agreement (American Funds) is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-267354), filed with the Commission on September 9, 2022.
(h) (10) Participation Agreement dated November 1, 2009 (Legg Mason) is incorporated herein by reference to Post-Effective Amendment No. 15 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on October 28, 2009.
(h) (10) (i) Amendment dated April 11, 2014 to Participation Agreement (Legg Mason) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (10) (ii) Amendment dated September 10, 2019 to Participation Agreement (Legg Mason) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (10) (iii) Amendment dated August 11, 2020 to Participation Agreement (Legg Mason) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (10) (iv) Amendment dated November 30, 2020 to Participation Agreement (Legg Mason) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-6 Registration Statement (File No. 333-248236), filed with the Commission on December 16, 2020.
(h) (10) (v) Amendment dated April 7, 2021 to Participation Agreement (Legg Mason) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on April 16, 2021.
(h) (10) (vi) Amendment dated October 26, 2022 to Participation Agreement (Legg Mason) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-267354), filed with the Commission on December 15, 2022.
(h) (11) Participation Agreement dated November 1, 2009 (Royce Capital) is incorporated herein by reference to Post-Effective Amendment No. 15 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on October 28, 2009.
(h) (11) (i) Rule 22c-2 Information Sharing Agreement (Royce Capital) is incorporated herein by reference to Post-Effective Amendment No. 15 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on October 28, 2009.
(h) (11) (ii) Amendment dated November 30, 2020 to Participation Agreement (Royce Capital) is incorporated herein by reference to Post-Effective Amendment No. 9 to the Form N-4 Registration Statement (File No. 333-201919), filed with the Commission on February 11, 2021.
(h) (11) (iii) Amendment dated August 10, 2022 to Participation Agreement (Royce Capital) is incorporated herein by reference to Post-Effective Amendment No. 26 to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on April 20, 2023.Amendment dated August 10, 2022 to Participation Agreement (Royce Capital) is incorporated herein by reference to Post-Effective Amendment No. 26 to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on April 20, 2023.
(h) (12) Participation Agreement dated November 1, 2009 (PIMCO Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 15 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on October 28, 2009.
(h) (12) (i) Novation of and Amendment dated April 25, 2011 to Participation Agreement (PIMCO Variable Insurance Trust) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (12) (ii) Amendment dated April 25, 2011 to Participation Agreement re Summary Prospectuses (PIMCO Variable Insurance Trust) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (12) (iii) Amendment dated September 1, 2020 to Participation Agreement (PIMCO Variable Insurance Trust) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-6 Registration Statement (File No. 333-248236), filed with the Commission on December 16, 2020.
(h) (12) (iv) Amendment dated April 2, 2021 to Participation Agreement (PIMCO Variable Insurance Trust) is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on April 16, 2021.
(h) (12) (v) Amendment dated August 9, 2022 to ParticipationAgreement (PIMCO Variable Insurance Trust) is incorporated herein by reference to the Form N-4 Registration Statement (File No. 333-267354), filed with the Commission on September 9, 2022.
(h) (13) Participation Agreement dated April 30, 2004 (AIM-Invesco Variable Insurance Funds) is incorporated herein by reference to Post-Effective Amendment No. 19 to the Form N-4 Registration Statement (File No. 333-113070), filed with the Commission on April 25, 2011.
(h) (13) (i) Rule 22c-2 Agreement (AIM-Invesco Variable Insurance Funds) is incorporated herein by reference to Post-Effective Amendment No. 12 to the Form N-4 Registration Statement (File No. 333-179649), as filed with the Commission on August 24, 2016.
(h) (13) (ii) Participation Agreement dated February 1, 2015 (AIM-Invesco Variable Insurance Funds) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Form N-4 Registration Statement (File No. 333-240192), filed with the Commission on November 25, 2020.
(h) (13) (iii) Amendment dated March 22, 2022 to Participation Agreement (AIM-Invesco Variable Insurance Funds) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the N-4 Registration Statement (File No. 333-261426), filed with the Commission on July 5, 2022.
(i) Administrative Contracts - Not Applicable
(j) Other Material Contracts - Not Applicable
(k) Legal Opinion
(k) (1) Opinion and Consent of Brandon J. Cage, Esq.
- is incorporated herein by reference to Post-Effective Amendment No. 26 to the Form N-4 Registration Statement (File No. 333-176657), filed with the Commission on April 20, 2023.
(l) Other Opinions
(l) (1) Consents of KPMG LLP
- Filed herein.
(l) (2) Powers of Attorney is incorporated herein by reference to Post-Effective Amendment No. 1 to the Form N-4 Registration Statement (File No. 333-261426), filed with the Commission on February 22, 2023.
