|
Thrivent Single Premium Immediate
Variable Annuity |
Thrivent Variable Annuity Account II | |
| |
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 |
You may make withdrawals (other than your ongoing annuity payments) only if
your annuity is still within a guaranteed payment period you
elected at the time of issue of the
Contract.
We will pay you the Commuted Value of the future payments for the remaining guaranteed payment period. |
Charges-Surrender
Charge | ||
Transaction
Charges |
There may be charges for other transactions.
You may make 12 free subaccount transfers in each
Contract Year. On
subsequent subaccount transfers (other than the Dollar Cost Averaging and
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. The other 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 | ||
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 Expense Risk Charge
(as a percentage of Accumulated
Value in each subaccount) |
0% |
1.25% | ||
Investment Options (
Portfolio fees
and expenses as a percentage of
daily net assets)
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio. |
0.23% |
1.50% | ||
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, and a 20-year fixed period payout.
This estimate assumes that you do not take additional withdrawals
from the Contract
, which could add Surrender Charges that substantially
increase costs. | ||||
Lowest Annual Cost: $1,325 |
Highest Annual Cost: $2,547 | |||
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 subaccounts
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. You may transfer all or a part of your
Contract’s value among the subaccounts
or from the subaccounts to the
Fixed Account subject to certain limitations.
Transfers from the
Fixed Account are not allowed. |
Purchases and
Contract Value | ||
TAXES |
Location in
Statutory
Prospectus | |||
Tax Implications |
Taxes | |||
CONFLICTS OF INTEREST |
Location in
Statutory
Prospectus | |||
Investment
Professional
Compensation |
Financial advisors or professionals no longer receive compensation on the
Contract
. |
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 person on whose life or life expectancy the Contract is based. | |
One of a series of periodic distributions. | |
The amount expressed as a lump sum payment which represents the present value of
future payments for the remaining guaranteed period. | |
The Contract between you and us providing the single premium immediate variable
annuity. | |
Part of the general account of Thrivent, which includes all of Thrivent assets other
than those in any Variable 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. |
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% |