|
Thrivent AdvisorFlex Variable
AnnuityTM |
Thrivent Variable Annuity Account I | |
| |
Updating Summary Prospectus April 30, 2024 |
Content |
Description of Changes |
Fee Table |
The Fee Table was updated to reflect the new range of fees for Annual
Portfolio Company Expenses. |
Important Information You Should
Consider About the Contract |
The Annual Portfolio Company Expenses table was updated to reflect the
new range for the current fees associated with each
Portfolio. |
Appendix: Portfolios Available
Under the Contract |
The Annual Portfolio Company Expenses and performance data have been updated. |
FEES AND EXPENSES |
Location in
Statutory
Prospectus | |||
Charges for Early
Withdrawals |
If you withdraw money from the
Contract within 3 years of your last premium
payment, you may be assessed a
Surrender Charge. The maximum
Surrender
Charge is 2% during the first year after a premium payment and is 1% in years two and three. If you make an early withdrawal, you could pay a
Surrender
Charge of up to $2,000 on a $100,000 investment. You may surrender a free amount each Contract Year. In the first
Contract Year, the amount is 10% of the
Accumulated Value existing at the time the first
surrender is made in that
Contract Year. In subsequent years, the amount is
10% of the
Accumulated Value existing at the start of that
Contract Year. |
Charges –
Surrender Charges | ||
Transaction
Charges |
In addition to Surrender Charges, there may also be charges for other
transactions.
You may make 24 free subaccount transfers in each
Contract Year. On
subsequent subaccount transfers (other than the Dollar Cost Averaging and
Automatic Asset Rebalancing Programs), you will incur a $25
transfer charge. You will also pay a charge if you request a wire
transfer of funds from your Contract to another financial institution. That financial institution may also
charge a fee to receive a wire. You will also pay a charge if you
request to have a check sent to you using an overnight mail
service. |
Charges – Transfer
Charge |
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. The fees and expenses do not
reflect any investment advisor fees paid from the
Contract or from other
assets of the
Contract Owner. If the investment advisor fees were reflected,
the fees and expenses would be higher. |
Charges | ||
Annual Fee |
Minimum |
Maximum | ||
0% |
0.50% | |||
0.13% |
2.205% | |||
Fund Facilitation Fees |
Minimum |
Maximum | ||
These fees may be charged to make
certain external
Portfolios available
as investment options under the
Contract (as a percentage of daily net assets in the specified Portfolios
) |
0% |
0.40% | ||
Optional benefit available for an
additional charge (if elected) |
Minimum |
Maximum | ||
Maximum Anniversary Death Benefit
(MADB) Rider Charge (as a
percentage of the MADB value) |
0% |
0.40% | ||
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. This estimate assumes that you do
not take withdrawals from the
Contract, which could add Surrender Charges that substantially increase costs. | ||||
|
Lowest Annual Cost: $644 |
Highest Annual Cost: $2,786 |
| |
Assumes: |
Assumes: | |||
Investment of $100,000 |
Investment of $100,000 | |||
5% annual appreciation |
5% annual appreciation | |||
No optional benefits |
Maximum Anniversary Death Benefit
(MADB) Rider 0.40% | |||
