|
Thrivent Flexible Premium Deferred
Variable Annuity |
Thrivent Variable Annuity Account C | |
| |
Updating Summary Prospectus | |
April 30, 2024 |
Content |
Description of Changes |
Fee Table |
The current Mortality and Expense Risk charge has been reduced from
1.10% to 1.00%.
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 |
There are no charges for making a full or partial surrender. |
| ||
Transaction
Charges |
There may be charges for other transactions.
You will 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. |
Fee Table – Transaction
Expenses |
Ongoing Fees and
Expenses (annual
charges) |
The table below describes the fees and expenses that you may pay each year,
depending on the options you choose. Please refer to your
Contract
specifications page for information about the specific fees you will pay each
year based on the options you have elected. |
Charges | ||
Annual Fee |
Minimum |
Maximum | ||
Mortality and Risk Expense Charge
(as a percentage of daily
Accumulated Value or Annuity Unit Value) |
0.0% |
1.25% | ||
0.23% |
1.50% | |||
Lowest Annual Cost: $1,253 |
Highest Annual Cost: $2,531 | |||
Assumes: |
Assumes: | |||
Investment of $100,000 |
Investment of $100,000 | |||
5% annual appreciation |
5% annual appreciation | |||
Least expensive Portfolio fees and
expenses |
Most expensive combination of
Portfolio
fees and expenses | |||
No optional benefits or riders. |
No optional benefits or riders | |||
No sales charges |
No sales charges | |||
No additional purchase payments,
transfers or withdrawals |
No additional purchase 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 |
The Contract is not a short-term investment and is not appropriate for you if you
need ready access to cash. |
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 total amount transferred each time must be at least
$200 (unless the total value in the subaccount or the Fixed Account
is less than $200, in which case the entire amount may be
transferred). We reserve the right to limit the number of subaccount
transfers in any Contract
Year, although we will always allow at least 12 subaccount transfers a year. With respect to the Fixed Account
, transfers out of the Fixed Account are limited
to only one each
Contract Year and must be made on or within 45 days after a
Contract Anniversary. |
Purchases and
Contract Value –
Fixed Account | ||
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 |
The financial advisor or professional will receive trailing compensation based on
the
Contract’s
Accumulated Value. Financial advisors or professionals may have
an incentive to offer or recommend the
Contract over another investment. They
may also have an incentive to recommend you move to a new product. |
Distribution of the
Contracts | ||
Exchanges |
Some financial advisors or 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 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 accumulated values for your Contract in subaccounts and the Fixed
Account. | |
The individual flexible premium variable annuity Contract offered by Thrivent 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 of the Contract and ending on
the first Contract Anniversary. | |
The Fixed Account is the general account of Thrivent, which consists of all assets of
Thrivent other than those allocated to a separate account of Thrivent.
For the current interest rate, please call our Service Center at
1-800-847-4836. | |
A mutual fund in which a subaccount invests. Each subaccount invests exclusively in
the shares of a corresponding Portfolio. | |
Qualified Plan |
A retirement plan that receives favorable tax treatment under Section 401, 403, 408,
408A, or similar provisions of the Internal Revenue Code.