(m) Omitted Financial Statements - Not Applicable
(n) Initial Capital Agreements - Not Applicable
(o) Form of Initial Summary Prospectus - Not Applicable
Item 28. Directors and Officers of the Depositor
Name and Principal Business Address* | Position and Offices with Depositor | |
Adams, D. Scott | Executive Vice President, Chief Transformation and Strategy Officer | |
Banerjee Choudhury, Shiladitya (Deep) | Senior Vice President, and Treasurer | |
Bartlett, Malcolm Lee | Senior Vice President, Corporate Tax | |
Bern, Leigh Bynum | Senior Vice President, Chief Financial Actuary, and Appointed Actuary | |
Bielen, Richard J. | Chairman of the Board, Chief Executive Officer, President, and Director | |
Black, Lance P. | Executive Vice President, Acquisitions and Corporate Development | |
Byrd, Kenneth | Senior Vice President, Operations | |
Cox, Kathryn S. | Senior Vice President, and President, Protection Division | |
Cramer, Steve | Senior Vice President, and Chief Product Officer | |
Creutzmann, Scott E. | Senior Vice President, and Chief Compliance Officer | |
Drew, Mark L. | Executive Vice President, and Chief Legal Officer | |
Evesque, Wendy L. | Executive Vice President, and Chief Human Resources Officer | |
Hardeman, James C. | Senior Vice President, Financial Planning and Analysis | |
Harrison, Wade V. | Executive Vice President, and Chief Retail Officer | |
Herring, Derry W | Senior Vice President, and Chief Auditor | |
Karchunas, M. Scott | Senior Vice President, and President, Asset Protection Division | |
Kohler, Matthew | Senior Vice President, and Chief Information Officer | |
Kurtz, Richard J. | Senior Vice President, and Chief Distribution Officer | |
Laeyendecker, Ronald | Senior Vice President, Executive Benefit Markets | |
Lawrence, Mary Pat | Senior Vice President, Government Affairs | |
Lee, Felicia M. | Secretary, Vice President, and Senior Counsel | |
McDonald, Laura Y. | Senior Vice President, and Chief Mortgage and Real Estate Officer | |
Passafiume, Philip E. | Executive Vice President, and Chief Investment Officer | |
Peeler, Rachelle R. | Senior Vice President, and Senior Human Resources Partner | |
Perry, David A. | Senior Vice President, and Chief Executive Officer, Concourse Financial Group | |
Pugh, Barbara N. | Senior Vice President, and Chief Accounting Officer | |
Radnoti, Francis L. | Senior Vice President, Chief Product Officer, and Designated Illustration Actuary | |
Ray, Webster M. | Senior Vice President, Investments | |
Riebel, Matthew A. | Senior Vice President, and Chief Distribution Officer | |
Seurkamp, Aaron C. | Senior Vice President, and President, Retirement Division | |
Wagner, James | Senior Vice President, and Chief Distribution Officer | |
Wahlheim, Cary T. | Senior Vice President, and Senior Counsel | |
Walker, Steven G. | Vice Chairman, Finance and Risk, and Director | |
Wells, Paul R. | Executive Vice President, Chief Financial Officer, and Director | |
Whitcomb, John | Senior Vice President, Retirement Operations and Strategic Planning | |
Williams, Doyle J. | Senior Vice President, and Chief Marketing Officer |
* Unless otherwise indicated, principal business address is 2801 Highway 280 South, Birmingham, Alabama 35223
Item 29. Persons Controlled by or Under Common Control With the Depositor or Registrant.
Item 30. Indemnification
Article XI of the By-laws of Protective Life provides, in substance, that any of Protective Life’s directors and officers, who is a party or is threatened to be made a party to any action, suit or proceeding, other than an action by or in the right of Protective Life, by reason of the fact that he is or was an officer or director, shall be indemnified by Protective Life against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such claim, action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of Protective Life and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. If the claim, action or suit is or was by or in the right of Protective Life to procure a judgment in its favor, such person shall be indemnified by Protective Life against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of Protective Life, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to Protective Life unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper. To the extent that a director or officer has been successful on the merits or otherwise in defense of any such action, suit or proceeding, or in defense of any claim, issue or matter therein, he shall be indemnified by Protective Life against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith, not withstanding that he has not been successful on any other claim issue or matter in any such action, suit or proceeding. Unless ordered by a court, indemnification shall be made by Protective Life only as authorized in the specific case upon a determination that indemnification of the officer or director is proper in the circumstances because he has met the applicable standard of conduct. Such determination shall be made (a) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to, or who have been successful on the merits or otherwise with respect to, such claim action, suit or proceeding, or (b) if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion or (c) by the shareholders.