No sales charges or investment
advisor fees. Investment advisor fees
are in addition to the
Contract
charges illustrated here. |
No sales charges or investment
advisor fees. Investment advisor fees
are in addition to the
Contract charges
illustrated here. | |||
No additional premium payments,
transfers or withdrawals |
No additional premium payments,
transfers or withdrawals |
RISKS |
Location in
Statutory
Prospectus | |||
Risk of Loss |
You can lose money investing in the
Contract. |
Principal Risks of
Investing in the
Contract | ||
Not a Short-Term
Investment |
Not a short-term investment. Not appropriate for you if you need ready access
to cash. Each premium payment has a separate 3-year
Surrender Charge that
may decrease the surrender value. |
Principal Risks of
Investing in the
Contract | ||
Risk Associated
with Investment
Options |
An investment in the
Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
Portfolios
Account) will have its own unique risks, and you should review these
investment options before making an investment decision. |
Principal Risks of
Investing in the
Contract | ||
Insurance
Company Risks |
Any obligations, guarantees or benefits are subject to the claims-paying ability
of Thrivent. More information about Thrivent, including its
financial strength ratings are available upon request by calling
(800) 847-4836 or by sending an email to
mail@thrivent.com. |
Principal Risks of
Investing in the
Contract | ||
RESTRICTIONS |
Location in
Statutory
Prospectus | |||
Investments |
We reserve the right to add, delete, combine or substitute investment
options. The amount transferred from the
Fixed Account in any
Contract Year may not
exceed the greater of $10,000 or 50% of the
Accumulated Value in the
Fixed Account, excluding any
Accumulated Value in the DCA Fixed Account, at the
time the first transfer is made in that
Contract Year. |
|||
Optional Benefit |
You may only select the Maximum Anniversary Death Benefit (MADB) Rider at
the time of
Contract application for an additional charge. The MADB is decreased by the same proportion as the Accumulated Value
was decreased by a partial surrender. This may reduce the rider value by an
amount greater than the value withdrawn or could terminate the
benefit. If you elect to pay the investment advisor fee from the
Accumulated Value of the Contract, this deduction will reduce the value of the death benefit and optional death benefit (if elected), and may be subject to federal and state
income taxes and a 10% federal penalty tax. See Charges – Investment Advisor Fees in the statutory prospectus for additional
information. |
Benefits Available Under the
Contract |
TAXES |
Location in
Statutory
Prospectus | |||
Tax Implications |
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the
Contract.
There is no additional tax benefit if the
Contract is purchased through a
tax-qualified plan or individual retirement account (IRA). Withdrawals will be
subject to ordinary income tax and may be subject to a 10% federal
tax penalty, if under age 59 1∕2 and no exception applies. |
Taxes | ||
CONFLICTS OF INTEREST |
Location in
Statutory
Prospectus | |||
Investment
Professional
Compensation |
Financial advisors receive compensation for selling the
Contracts. Pursuant to
guidance provided by the Internal Revenue Service in a series of Private