|
Thrivent, 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. |
INVESTMENT
TYPE |
PORTFOLIO AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS
(as of 12/31/23) | ||
1 YEAR |
5 YEAR |
10 YEAR | |||
Allocation -
85%+ Equity |
Thrivent Aggressive Allocation Portfolio |
0.77%1 |
19.31% |
11.56% |
8.61% |
Large Growth |
Thrivent All Cap Portfolio |
0.68% |
22.13% |
14.75% |
10.10% |
Allocation -
30% to 50%
Equity |
Thrivent Balanced Income Plus Portfolio |
0.66% |
12.46% |
6.86% |
5.32% |
Allocation -
15% to 30%
Equity |
Thrivent Diversified Income Plus Portfolio |
0.49% |
10.20% |
4.73% |
4.13% |
Diversified
Emerging
Mkts |
Thrivent Emerging Markets Equity Portfolio |
1.15%1 |
9.13% |
3.32% |
1.88% |
Large Blend |
Thrivent ESG Index Portfolio |
0.36%1 |
28.19% |
N/A4 |
N/A4 |
Global
Large-Stock
Blend |
Thrivent Global Stock Portfolio |
0.63% |
22.03% |
11.08% |
7.95% |
Intermediate
Government |
Thrivent Government Bond Portfolio |
0.46% |
4.37% |
0.90% |
1.63% |
Health |
Thrivent Healthcare Portfolio |
0.85%1 |
4.15% |
10.65% |
8.88% |
High Yield
Bond |
Thrivent High Yield Portfolio |
0.47% |
11.83% |
4.25% |
3.66% |
Corporate
Bond |
Thrivent Income Portfolio |
0.44% |
9.29% |
3.04% |
3.09% |
Foreign Large
Blend |
Thrivent International Allocation Portfolio |
0.75% |
18.11% |
6.70% |
3.47% |
Foreign Large
Blend |
Thrivent International Index Portfolio |
0.42% |
17.76% |
N/A4 |
N/A4
|
Large Growth |
Thrivent Large Cap Growth Portfolio |
0.43% |
47.07% |
17.99% |
13.82% |
Large Blend |
Thrivent Large Cap Index Portfolio |
0.23% |
26.01% |
15.42% |
11.74% |
Large Value |
Thrivent Large Cap Value Portfolio |
0.63% |
12.87% |
13.04% |
9.37% |
Short-Term
Bond |
Thrivent Limited Maturity Bond Portfolio |
0.45% |
6.38% |
2.17% |
1.97% |
Global
Large-Stock
Blend |
Thrivent Low Volatility Equity Portfolio5 |
0.90%1 |
8.06% |
7.58% |
N/A2 |
Mid-Cap
Growth |
Thrivent Mid Cap Growth Portfolio |
0.85%1 |
17.12% |
N/A4 |
N/A4
|
Mid-Cap
Blend |
Thrivent Mid Cap Index Portfolio |
0.25% |
16.19% |
12.36% |
8.98% |
INVESTMENT
TYPE |
PORTFOLIO AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/23) | ||
1 YEAR |
5 YEAR |
10 YEAR | |||
Mid-Cap
Blend |
Thrivent Mid Cap Stock Portfolio |
0.66% |
14.19% |
13.12% |
10.96% |
Mid-Cap
Value |
Thrivent Mid Cap Value Portfolio |
0.89%1 |
13.31% |
N/A4 |
N/A4 |
Allocation -
50% to 70%
Equity |
Thrivent Moderate Allocation Portfolio |
0.64%1 |
16.18% |
8.15% |
6.24% |
Allocation -
70% to 85%
Equity |
Thrivent Moderately Aggressive Allocation Portfolio |
0.71%1 |
17.60% |
9.56% |
7.25% |
Allocation -
30% to 50%
Equity |
Thrivent Moderately Conservative Allocation Portfolio |
0.61%1 |
12.09% |
5.42% |
4.48% |
Money
Market -
Taxable |
Thrivent Money Market Portfolio |
0.31% |
4.88% |
1.66% |
1.02% |
Multisector
Bond |
Thrivent Multidimensional Income Portfolio6 |
0.98%1 |
8.36% |
3.88% |
N/A2
|
Multisector
Bond |
Thrivent Opportunity Income Plus Portfolio |
0.70% |
8.93% |
2.37% |
2.51% |
Real Estate |
Thrivent Real Estate Securities Portfolio |
0.87% |
10.14% |
7.12% |
7.41% |
Small Growth |
Thrivent Small Cap Growth Portfolio |
0.94%1 |
9.86% |
13.60% |
N/A3 |
Small Blend |
Thrivent Small Cap Index Portfolio |
0.24% |
15.79% |
10.78% |
8.41% |
Small Blend |
Thrivent Small Cap Stock Portfolio |
0.70% |
12.62% |
14.55% |
10.63% |