special TERMS_____________________________________________________________________ |
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summary of contract features that have changed__________________________________ |
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important INFORMATION you should consider about the
contract____________________ |
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PORTFOLIO COMPANIES AVAILABLE UNDER THE Contract______________________________ |
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FEES AND EXPENSES |
Location in
Prospectus | ||
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 schedule page for information
about the specific fees You will pay each year based on
the options You have elected. |
Annuity Contract Fee
Tables and
Expense
Examples
Appendix A – Portfolio Companies Available Under the Contract | ||
Annual Fee |
Minimum |
Maximum | ||
Base Contract1 |
0.17% |
0.20% | ||
Investment Options (Portfolio Company fees and expenses as a
percentage of policy value invested) |
0.11% |
0.34% | ||
Optional Benefits available for an
additional charge (for a single optional
benefit, if elected)2 |
0.05%1 |
2.00% | ||
1 As a percentage of average Accumulated
Value. | ||||
2 As a percentage of withdrawal base | ||||
Because Your Contract is customizable, the choices You make affect how
much You will pay. To help You understand the cost of
owning Your Contract, the following table shows the
lowest and highest cost You could pay each year based on current charges.
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Lowest Annual Cost $419 |
Highest Annual Cost $2,053 | |||
Assumes: |
Assumes: | |||
•Investment of $100,000 •5% annual appreciation
•Least expensive 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 |
Location in
Prospectus | ||
Risk of Loss |
You can lose money by investing in this Contract, including loss of
principal. |
Principal Risks of
Investing in the
Contract | ||
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. The Contract
is designed to help meet long-term financial objectives
by paying a death benefit to family members or other
beneficiaries. The benefits of tax deferral also mean the
Contract is more beneficial to investors with a long-term investment
horizon. You may pay substantial charges if You take
withdrawals or fully surrender the Contract during the
surrender charge period. |
Principal Risks of
Investing in the
Contract
Tax Information
|
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RISKS |
Location in
Prospectus | ||
Risks Associated with
Investment Options |
•An investment in this Contract is subject to the risk of poor investment
performance. The investment performance of Your Contract can vary
depending on the performance of the Subaccounts options that You
choose.
•Each Subaccount has its own unique risks. •You should review the Subaccounts carefully before making an
investment decision. |
Principal Risks of
Investing in the
Contract
Investment Options
Appendix A Portfolio
Companies
Available Under
the Contract | ||
Insurance Company
Risk |
Any obligations guarantees, and benefits under the Policy are subject
to our claims-paying ability. If we experience financial
distress, we may not be able to meet our obligations to
You. More information about Transamerica Financial Life
Insurance Company, including our financial strength
ratings, is available by visiting transamerica.com or by calling toll-free (800) 462-2391. |
Principal Risks of
Investing in the
Contract
Transamerica Financial
Life Insurance
Company
Financial
Condition | ||
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RESTRICTIONS |
Location in
Prospectus | ||
Investments |
•We reserve the right to remove or substitute Portfolio Companies as
Investment Options under the Contract. •With certain riders, the Portfolio Companies to which You may
allocate Your Contract value are limited.
|
Annuity Contract Fee
Tables and
Expense
Examples
Transamerica Financial
Life Insurance
Company, the
Separate Account
and the Portfolio
Companies | ||
Optional Benefits |
•Optional insurance benefits may be available only to insureds within
certain age ranges, may be subject to special rules regarding the
effect of withdrawals on the benefit amount, and may be
subject to specific conditions regarding termination of
the benefit. •Exceeding limits specified by the terms of the optional benefits may
affect the availability of the benefits by reducing the benefits by an
amount greater than the amount withdrawn or may cancel
the benefits. •We reserve the right to stop offering an optional benefit at any time for
new purchasers, including current Contract Owners who wish to add a
benefit after the Contract date.
•In some cases, a benefit may not be available through all financial
intermediaries or all states. For more information on the options
available for electing a benefit, please contact Your
financial intermediary or our Administrative Office. |
Benefits Available
Under the
Contract |
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TAXES |
Location in
Prospectus | ||
Tax Implications |
•You should consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Contract.
•If You purchase the Contract through a tax qualified plan or individual
retirement account (IRA), You do not get any additional tax
deferral. •Earnings on Your Contract are taxed at ordinary income tax rates when
You withdraw them, and You may have to pay a penalty if You take a
withdrawal before age 59½. |
Tax Information
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CONFLICT OF INTEREST |
Location in
Prospectus | ||
Exchanges |
Some investment professionals may have a financial incentive to offer
You a new Contract in place of the one You already own.