Letter Rulings, we will only permit the automatic deduction of
investment advisor fees from the
Contract to be directly paid to the registered investment
advisor, if certain requirements are met. If the requirements are met through
you completing our form in good order, we will not treat the
deduction of fees as taxable distributions. Financial advisors may have a financial incentive to offer or recommend the
Contract over another investment. |
Distribution of the
Contracts | ||
Exchanges |
Financial advisors 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 contracts, that it is preferable for you to purchase
the new
Contract
rather than continue to own the existing contract. |
Taxes – Exchanges of
Annuity
Contracts |
The sum of the values for your Contract in subaccounts and the Fixed
Account. | |
Age |
The Annuitant’s Issue Age increased by one on each Contract
Anniversary. |
A date when annuity income payments begin. | |
The flexible premium deferred variable annuity contract offered by Thrivent Financial
and described in this prospectus. | |
The period from one Contract Anniversary to the next. The first Contract Year will be
the period beginning on the Date of Issue and ending on the first
Contract Anniversary. | |
An investment allocation option that credits an interest rate. The Fixed Account is
part of our General Account. The Fixed Account is not a subaccount. For
the current interest rate, please call our Service Center at
1-800-847-4836. | |
Owner, you, your, yours |
The owner of this contract. |
Each subaccount invests exclusively in the shares of a corresponding Portfolio of the
Fund. | |
A retirement plan that receives favorable tax treatment under Section 408, 408A or
similar provisions of the Internal Revenue Code. | |
Service Center |
Thrivent Financial for Lutherans, 4321 North Ballard Road, Appleton, Wisconsin
54919-0001, telephone, 1-800-847-4836, or such other office as we may
specify in a notice to the Contract Owner. |
A charge that applies to withdrawals that have not met the waiting period. Each
premium payment has its own 3-year Surrender Charge period. |
INVESTMENT
TYPE |
PORTFOLIO COMPANY AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
CURRENT
FUND
FACILITATION
FEE1 |
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE |
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/23) | ||
1 YEAR |
5 YEAR |
10 YEAR | |||||
Global
Large-Stock
Growth |
American Funds IS® Global Growth
Portfolio Class 1 |
0.41%2 |
0.35% |
0.76% |
22.91% |
13.93% |
9.85% |
Large Blend |
American Funds IS® Growth-Income
Portfolio Class 1 |
0.28% |
0.35% |
0.63% |
26.47% |
13.65% |
11.19% |
Foreign Large
Growth |
American Funds IS® International
Portfolio Class 1 |
0.53% |
0.35% |
0.88% |
16.12% |
5.10% |
3.67% |
Intermediate
Core-Plus
Bond |
BlackRock Total Return V.I. Portfolio
Class I |
0.49%2 |
0.35% |
0.84% |
5.83% |
1.34% |
1.93% |
Foreign
Small/Mid
Blend |
DFA VA International Small Portfolio
Institutional Class |
0.40% |
0.35% |
0.75% |
14.11% |
7.86% |
4.89% |
Small Value |
DFA VA US Targeted Value Portfolio
Institutional Class |
0.29% |
0.35% |
0.64% |
20.03% |
15.40% |
9.00% |
Diversified
Emerging
Mkts |
Fidelity® VIP Emerging Markets
Portfolio Initial Class |
0.89% |
0.20% |
1.09% |
9.66% |
7.79% |
5.18% |
Foreign Large
Growth |