In addition, the executive officers and directors are insured by PLC’s Directors’ and Officers’ Liability Insurance Policy including Company Reimbursement and are indemnified by a written contract with PLC which supplements such coverage.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriters
(a) Investment Distributors, Inc. (“IDI”) is the principal underwriter of the Policies as defined in the Investment Company Act of 1940. IDI is also principal underwriter for the Protective Variable Life Separate Account, PLICO Variable Annuity Account S, Protective COLI VUL, Protective COLI PPVUL, Variable Annuity Separate Account A of Protective Life, PLAIC Variable Annuity Account S, and Protective NY COLI VUL. The principal underwriter, IDI, is also currently distributing units of interest in the following separate accounts: Variable Annuity-1 Series Account, Variable Annuity-1 Series Account of Great West Life & Annuity Insurance Company of New York, Variable Annuity-2 Series Account, Variable Annuity-2 Series Account [New York], Variable Annuity-3 Series Account, COLI VUL-2 Series Account, COLI VUL-2 Series Account of Great West Life & Annuity Insurance Company of New York, COLI VUL-4 Series Account of Great-West Life & Annuity Insurance Company, Maxim Series Account of Great West Life & Annuity Insurance Company, Prestige Variable Life Account, Pinnacle Series Account of Great West Life & Annuity Insurance Company, Trillium Variable Annuity Account.
(b) The following information is furnished with respect to the officers and directors of IDI:
Name and Principal Business Address* | Position and Offices | Position and Offices with Registrant | ||
Carlson, Martha H. | Designated Responsible Licensed Producer | Vice President, National Sales Manager Annuity | ||
Coffman, Benjamin P. | Senior Director Financial Reporting | Vice President, Financial Reporting | ||
Creutzmann, Scott E. | Director | Senior Vice President and Chief Compliance Officer | ||
Guerrera, Darren C. | Chief Financial Officer | Vice President and Chief Financial Officer, Concourse | ||
Johnson, Julena G. | Director Regulatory | Director Regulatory | ||
Lee, Felicia M. | Secretary | Secretary, Vice President, and Senior Counsel | ||
McCreless, Kevin L. | Chief Compliance Officer | Senior Director Regulatory | ||
Morsch, Letitia A. | Assistant Secretary, and Director | Vice President, Head of Retail Retirement Operations | ||
Reed, Alisha D. | Director | Vice President, Head of Marketing Strategy | ||
Richards, Megan P. | Assistant Secretary | Assistant Secretary | ||
Tennent, Rayburn | Senior Analyst Financial Reporting | Senior Analyst Financial Reporting | ||
Wagner, James | President and Director | Senior Vice President and Chief Distribution Officer |
* Unless otherwise indicated, principal business address is 2801 Highway 280 South, Birmingham, Alabama, 35223.
(c) The following commissions were received by each principal underwriter, directly or indirectly, from the Registrant during the Registrant’s last fiscal year:
(1) Name of Principal |
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(2) Net Underwriting |
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(3) Compensation on |
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(4) Brokerage |
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(5) Other |
Investment Distributors, Inc. |
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N/A |
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None |
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N/A |
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N/A |
Item 32. Location of Accounts and Records.
Item 33. Management Services.
All management contracts are discussed in the Prospectus or Statement of Additional Information.
Item 34. Fee Representation
Protective Life Insurance Company represents that the fees and charges deducted under the Contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Protective Life Insurance Company.
SIGNATURES
PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT |
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By: |
* |
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Richard J. Bielen, President |
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Protective Life Insurance Company |
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PROTECTIVE LIFE INSURANCE COMPANY |
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By: |
* |
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Richard J. Bielen, President |
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Protective Life Insurance Company |
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As required by the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement on Form N-4 has been signed by the following persons in the capacities and on the dates indicated:
Signature | Title | Date | |||
* | Chairman of the Board, President, | ||||
Richard J. Bielen | Chief Executive Officer, and Director | April 19, 2024 | |||
(Principal Executive Officer) | |||||
* | Vice Chairman, Finance and Risk, | April 19, 2024 | |||
Steven G. Walker | and Director | ||||
* | Executive Vice President, Chief Financial | April 19, 2024 | |||
Paul R. Wells | Officer, and Director (Principal Accounting and Financial Officer) | ||||
*BY: | /S/ BRANDON J. CAGE | April 19, 2024 | |||
Brandon J. Cage | |||||
Attorney-in-Fact | |||||
EXHIBIT INDEX
(h) (2) (iii) Amendment dated March 22, 2022 to Participation Agreement (MFS Variable Insurance Trust)
(l) (1) Consents of KPMG LLP