You should only exchange Your Contract if You determine,
after comparing the features, fees, and risks of both
policies, that it is preferable for You to purchase the
new Contract rather than continue to own Your existing
Contract. |
Exchanges and/or
Reinstatements
|
Investment Objective |
Underlying Fund Portfolio and
Adviser/Sub-adviser |
Current
Expenses |
Average Annual
Total Returns
(as of 12/31/23) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to provide long-term capital appreciation
and reasonable current income. |
Vanguard® VIF Balanced
Portfolio* Advised by: Wellington Management Company,
LLP |
0.21% |
14.33% |
9.59% |
7.89% |
Seeks to provide long-term capital appreciation. |
Vanguard® VIF Capital Growth
Portfolio Advised by: PRIMECAP Management
Company |
0.34% |
27.98% |
14.33% |
12.85% |
Seeks to provide current income and low to
moderate capital appreciation. |
Vanguard® VIF Conservative Allocation
Portfolio*
Advised by: The Vanguard Group,
Inc. |
0.13% |
12.51% |
5.60% |
4.84% |
Seeks to provide long-term capital appreciation
and income. |
Vanguard® VIF Diversified Value
Portfolio Advised by: Hotchkis and Wiley Capital Management, LLC |
0.29% |
20.13% |
14.28% |
9.27% |
Seeks to provide an above-average level of
current income and reasonable long-term
capital appreciation. |
Vanguard® VIF Equity Income
Portfolio Advised by: Wellington Management Company, LLP and Vanguard's Equity Investment Group |
0.29% |
8.10% |
11.57% |
9.53% |
Seeks to track the performance of a benchmark
index that measures the investment return of
large-capitalization stocks. |
Vanguard® VIF Equity Index
Portfolio Advised by: The Vanguard Group,
Inc. |
0.14% |
26.11% |
15.52% |
11.88% |
Seeks to track the performance of a benchmark
index that measures the investment return of
the global, investment-grade, fixed income
market. |
Vanguard® VIF Global Bond Index
Portfolio Advised by: The Vanguard Group,
Inc. |
0.13% |
6.52% |
1.00% |
- |
Seeks to provide long-term capital appreciation. |
Vanguard® VIF Growth
Portfolio Advised by: Wellington Management Company,
LLP |
0.33% |
40.13% |
16.08% |
12.88% |
Seeks to provide a high level of current income. |
Vanguard® VIF High Yield Bond
Portfolio Advised by: Wellington Management Company,
LLP |
0.24% |
11.66% |
5.13% |
4.34% |
Seeks to provide long-term capital appreciation. |
Vanguard® VIF International
Portfolio Advised by: Baillie Gifford Overseas Ltd. and
Schroder Investment Management North
America Inc. |
0.33% |
14.65% |
10.28% |
6.80% |
Investment Objective |
Underlying Fund Portfolio and
Adviser/Sub-adviser |
Current
Expenses |
Average Annual
Total Returns
(as of 12/31/23) | ||
1 Year |
5 Year |
10 Year | |||
Seeks to track the performance of a benchmark
index that measures the investment return of
mid-capitalization stocks. |
Vanguard® VIF Mid-Cap Index
Portfolio Advised by: The Vanguard Group, Inc. |
0.17% |
15.83% |
12.56% |
9.27% |
Seeks to provide current income and low to
moderate capital appreciation. |
Vanguard® VIF Moderate Allocation
Portfolio* Advised by: The Vanguard Group, Inc. |
0.13% |
15.55% |
7.78% |
6.19% |
Seeks to provide current income while
maintaining liquidity and a stable share price of
$1. |
Vanguard® VIF Money Market
Portfolio Advised by: The Vanguard Group, Inc. |
0.15% |
5.05% |
1.86% |
1.30% |
Seeks to provide a high level of income and
moderate long-term capital appreciation by
tracking the performance of a benchmark index
that measures the performance of publicly
traded equity REIT's and other real
estate-related investments. |
Vanguard® VIF Real Estate Index
Portfolio Advised by: The Vanguard Group, Inc. |
0.26% |
11.70% |
7.18% |
7.29% |
Seeks to provide current income while
maintaining limited price volatility. |
Vanguard® VIF Short-Term Investment-Grade
Portfolio
Advised by: The Vanguard Group, Inc. |
0.14% |
6.16% |
2.13% |
1.93% |
Seeks to provide long-term capital appreciation. |
Vanguard® VIF Small Company Growth
Portfolio
Advised by: The Vanguard Group, Inc. and ArrowMark Colorado
Holding, LLC |
0.29% |
19.65% |
9.98% |
7.85% |
Seeks to track the performance of a broad,
market-weighted bond index. |
Vanguard® VIF Total Bond Market Index
Portfolio
Advised by: The Vanguard Group, Inc. |
0.14% |
5.58% |
1.04% |
1.71% |
Seeks to track the performance of a benchmark
index that measures the investment return of
stocks issued by companies located in developed
and emerging markets, excluding the United
States. |
Vanguard® VIF Total International Stock
Market Index Portfolio
Advised by: The Vanguard Group,
Inc. |
0.11% |
15.55% |
7.31% |
- |
Seeks to track the performance of a benchmark
index that measures the investment return of
the overall stock market. |
Vanguard® VIF Total Stock Market Index
Portfolio
Advised by: The Vanguard Group,
Inc. |
0.13% |
25.95% |
14.93% |
11.29% |
Seeks to provide investment results that, before
expenses, correspond generally to the price and
yield performance of the S&P 500® Index. |
Transamerica S&P 500 Index VP - Initial
Class(1)
Advised by: SSGA Funds Management,
Inc. |
0.13% |
26.09% |
15.49% |
- |