Fidelity® VIP Intl Capital Appreciation
Portfolio Initial Class |
0.78% |
0.20% |
0.98% |
27.50% |
11.43% |
7.75% |
Mid-Cap
Value |
Fidelity® VIP Value Portfolio Initial
Class |
0.60% |
0.20% |
0.80% |
19.79% |
15.98% |
9.99% |
Mid-Cap
Growth |
Janus Henderson Enterprise Portfolio
Institutional Class |
0.72% |
0.20% |
0.92% |
18.07% |
13.42% |
12.10% |
Intermediate
Core Bond |
John Hancock Core Bond Trust
Portfolio Series 1 |
0.68%2 |
0.10% |
0.78% |
5.80% |
1.05% |
1.69% |
Foreign Large
Blend |
John Hancock International Equity
Index Portfolio Series 1 |
0.39%2 |
0.10% |
0.49% |
15.36% |
6.90% |
3.65% |
Multisector
Bond |
John Hancock Strategic Income
Opportunities Portfolio Series 1 |
0.79%2 |
0.10% |
0.89% |
7.37% |
3.25% |
2.79% |
Large Blend |
MFS® VIT II Blended Research Core
Equity Portfolio Initial Class |
0.43%2 |
0.10% |
0.53% |
28.53% |
15.81% |
11.10% |
Corporate
Bond |
MFS® VIT II Corporate Bond Portfolio
Initial Class |
0.63%2 |
0.10% |
0.73% |
9.11% |
2.67% |
2.81% |
Foreign Large
Growth |
MFS® VIT II International Intrinsic
Value Portfolio Initial Class |
0.89%2 |
0.10% |
0.99% |
17.66% |
8.58% |
6.92% |
INVESTMENT
TYPE |
PORTFOLIO COMPANY AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
CURRENT
FUND
FACILITATION
FEE1 |
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE |
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/23) | ||
1 YEAR |
5 YEAR |
10 YEAR | |||||
Technology |
MFS® VIT II Technology Portfolio
Initial Class |
0.85%2 |
0.10% |
0.95% |
54.23% |
17.65% |
15.56% |
Global Real
Estate |
MFS® VIT III Global Real Estate
Portfolio Initial Class |
0.90%2 |
0.10% |
1.00% |
11.46% |
6.41% |
6.55% |
Mid-Cap
Value |
MFS® VIT III Mid Cap Value Portfolio
Initial Class |
0.79%2 |
0.10% |
0.89% |
12.73% |
12.90% |
8.73% |
Sub Large
Value |
MFS® VIT Value Series Portfolio
Initial Class |
0.69%2 |
0.10% |
0.79% |
7.93% |
11.34% |
8.52% |
Emerging
Markets Bond |
PIMCO VIT Emerging Markets Bond
Portfolio Institutional Class |
1.12% |
0.35% |
1.47% |
11.28% |
2.40% |
2.93% |
Sub Global
Bond |
PIMCO VIT Global Bond
Opportunities (Unhedged) Institutional
Class |
0.86% |
0.35% |
1.21% |
5.42% |
1.12% |
1.24% |
Long
Government |
PIMCO VIT Long-Term US
Government Portfolio Institutional
Class |
1.855% |
0.35% |
2.205% |
4.14% |
-1.15% |
2.22% |
Inflation-
Protected
Bond |
PIMCO VIT Real Return Portfolio
Institutional Class |
0.69% |
0.35% |
1.04% |
3.83% |
3.31% |
2.40% |
Foreign Large
Blend |
Principal Diversified International
Portfolio Class 1 |
0.89% |
0.35% |
1.24% |
17.45% |
8.01% |
4.23% |
Intermediate
Government |
Principal Government & High Qual
Bond Portfolio Class 1 |
0.53% |
0.35% |
0.88% |
4.64% |
-0.06% |
1.01% |
Small Blend |
Principal SmallCap Portfolio Class 1 |
0.85% |
0.35% |
1.20% |
15.53% |
11.39% |
7.81% |
Global Bond |
Templeton Global Bond VIP Portfolio
Class 1 |
0.50%2 |
0.20% |
0.70% |
3.19% |
-1.89% |
-0.41% |
Large Growth |
Thrivent All Cap Portfolio |
0.68% |
N/A |
0.68% |
22.13% |
14.75% |
10.10% |
Allocation -
30% to 50%
Equity |
Thrivent Balanced Income Plus
Portfolio |
0.66% |
N/A |
0.66% |
12.46% |
6.86% |
5.32% |
Allocation -
15% to 30%
Equity |
Thrivent Diversified Income Plus
Portfolio |
0.49% |
N/A |
0.49% |
10.20% |
4.73% |
4.13% |
Diversified
Emerging
Mkts |
Thrivent Emerging Markets Equity
Portfolio |
1.15%2 |
N/A |
1.15% |
9.13% |
3.32% |
1.88% |
Large Blend |
Thrivent ESG Index Portfolio |
0.36%2 |
N/A |
0.36% |
28.19% |
N/A3 |
N/A3
|
Global
Large-Stock
Blend |
Thrivent Global Stock Portfolio |
0.63% |
N/A |
0.63% |
22.03% |
11.08% |
7.95% |
Health |
Thrivent Healthcare Portfolio |
0.85%2 |
N/A |
0.85% |
4.15% |
10.65% |
8.88% |
High Yield
Bond |
Thrivent High Yield Portfolio |
0.47% |
N/A |
0.47% |
11.83% |
4.25% |
3.66% |
Corporate
Bond |
Thrivent Income Portfolio |
0.44% |
N/A |
0.44% |
9.29% |
3.04% |
3.09% |
Foreign Large
Blend |
Thrivent International Allocation
Portfolio |
0.75% |
N/A |
0.75% |
18.11% |
6.70% |
3.47% |
Foreign Large
Blend |
Thrivent International Index Portfolio |
0.42% |
N/A |
0.42% |
17.76% |
N/A3 |
N/A3
|
Large Growth |
Thrivent Large Cap Growth Portfolio |
0.43% |
N/A |
0.43% |
47.07% |
17.99% |
13.82% |
INVESTMENT
TYPE |
PORTFOLIO COMPANY AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
CURRENT
FUND
FACILITATION
FEE1 |
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE |
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/23) | ||
1 YEAR |
5 YEAR |
10 YEAR | |||||
Large Blend |
Thrivent Large Cap Index Portfolio |
0.23% |
N/A |
0.23% |
26.01% |
15.42% |
11.74% |
Large Value |
Thrivent Large Cap Value Portfolio |
0.63% |
N/A |
0.63% |
12.87% |
13.04% |
9.37% |
Short-Term
Bond |
Thrivent Limited Maturity Bond
Portfolio |
0.45% |
N/A |
0.45% |
6.38% |
2.17% |
1.97% |
Global
Large-Stock
Blend |
Thrivent Low Volatility Equity
Portfolio7 |
0.90%2 |
N/A |
0.90% |
8.06% |
7.58% |
N/A4 |
Mid-Cap
Growth |
Thrivent Mid Cap Growth Portfolio |
0.85%2 |
N/A |
0.85% |
17.12% |
N/A3 |
N/A3
|
Mid-Cap
Blend |
Thrivent Mid Cap Index Portfolio |
0.25% |
N/A |
0.25% |
16.19% |
12.36% |
8.98% |
Mid-Cap
Blend |
Thrivent Mid Cap Stock Portfolio |
0.66% |
N/A |
0.66% |
14.19% |
13.12% |
10.96% |
Mid-Cap
Value |
Thrivent Mid Cap Value Portfolio |
0.89%2 |
N/A |
0.89% |
13.31% |
N/A3 |
N/A3 |
Money
Market -
Taxable |
Thrivent Money Market Portfolio |
0.31% |
N/A |
0.31% |
4.88% |
1.66% |
1.02% |
Multisector
Bond |
Thrivent Multidimensional Income
Portfolio8 |
0.98%2 |
N/A |
0.98% |
8.36% |
3.88% |
N/A4 |
Multisector
Bond |
Thrivent Opportunity Income Plus
Portfolio |
0.70% |
N/A |
0.70% |
8.93% |
2.37% |
2.51% |
Real Estate |
Thrivent Real Estate Securities
Portfolio |
0.87% |
N/A |
0.87% |
10.14% |
7.12% |
7.41% |
Small Growth |
Thrivent Small Cap Growth Portfolio |
0.94%2 |
N/A |
0.94% |
9.86% |
13.60% |
N/A5
|
Small Blend |
Thrivent Small Cap Index Portfolio |
0.24% |
N/A |
0.24% |
15.79% |
10.78% |
8.41% |
Small Blend |
Thrivent Small Cap Stock Portfolio |
0.70% |
N/A |
0.70% |
12.62% |
14.55% |
10.63% |
Large Blend |
Vanguard® VIF Capital Growth
Portfolio |
0.34% |
0.35% |
0.69% |
27.98% |
14.33% |
12.85% |
Foreign Large
Growth |
Vanguard® VIF International Portfolio |
0.33% |
0.35% |
0.68% |
14.65% |
10.28% |
6.80% |
Short-Term
Bond |
Vanguard® VIF Short Term
Investment Grade Portfolio |
0.14% |
0.35% |
0.49% |
6.16% |
2.13% |
1.93% |
Small Growth |
Vanguard® VIF Small Company
Growth Portfolio6 |
0.29% |
0.35% |
0.64% |
19.65% |
9.98% |
7.85% |
Intermediate
Core Bond |
Vanguard® VIF Total Bond Market
Index Portfolio |
0.14% |
0.10% |
0.24% |
5.58% |
1.04% |
1.71% |
Large Blend |
Vanguard® VIF Total Stock Market
Index Portfolio |
0.13% |
0.10% |
0.23% |
25.95% |
14.93% |
11.29% |